Highlights
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Battery Electric Vehicles (BEV) sales reached an all-time high level of 26,794 units in Q2-2023, which is 2.7% of total PV sales.
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Strong-hybrid vehicle sales dropped to 14,399 units as Toyota dropped production despite having a strong order backlog.
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Combined sales of strong-hybrids and BEVs dropped to 4.1%, from 4.3% in Q1-2023.
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Tata and Toyota continue to dominate the BEV and strong-hybrid EV markets with 71% and 69%, respectively.
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Tata Tiago EV is the best-selling BEV product, and Toyota Innova Hycross is the best-selling strong-hybrid EV in Q2 2023.
Market
Battery EV (BEV) sales overtook Strong-hybrid EV (HEV) sales in Q2-2023 as Toyota dropped production of HEVs despite having a strong order backlog. Combined sales of BEV and HEV dropped to 4.1% from 4.3% in Q1-2023 in the Indian passenger vehicle market, with each contributing 2.7% and 1.4%, respectively.
BEV sales touched a new level of 26,749 units in Q2-2023, due to the introduction of a new product by MG and continued sales momentum from Tata.
Manufacturer
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As the BEV market expands with new products from rivals – Tata’s market share has fallen to 71%.
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MG has been doing consistent numbers, as BYD and Citroen’s dispatch dropped in Q2-2023.
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Toyota continues to lead HEV sales with a drop in share due to less production and dispatch.
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Maruti comes next, and Honda’s sales have less traction due to higher pricing.
Body style
The introduction of the MG Comet increased hatchback share in the BEV segment to 49%, and SUVs are next at 39%. Currently, the HEV segment is limited by UV-dominated body styles.
Products
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The Tata Tiago EV was the best-selling BEV in Q2-2023.
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Amid production constraints on Tata BEVs, Tata seems to have shifted production from Nexon EV to Tiago EV.
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Deliveries of the Mahindra XUV400 were flat, and deliveries of the Citoren eC3 dropped in Q2-2023.
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The BYD Atto3 average monthly sales dropped to 137 units in Q2-2023 from 288 in Q1-2023.
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The Innova Hycross was the best-selling HEV in Q2-2023, followed by Maruti’s Grand Vitara.
