India’s EV Sales Sees 31% YoY Growth in November 2024; Tata Motors and Revolt Motors Shine

The electric vehicle (EV) market in India continues to show dynamic trends, reflecting a growing shift toward sustainable mobility. In November 2024, the sector witnessed a mix of growth stories and challenges, highlighting both the potential and the hurdles facing EV adoption in the country.

EV Sales in November 2024

EV sales in India dropped by 12% month-on-month (MoM) in November 2024, with 1,91,554 units sold compared to 2,19,021 units in October, as the festive-season-driven surge tapered off. However, on a year-on-year (YoY) basis, sales witnessed a significant 31% increase, up from 1,45,197 units in November 2023, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH).

The decline was evident across all EV segments, with electric two-wheelers (e2Ws), three-wheelers (e3Ws), and four-wheelers (e4Ws) experiencing MoM contractions ranging between 5% and 25%. The e4W segment faced the steepest decline, with sales plummeting 25% to 8,782 units in November, down from 11,587 units in October.

In the e2W category, which accounts for over 60% of total EV sales, volumes fell 15% to 1,18,944 units, compared to 1,39,787 units in October. The e3W segment, however, recorded a relatively smaller dip of 5%, with sales decreasing to 63,415 units from 67,182 units in the previous month.

Despite the short-term fluctuations, national EV sales crossed 1.8 million units in the first 11 months of 2024, showcasing the growing adoption of electric mobility. This momentum was further bolstered by the Ministry of Heavy Industries (MHI) reinstating subsidies for cargo e3Ws under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) initiative, ensuring continued support for the EV sector in FY25.

EV Company-Wise Performance

• Revolt Motors: RattanIndia Enterprises’ electric mobility arm, Revolt Motors, reported a 197% year-on-year (YoY) growth in sales, with 1,994 units sold in November 2024. This surge was fueled by the success of its RV1 and RV1+ models. Revolt’s parent company, RattanIndia Enterprises share price saw a positive impact, which rose over 6% after the sales report on December 4, 2024.Despite strong growth from Revolt, the broader electric two-wheeler market witnessed a decline of 18-20% during the same period, as per Vahan data.

• Tata Motors: In November 2024, Tata Motors reported EV sales of 5,202 units, marking a 9% YoY growth compared to 4,761 units in November 2023. On December 4, 2024, Tata Motors share price opened at ₹805.00, touching the day’s low at ₹784.05, as of 12:09 PM on the NSE.

Apart from these, Mahindra & Mahindra (M&M)’s Mahindra Electric launched its BE SUV series, garnering substantial attention. The company stated that the go-to-market for these Electric Origin SUVs will start in a phased manner in the latter part of January 2025.

Conclusion

The EV market in India is transforming rapidly, driven by rising consumer adoption and favourable government policies. Key players like RattanIndia Enterprises, Tata Motors, and Mahindra & Mahindra remain pivotal in shaping this transition.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.