The Indian passenger electric vehicle sector began the 2026 calendar year on a high note, recording 18,042 registrations in January. This represents a 51 percent increase over the 11,909 units sold in January 2025, marking the third-highest monthly volume in the industry’s history. Following a record-breaking 2025 where 177,415 units were sold, current momentum suggests the market could approach the 200,000-unit milestone for FY2026.
The Volume Leaders: Tata, MG, and Mahindra
Tata Motors maintained its top position by achieving its highest-ever monthly EV sales of 7,852 units, a 48 percent year-on-year improvement. The brand captured a 43.52 percent market share, largely supported by the introduction of the Harrier EV alongside established models like the Nexon, Tiago, and Punch EVs. Conversely, the Curvv coupe-SUV is still finding its footing in the market.
JSW MG secured the second spot with 4,606 units, a modest 2 percent growth compared to the previous year. While the Windsor EV remains a key volume driver, the brand has expanded its premium offerings with the M9 MPV and the Cyberster roadster, the latter of which has seen over 500 sales in its first six months.
Mahindra reported the most significant growth among major players, with sales skyrocketing 386 percent to 3,589 units. This surge, driven by the BE 6 and XEV 9e SUVs, increased Mahindra’s market share from 6 percent to 20 percent within a single year.
Emerging Competitors and Market Shifts
Vietnam\’s Vinfast has demonstrated rapid scaling, delivering 432 units of its VF6 and VF7 SUVs in its fourth month of Indian operations. The company plans to further expand its portfolio this month with the Limo Green seven-seater MPV. Meanwhile, Maruti Suzuki has begun appearing on the Vahan portal with 210 units of the e-Vitara, likely representing dealer dispatches ahead of an official price announcement. The e-Vitara will be available in three variants:
- Delta (49kWh battery)
- Zeta (61kWh battery)
- Alpha (61kWh battery)
In contrast, some established players faced headwinds. Hyundai saw a 2 percent decline with 326 units, while BYD registrations fell 34 percent to 224 units following price adjustments for the Sealion 7. Kia, however, saw a five-fold increase to 306 units, though this was its lowest volume in six months.
Luxury EV Performance
The luxury electric segment grew 28 percent year-on-year, totaling 456 units. BMW continues to dominate this space with a 68 percent share, delivering 312 vehicles. Other notable performances include:
- Mercedes-Benz: 69 units (34 percent year-on-year decline)
- Tesla: 37 units of the Model Y (Totaling 263 units since September 2025 entry)
- Volvo: 35 units (21 percent year-on-year growth)
- Rolls-Royce: 2 units of the Spectre
