Electric Truck & LCV Sales February 2024: Tata Motors Leads With 80.6% Share
Every electric goods vehicle registered in India in February 2024, brand by brand: volumes, market share inside the segment, month-on-month and year-on-year change, and who gained or lost share.
How February went
India registered 537 electric goods vehicles in February 2024, +563.0% on February 2023 and +20.7% on January.
Across the 2 completed months of 2024 to February, 982 electric goods vehicles have been registered, +761.4% on the same months of 2023.
Monthly electric goods vehicle registrations, 2023–2026
One line per calendar year. The dashed end of the current year is the month so far.
Electric Truck & LCV market share, February 2024
Tata Motors led the month with 433 registrations — 80.6% of the electric goods vehicle market — ahead of Mahindra Last Mile on 38 (7.1%), a gap of 395 units. Tata Motors also led January.
Tata Motors has gained the most share against February 2023, +43.60pp to 80.6%; Mahindra has lost the most, −29.93pp to 0.9%.
The top three hold 92.9% of the segment; 12 manufacturers registered at least one electric goods vehicle.
Top 10 electric goods vehicle makers, February 2024
Electric goods vehicle registrations only — every other vehicle type these companies make is excluded.
Share is of every electric goods vehicle registered in the month. MoM and YoY compare each maker's own volume; the last column is its change in share of the segment.
| # | Manufacturer | Feb 2024 | Share | MoM | YoY | Share vs Feb 2023 |
|---|---|---|---|---|---|---|
| 1 | Tata Motors | 433 | 80.6% | +23.0% | — | +43.60pp |
| 2 | Mahindra Last Mile | 38 | 7.1% | +11.8% | — | +7.08pp |
| 3 | Byd India | 28 | 5.2% | — | — | +5.21pp |
| 4 | Evage Automotive | 15 | 2.8% | +50.0% | — | +2.79pp |
| 5 | Kinetic Green | 8 | 1.5% | — | — | +1.49pp |
| 6 | Mahindra | 5 | 0.9% | +25.0% | −80.0% | −29.93pp |
| 7 | Switch Mobility | 3 | 0.6% | — | — | +0.56pp |
| 8 | Altigreen Propulsion Labs | 2 | 0.4% | — | — | +0.37pp |
| 9 | Omega Seiki | 2 | 0.4% | −83.3% | +100.0% | −0.86pp |
| 10 | Jain Power Corp | 1 | 0.2% | — | — | +0.19pp |
| 11 | Mlr Auto | 1 | 0.2% | −80.0% | — | +0.19pp |
| 12 | Pinnacle Mobility Solutions | 1 | 0.2% | — | — | +0.19pp |
Exact: Vahan's maker x month table filtered to battery-electric fuels (PURE EV, ELECTRIC(BOV)) and the segment's vehicle classes — not a company total multiplied by anything.
Who is gaining
Monthly share of the electric goods vehicle market for the six largest makers this month, over the last 15 completed months.
Electric Truck & LCV market share by month
Share of the segment each month, in per cent.
Market share, 2024 to February
The same table over 2024 to February, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Tata Motors | 785 | 79.94% | +47.48pp | — |
| 2 | Mahindra Last Mile | 72 | 7.33% | +7.33pp | — |
| 3 | Byd India | 28 | 2.85% | +2.85pp | — |
| 4 | Evage Automotive | 25 | 2.55% | +2.55pp | — |
| 5 | Olectra Greentech | 16 | 1.63% | +1.63pp | — |
| 6 | Omega Seiki | 14 | 1.43% | −8.22pp | +27.3% |
| 7 | Mahindra | 9 | 0.92% | −22.77pp | −66.7% |
| 8 | Kinetic Green | 8 | 0.81% | +0.81pp | — |
| 9 | Mlr Auto | 6 | 0.61% | +0.61pp | — |
| 10 | Ipl Tech Electric | 5 | 0.51% | +0.51pp | — |
| 11 | VECV (Eicher) | 4 | 0.41% | +0.41pp | — |
| 12 | Switch Mobility | 3 | 0.31% | +0.31pp | — |
| 13 | Altigreen Propulsion Labs | 2 | 0.20% | +0.20pp | — |
| 14 | Capco Industries | 2 | 0.20% | +0.20pp | — |
| 15 | Jain Power Corp | 1 | 0.10% | +0.10pp | — |
Frequently asked questions
How many electric goods vehicles were sold in India in February 2024?
Which company sold the most electric goods vehicles in February 2024?
What is the electric goods vehicle market share of each brand?
How are these numbers measured?
Electric Truck & LCV sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
