Highlights
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2022 registered the highest-ever BEV sales of 48,262 units, with 229% volume growth over 2021
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October 2022 was the best sales month with 5,113 units sold
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Tata Motors commands 86% of the Indian BEV market share, followed by MG with 9%
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Tata Nexon EV (29,149) is the best-selling product, followed by Tata Tigor EV (11,890)
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Availability of competitive BEV products and high conventional-fuel prices are the major BEV market drivers in 2022
Indian BEV mass-market
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CY2022 witnessed record BEV sales of 48,262 units
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BEV market share reached 1.3% of total PV sales in India.
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The Indian BEV market is growing rapidly with the introduction of competitively priced products
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High conventional-fuel prices in 2022 also aided BEV market growth
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October 2022 BEV sales reached an all-time high of 5,113 units, followed by a seasonal downfall
Body style
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SUV/crossover-styled vehicles account for 73% of the BEV market
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Improved Tata Tigor EV launched in Q3-2021 scaled sedan share to 25%
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In 2022, Tata introduced the Tiago EV, the first BEV hatchback, and BYD introduced the E6, the first BEV MPV
Manufacturer
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Tata Motors controls 86% of the market, followed by MG Motors with 9%, and the rest are currently marginal players.
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Now Tata and MG derive considerable volume from BEV product sales
Product
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The Tata Nexon EV with dual battery pack option is the best-selling BEV in India, followed by the Tata Tigor EV
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In the BEV product race, there is no first-mover advantage, and the best product takes the cake in the Indian market
Tata BEV products – Nexon EV, Tigor EV & Tiago EV (Local production with imported battery cell)
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The Nexon EV Max with a larger battery pack introduced in 2022 along with the old Prime version took the final tally to an all-time high of 3,070 units in June 2022
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With an improved battery and motor, sales of the Tigor EV have grown rapidly since August 2021
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Tiago EV has just started its wholesale journey with 500 units in December 2022
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Tata Motors sold 29,149 Nexon EVs in 2022
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Tigor EV sales have nearly fivefold increased since 2021 due to an improved value proposition.
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Nexon EV command 60% BEV market share in 2022
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Tigor EV now has a 25% share of the BEV market in 2022.
MG ZS EV (CKD)
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After a facelift, CKD MG ZS EV average sales settled around 361 units per month in 2022
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There was strong demand for an updated ZS EV with better range, interior and feature updates
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ZS EV market share decreased during 2022 due to market expansion by Tata EV products
Other BEV products – Hyundai Kona (CKD), Mahindra eVerito (Local), KIA EV6 (CBU) & BYD E6 (CBU)
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Other BEV products have a minuscule share of the growing Indian BEV market
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Mahindra eVerito sales are almost negligible
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Throughout 2022, the Hyundai Kona EV was available at a discount of over 2 lakhs
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Kia has launched the CBU EV6 in 2022 in the premium segment
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BYD introduced the E6 MPV in 2021 for fleet operators and made it available for personal car buyers in 2022
Luxury segment – BMW
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In the luxury segment – BMW has reported 347 BEV sales in 2022, which is 2.9% of BMW’s total sales in India
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The BMW iX SUV is the company’s best-selling BEV, followed by the Mini SE hatchback
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45 units of the reasonably priced BMW i4 sedan were sold
