Auto Sales Data April 2023

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Auto Sales Data April 2023 – EVs slowly but steadily gaining market share

April marked the seventh consecutive month in which overall EV sales surpassed the 100,000-unit mark in India. This was accompanied by the highest ever monthly sales of 21,573 units of 2W EV and the entry of M&M’s electric car XUV, causing a drop in the PV EV leader, Tata Motors share, to drop to 73% in this segment.

Steady growth in electric 2 Wheelers with presence of leading ICE 2 Wheeler makers

Electric Two-wheelers recorded sales of 65,730 units, up 23% YoY in April 2023. The electric two-wheeler industry has all of 103. The Top 10 accounted for 59,474 units, or 90% of total retail sales in April. While only OEM (Ola Electric) has registered five-figure sales, seven others have clocked four-figure retails.

Ola Electric, the market leader in FY2023 with an over 21% share, continues its dominance with a strong opening in FY2024. The company sold a total of 21,573 units in April 2023, its best-ever monthly sales yet, beating the 21,389 units of March 2023.

Ola, which commands a 33% market share in April, has a huge lead over its rivals and is 12,853 units ahead of the single-product TVS Motor Co., which sold 8,717 iQubes last month. It is understood that TVS Motors is working to expand its EV portfolio with new products ranging from 5 to 25 kilowatts. The current model on sale, the iQube, is powered by a 4.4 kW e-motor.

Electric passenger vehicle segment witnesses highest YoY growth

Electric passenger vehicle sales on April 23 stood at 37,500 units, up 73% YOY, marking the growing EV market share in the overall passenger vehicle segment.

The electric car and SUV segment recorded its second-best monthly sales in April 2023 at 5,147 units. This is a 185% YoY increase and 1,946 units behind the best-ever monthly sales of 7,093 units in March 2023.

Electric PV market leader Tata Motors, which has the biggest EV portfolio in India in the form of the Nexon EV, Tigor EV, Tiago EV, and the Xpres-T (for fleet buyers), sold a total of 3,748 units. The company, which has consistently maintained a nearly 80% market share of the EV-PV market over the past year, now sees its market share reduced to 73% due to growing competition.

Competition has arrived in the form of Mahindra & Mahindra, which launched its all-electric XUV400, the first real competitor to the Tata Nexon EV, the best-selling EV PV in India. As per Vahan data, M&M, which also retails the e-Verito, clocked sales of 499 units in April 2023, which gives it a market share of 9.69% and takes it ahead of MG Motor India with sales of 317 units. PCA India, which retails the Citroen eC3, the electric version of the C3 hatchback, moves into fourth place with 226 units, ahead of BYD India (137 units). Luxury carmakers contributed 130 units, or 2.52%, to total sales in this sub-segment of electric cars and SUVs.

Three-wheeler EVs segment growing rapidly aided by E-commerce delivery

Electric three-wheelers saw sales of 37,500 units on April 23, up 73% YoY. This sub-segment, which has over 330 players and counting, continues to see strong double-digit growth, thanks to sustained demand for passenger transportation and from last-mile operators for e-commerce applications, food deliveries, and other applications. Mahindra Last Mile Mobility maintains leadership with a 9% share in this segment.

The shift from IC-engine vehicles to EVs is underway in India, which has outlined EVs as accounting for 30% of its mobility requirements by 2030. This domestic industry momentum is being driven by the FAME scheme, state subsidies, and a growing portfolio of products across vehicle sub-segments. Increasing consumer awareness about the need to use eco-friendly transport and the wallet-friendly nature of EV cost of ownership over the long run is helping the rise of electric mobility as a feasible option.

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255 )

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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