Electric Truck & LCV Sales May 2024: Tata Motors Leads With 63.9% Share
Every electric goods vehicle registered in India in May 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 May went
India registered 319 electric goods vehicles in May 2024, +82.3% on May 2023 and +10.4% on April.
Across the 5 completed months of 2024 to May, 3,351 electric goods vehicles have been registered, +353.5% 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, May 2024
Tata Motors led the month with 204 registrations — 63.9% of the electric goods vehicle market — ahead of Evage Automotive on 29 (9.1%), a gap of 175 units. Tata Motors also led April.
Evage Automotive has gained the most share against May 2023, +9.09pp to 9.1%; Mahindra has lost the most, −12.20pp to 0.9%.
The top three hold 80.9% of the segment; 15 manufacturers registered at least one electric goods vehicle.
Top 10 electric goods vehicle makers, May 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 | May 2024 | Share | MoM | YoY | Share vs May 2023 |
|---|---|---|---|---|---|---|
| 1 | Tata Motors | 204 | 63.9% | +17.9% | +68.6% | −5.19pp |
| 2 | Evage Automotive | 29 | 9.1% | — | — | +9.09pp |
| 3 | Ipl Tech Electric | 25 | 7.8% | — | — | +7.84pp |
| 4 | Mahindra Last Mile | 15 | 4.7% | −79.2% | — | +4.70pp |
| 5 | VECV (Eicher) | 13 | 4.1% | −18.8% | — | +4.08pp |
| 6 | Switch Mobility | 12 | 3.8% | — | — | +3.76pp |
| 7 | Byd India | 5 | 1.6% | — | — | +1.57pp |
| 8 | Mlr Auto | 4 | 1.3% | — | — | +1.25pp |
| 9 | Mahindra | 3 | 0.9% | +50.0% | −87.0% | −12.20pp |
| 10 | Omega Seiki | 3 | 0.9% | −76.9% | −83.3% | −9.35pp |
| 11 | Others | 2 | 0.6% | — | −33.3% | −1.09pp |
| 12 | Bajaj Auto | 1 | 0.3% | — | — | +0.31pp |
| 13 | Kinetic Motor Company | 1 | 0.3% | — | — | +0.31pp |
| 14 | M/S Vishnu Clean Energy Vehicles Llp | 1 | 0.3% | +0.0% | — | +0.31pp |
| 15 | Pinnacle Mobility Solutions | 1 | 0.3% | −83.3% | −50.0% | −0.83pp |
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 May
The same table over 2024 to May, set against the same months of 2023.
| # | Manufacturer | Units | Share | vs 2023 | Volume YoY |
|---|---|---|---|---|---|
| 1 | Tata Motors | 2,655 | 79.23% | +41.07pp | +841.5% |
| 2 | Mahindra Last Mile | 336 | 10.03% | +10.03pp | — |
| 3 | Byd India | 77 | 2.30% | −28.15pp | −65.8% |
| 4 | Evage Automotive | 59 | 1.76% | +0.95pp | +883.3% |
| 5 | VECV (Eicher) | 33 | 0.98% | +0.98pp | — |
| 6 | Omega Seiki | 31 | 0.93% | −5.71pp | −36.7% |
| 7 | Ipl Tech Electric | 30 | 0.90% | +0.90pp | — |
| 8 | Kinetic Green | 27 | 0.81% | +0.81pp | — |
| 9 | Pinnacle Mobility Solutions | 21 | 0.63% | +0.36pp | +950.0% |
| 10 | Mahindra | 18 | 0.54% | −10.02pp | −76.9% |
| 11 | Switch Mobility | 18 | 0.54% | +0.54pp | — |
| 12 | Olectra Greentech | 16 | 0.48% | −1.42pp | +14.3% |
| 13 | Mlr Auto | 11 | 0.33% | +0.33pp | — |
| 14 | Piaggio | 4 | 0.12% | −0.29pp | +33.3% |
| 15 | Altigreen Propulsion Labs | 2 | 0.06% | +0.06pp | — |
Frequently asked questions
How many electric goods vehicles were sold in India in May 2024?
Which company sold the most electric goods vehicles in May 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.
