Electric passenger vehicle (PV) retail sales jumped more than twofold in September with Tata Motors (TaMo) leading the pack having over 6,000 registrations and a 40 per cent market share.
New entrant Tesla also retailed 64 vehicles in September, data from the Federation of Automobile Dealers Associations (Fada) showed.
Overall passenger EV sales rose to 15,329 units in September compared to 6,191 units a year back.
TaMo sold 6,216 units in September, registering a 62 per cent year-on-year (Y-o-Y) growth.
Managing director (MD) Shailesh Chandra had earlier this month said its EV dispatches surged 96 per cent Y-o-Y in September to 9,191 units (domestic and exports).
The company’s quarterly EV sales has surged 59 per cent to nearly 25,000 units, contributing around 17 per cent of its overall sales.
JSW MG Motor EV sales registered 3,912 units last month, a threefold jump compared to 1,021 units last September.
Coming in the third spot, Mahindra and Mahindra sold 3,243 units against 475 in the year-before period.
It was followed by BYD India with 547 units; Kia India with 506 units; Hyundai Motor India with 349 units; BMW India with 310 units and Mercedes-Benz India with 97 units.
Goods and services tax (GST) 2.0 has reduced tax rates on internal combustion engine (ICE) vehicles, thereby reducing the tax arbitrage with EVs.
Top company executives said that one needs to watch the situation closely for the next two quarters at least to figure out how this ICE-EV dynamics plays out.
Santosh Iyer, MD and chief executive officer (CEO), Mercedes-Benz India, told Business Standard that the gap between EVs and ICE cars has come down post GST reforms.
ICE prices have come down by around ~2 lakh (for the luxury segment) and the total-cost-of-ownership argument changes with an EV at the same price point.
Also ICE vehicles continue to have strong residual values.
Meanwhile, two-wheeler EV sales surged 15 per cent, touching 104,220 units in September with TVS Motors leading the pack with retail sales of 22,509 units (up 23 per cent).
Bajaj Auto and Ather Energy took the second and third positions with retail sales of 19,580 units and 18,141 units, respectively.
Ola Electric sales slipped 46 per cent and it came at the fourth spot, selling 13,383 units.
It was followed by Hero MotoCorp, which witnessed a 195 per cent increase in registrations at 12,753 units.
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