Electric Truck & LCV Sales January 2024: Tata Motors Leads With 79.1% Share
Every electric goods vehicle registered in India in January 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 January went
India registered 445 electric goods vehicles in January 2024, +1248.5% on January 2023 and +63.6% on December 2023.
Across the 1 completed month of 2024 to January, 445 electric goods vehicles have been registered, +1248.5% 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, January 2024
Tata Motors led the month with 352 registrations — 79.1% of the electric goods vehicle market — ahead of Mahindra Last Mile on 34 (7.6%), a gap of 318 units. Tata Motors also led December.
Tata Motors has gained the most share against January 2023, +57.89pp to 79.1%; Omega Seiki has lost the most, −27.61pp to 2.7%.
The top three hold 90.3% of the segment; 11 manufacturers registered at least one electric goods vehicle.
Top 10 electric goods vehicle makers, January 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 | Jan 2024 | Share | MoM | YoY | Share vs Jan 2023 |
|---|---|---|---|---|---|---|
| 1 | Tata Motors | 352 | 79.1% | +70.0% | — | +57.89pp |
| 2 | Mahindra Last Mile | 34 | 7.6% | +70.0% | — | +7.64pp |
| 3 | Olectra Greentech | 16 | 3.6% | — | — | +3.60pp |
| 4 | Omega Seiki | 12 | 2.7% | +300.0% | +20.0% | −27.61pp |
| 5 | Evage Automotive | 10 | 2.2% | −37.5% | — | +2.25pp |
| 6 | Ipl Tech Electric | 5 | 1.1% | −50.0% | — | +1.12pp |
| 7 | Mlr Auto | 5 | 1.1% | — | — | +1.12pp |
| 8 | Mahindra | 4 | 0.9% | −55.6% | +100.0% | −5.16pp |
| 9 | VECV (Eicher) | 4 | 0.9% | +300.0% | — | +0.90pp |
| 10 | Capco Industries | 2 | 0.4% | — | — | +0.45pp |
| 11 | Mahindra Electric Mobility | 1 | 0.2% | — | −90.0% | −30.08pp |
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 January
The same table over 2024 to January, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Tata Motors | 352 | 79.10% | +57.89pp | — |
| 2 | Mahindra Last Mile | 34 | 7.64% | +7.64pp | — |
| 3 | Olectra Greentech | 16 | 3.60% | +3.60pp | — |
| 4 | Omega Seiki | 12 | 2.70% | −27.61pp | +20.0% |
| 5 | Evage Automotive | 10 | 2.25% | +2.25pp | — |
| 6 | Ipl Tech Electric | 5 | 1.12% | +1.12pp | — |
| 7 | Mlr Auto | 5 | 1.12% | +1.12pp | — |
| 8 | Mahindra | 4 | 0.90% | −5.16pp | +100.0% |
| 9 | VECV (Eicher) | 4 | 0.90% | +0.90pp | — |
| 10 | Capco Industries | 2 | 0.45% | +0.45pp | — |
| 11 | Mahindra Electric Mobility | 1 | 0.22% | −30.08pp | −90.0% |
Frequently asked questions
How many electric goods vehicles were sold in India in January 2024?
Which company sold the most electric goods vehicles in January 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.
