Tata Tiago.EV, MG Comet Top Selling Electric Cars: 50% Indians Ready To Buy Electric
As we have stated quite a few times before, electric mobility in India is witnessing a huge surge in demand. Electric vehicles are rapidly gaining traction, with Tata Tiago EV and MG Comet emerging as the top-selling models in January 2024. Also, recently it has been revealed by Deloitte’s 2024 Global Automotive Consumer Study (GACS) that the demand for electric cars is skyrocketing. The study highlighted that 50 percent of Indian car buyers are considering switching from ICE vehicles to EVs, and also 24 percent of buyers are considering jumping to hybrid cars.
Tata Tiago EV and MG Comet sales statistics
According to the latest data on the sales of electric cars, it has been reported that Tata Motors’ Tiago EV has secured the top spot in the electric passenger vehicle segment. The exact sales figures for Tiago EV have not been revealed; however, overall Tata EV sales for the month of January have been reported as 5,591 units. This remarkable performance represents a staggering 125.26 percent year-on-year growth from 2,482 units sold in January 2023. Additionally, the Tiago EV witnessed a commendable 14.69 percent month-on-month increase in sales compared to December 2023.
Following closely behind, MG Motors’ EV cars showcased remarkable growth, with retail sales reaching 1,162 units in January 2024. This provided the company a substantial 167.13 percent year-on-year surge from 435 units sold in the same period last year. Additionally, the Comet EV experienced a noteworthy 21.17 percent month-on-month sales growth compared to December 2023. The third automaker to have a successful month of January in terms of EV car sales was Mahindra Automotive. The company sold a total of 741 units of its XUV400 electric sub-compact SUV.
50 percent Indian car buyers looking to buy EV
As mentioned earlier, Deloitte’s 2024 Global Automotive Consumer Study (GACS) has highlighted a significant shift in Indian consumer preferences. It has been reported that nearly half of Indian consumers are expressing an interest in transitioning away from Internal Combustion Engine (ICE) vehicles. Additionally, it has been found that around 24 percent of respondents are considering Hybrid Electric Vehicles (HEVs) as their next vehicle purchase.
What is stopping Indian car buyers from getting EVs?
As per the study, for most of the Indian car buyers, affordability emerges as a critical factor influencing their decisions. The study highlighted that 80 percent of buyers opt for cars priced between Rs 5 lakh and Rs 25 lakh. Notably, preferences for both ICE and EV engines remain strong in the Rs 10 lakh to Rs 25 lakh price range, with 59 percent and 58 percent of consumers expressing interest, respectively. Additionally, 23 percent of consumers prefer ICE cars, while 22 percent favor EVs in the under Rs 10 lakh category.
Why do people want EVs?
When it comes to the reasons why 50 percent of Indian car buyers are leaning towards electric cars, the answer is lower fuel costs and environmental consciousness. 68 percent of Indian car buyers prioritize environmental sustainability, and 63 percent are concerned about fuel expenses. The availability of charging infrastructure is deemed crucial, with 66 percent planning to charge at home and 22 percent at public charging stations. Consumers also emphasized the importance of fast charging and convenient payment methods for enhancing the EV ownership experience.
Rajeev Singh, Partner and Consumer Industry Leader at Deloitte Asia Pacific, has stated that the evolving consumer preferences and economic factors are driving the transition towards new cars over used ones. He highlighted that OEMs have a unique opportunity to enhance customer retention services by prioritizing transparency and offering innovative solutions tailored to meet the evolving needs of tech-savvy consumers.
The post Tata Tiago.EV, MG Comet Top Selling Electric Cars: 50% Indians Ready To Buy Electric first appeared on Cartoq.
As we have stated quite a few times before, electric mobility in India is witnessing a huge surge in demand. Electric vehicles are rapidly gaining traction, with Tata Tiago EV and MG Comet emerging as the top-selling models in January 2024. Also, recently it has been revealed by Deloitte’s 2024 Global Automotive Consumer Study (GACS) that the demand for electric cars is skyrocketing. The study highlighted that 50 percent of Indian car buyers are considering switching from ICE vehicles to EVs, and also 24 percent of buyers are considering jumping to hybrid cars.
Tata Tiago EV and MG Comet sales statistics
According to the latest data on the sales of electric cars, it has been reported that Tata Motors’ Tiago EV has secured the top spot in the electric passenger vehicle segment. The exact sales figures for Tiago EV have not been revealed; however, overall Tata EV sales for the month of January have been reported as 5,591 units. This remarkable performance represents a staggering 125.26 percent year-on-year growth from 2,482 units sold in January 2023. Additionally, the Tiago EV witnessed a commendable 14.69 percent month-on-month increase in sales compared to December 2023.
Following closely behind, MG Motors’ EV cars showcased remarkable growth, with retail sales reaching 1,162 units in January 2024. This provided the company a substantial 167.13 percent year-on-year surge from 435 units sold in the same period last year. Additionally, the Comet EV experienced a noteworthy 21.17 percent month-on-month sales growth compared to December 2023. The third automaker to have a successful month of January in terms of EV car sales was Mahindra Automotive. The company sold a total of 741 units of its XUV400 electric sub-compact SUV.
50 percent Indian car buyers looking to buy EV
As mentioned earlier, Deloitte’s 2024 Global Automotive Consumer Study (GACS) has highlighted a significant shift in Indian consumer preferences. It has been reported that nearly half of Indian consumers are expressing an interest in transitioning away from Internal Combustion Engine (ICE) vehicles. Additionally, it has been found that around 24 percent of respondents are considering Hybrid Electric Vehicles (HEVs) as their next vehicle purchase.
What is stopping Indian car buyers from getting EVs?
As per the study, for most of the Indian car buyers, affordability emerges as a critical factor influencing their decisions. The study highlighted that 80 percent of buyers opt for cars priced between Rs 5 lakh and Rs 25 lakh. Notably, preferences for both ICE and EV engines remain strong in the Rs 10 lakh to Rs 25 lakh price range, with 59 percent and 58 percent of consumers expressing interest, respectively. Additionally, 23 percent of consumers prefer ICE cars, while 22 percent favor EVs in the under Rs 10 lakh category.
Why do people want EVs?
When it comes to the reasons why 50 percent of Indian car buyers are leaning towards electric cars, the answer is lower fuel costs and environmental consciousness. 68 percent of Indian car buyers prioritize environmental sustainability, and 63 percent are concerned about fuel expenses. The availability of charging infrastructure is deemed crucial, with 66 percent planning to charge at home and 22 percent at public charging stations. Consumers also emphasized the importance of fast charging and convenient payment methods for enhancing the EV ownership experience.
Rajeev Singh, Partner and Consumer Industry Leader at Deloitte Asia Pacific, has stated that the evolving consumer preferences and economic factors are driving the transition towards new cars over used ones. He highlighted that OEMs have a unique opportunity to enhance customer retention services by prioritizing transparency and offering innovative solutions tailored to meet the evolving needs of tech-savvy consumers.
The post Tata Tiago.EV, MG Comet Top Selling Electric Cars: 50% Indians Ready To Buy Electric first appeared on Cartoq.
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