Q3 2023: Electric And Hybrid Vehicles Market Share And Sales Figures Decoded

2023 has been a blooming year, not just for the Indian automotive industry, but for the global industry as well. In fact, Q3 2023 was the best ever quarter for the Indian automotive industry as it saw a growth of 8.3 percent over the quarter before it. However, things weren’t quite the same for the electric four-wheeler part of things, as the EV sales declined by 10 percent compared to the preceding quarter. 

In this story, we list the volumes obtained and the corresponding market share of electric and hybrid car makers for the third quarter of 2023. Let’s begin with the electric segment first:

Q3 2023
	Volume	Market Share
Tata	17,640	73%
MG	3755	16%
Mahindra	937	4%
Hyundai	651	3%
Citroen	486	2%
BYD	352	1%
Kia	207	1%

• Tata dominated the charts with three offerings, namely the Tiago EV, Nexon EV and Tigor EV, making up for the top three EV models sold in India in Q3 2023.

• MG and Tata are the only electric carmakers to attain four-digit sales figures for the quarter.

• MG’s Comet EV (2,561 units) outsold the ZS EV (1,194 units) by more than double the margin.

• Mahindra comes in at third place with XUV400 being the lone flag bearer.

• Citroen and its electric hatchback, the eC3, managed to gather 2 percent of the electric four wheeler market share for the third quarter

• BYD and Kia have the same percent of market share, with the former just inching ahead in terms of outright sales.

Note that even though the sales of electric vehicles dipped in Q3, the overall trend towards adoption of cleaner mobility was still strong, thanks to the hybrid vehicle sales, which witnessed a growth of more than 53% compared to Q2 numbers. Toyota led the charge there, followed by Maruti and then Honda.

Do you think the market share for electric vehicles and hybrid vehicles is going to increase in the time to come? Let us know your opinion in the comments below

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