EV Market Grows 10%, Hybrids By 30% In H1 2024

In its recent report, Auto Punditz stated 52,415 EVs and 51,832 hybrids were sold in the first half of 2024, occupying a 2.4% PV market share. As opposed to the former, which posted a 10% growth, the latter rose by 30%. With the Punch EV's launch, Tata continued to dominate the BEV market (69% share). However, Toyota claimed an 86% share of the HEV segment with its Innova Hycross.

BEV sales saw an upward 'punch' due to the launch of the Tata Punch EV with 52,415 units sold from January to June, whereas Mahindra XUV400 dispatches had been higher than earlier before the closing of FY 2024 to comply with its internal Corporate Average Fuel Efficiency (CAFE) numbers. Notably, there was a significant drop in the demand for EVs despite multiple promotion schemes for the entire quarter.

Toyota led the strong hybrid sales chart with its Innova Hycross. In the first half of 2024, 51,832 Hycross' were sold both online and offline with no discounts on offer. Apart from the bestseller, all other hybrid cars were up for grabs with a discount, the report said. 

Ex-showroom prices for the Tata Punch EV and the Toyota Innova Hycross hybrid start at Rs. 10.99 lakh and Rs. 25.97 lakh, respectively.

Recent Development

Last month, Chief Minister Yogi Adityanath-led Uttar Pradesh government entirely waived the registration tax for strong hybrids in the state. Due to the same, popular mass-market hybrid cars, including the Toyota Innova Hycross, are expected to see a price drop of up to Rs. 3 lakh. Electric vehicles attract zero tax in UP. 

Also read - UP Scraps Road Tax On Hybrids; Innova Hycross Now Cheaper By Rs. 3 Lakh