Legacy automakers see growing EV share in their sales pie

In 2024, legacy 2W OEMs grew their EV game to compete with the start-ups. In the 2W space, TVS Motor and Bajaj Auto significantly grew their EV sales as a part of their overall sales, giving tough competition to EV-only OEMs like Ola Electric, Ather Energy, Ampere, etc, in absolute sales numbers.

Legacy Two wheeler OEMs | % EV Penetration in Sales

Source: Vahan Dashboard. Data as per 1372 out of 1434 RTOs across 35 out of 36 state/UTs. (As of 2nd Dec’24)

Hero MotoCorp, Honda, TVS Motors and Bajaj Auto are the top-selling players in India’s 2W category. Hero, TVS and Bajaj are currently selling EV models. While Bajaj EV sales accounted for nearly 9% of its overall sales in the period observed (Apr-Nov 2024), for TVS, the sales share of EV models was 6.4%.

Three Wheelers (L5 category)

Almost all leading players in L5 category (passenger and cargo) are now offering electric models. Legacy players like Bajaj, Piaggio and Mahindra are expanding into the e-3Ws space to compete with emerging EV-focused companies like Euler Motors, TI Clean Mobility and Omega Seiki.

• Three Wheelers (L5M category) Passenger | % EV Penetration in Sales

In terms of EV sales share of leading L5M companies, Mahindra Last Mile Mobility has been above 85% consistently, peaking with 94.3% EV sales in Nov-24. Piaggio registered a significant growth in its EV sales share, rising from 4.6% in Apr-24 to 36.3% of its L5M sales in Nov-24. Smaller players such as Baxy and MLR Auto also made their presence felt with an uptick in respective EV sales.

Bajaj Auto, the highest-selling company in the category in terms of absolute numbers, demonstrates a rising growth trend in its EV sales. EVs made for 2.7% of its sales in the category in April 24, which reached 16.1% in Nov-24, as shown in the image.

Legacy Pax Three Wheelers Players | % EV Penetration in Sales

Source: Vahan Dashboard. Data as per 1372 out of 1434 RTOs across 35 out of 36 state/UTs. (As of 2nd Dec’24)

• Three Wheelers (L5N category) Cargo | % EV Penetration in Sales

Mahindra Last Mile Mobility maintains a dominant position in EV sales penetration, with values consistently above 50%. Bajaj Auto demonstrates an impressive growth trend in EV sales share, starting at 2.2% in Apr-24 and growing to 13.3% in Nov-24.

Legacy Cargo Three Wheelers Players | % EV Penetration in Sales

Source: Vahan Dashboard. Data as per 1372 out of 1434 RTOs across 35 out of 36 state/UTs. (As of 2nd Dec’24)

Passenger Vehicles

Tata Motors and JSW MG Motor India are the two major e-4W OEMs in India at present. This section analyses the trend in EV vs ICE sales for these automakers.

e-4W sales

Source: Vahan Dashboard. Data as per 1372 out of 1434 RTOs across 35 out of 36 state/UTs. (As of 2nd Dec’24)

4W Players | % EV Penetration in Sales

Source: Vahan Dashboard. Data as per 1372 out of 1434 RTOs across 35 out of 36 state/UTs. (As of 2nd Dec’24)

• Tata Motors registered the highest EV sales numbers in the 4W segment for April-Nov 2024, with nearly 11.3% of its sales attributed to EV models.

• MG Motors’ EV sales percentage has been over 35% since May 2024, an exceptional rise since the launch of Windsor EV in September 2024.

• Among other players, PCA Automobiles and Volvo have a considerable % of EV sales.

This article was first published in EVreporter Jan 2025 magazine

For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city-wise, RTO-wise and state-wise – check out the EVreporter Data Portal here and subscribe.

Also read: India’s Electric Vehicle sales trend | December 2024