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Electric vehicles (EVs) are not just the future; they’re the present in India, with sales figures from the Vahan Dashboard painting a picture of rapid adoption and market evolution. From January 2024 to May 2025, the EV landscape has seen significant shifts, with total registrations fluctuating and certain OEMs cementing their positions at the top. In this monthly blog series, we take a look at EV sales and registration trends across Indian states and Union Territories (excluding Telangana), comparing the full year of 2024 with the first five months of 2025. We’ll dissect the data to reveal the peaks and troughs in EV registrations and analyze the performance of the top 5 OEMs, including industry leaders like Tata, Mahindra and MG Auto. Whether you’re an EV enthusiast, a market analyst, or just curious about the green revolution on Indian roads, this recurring analysis will provide you with valuable insights into the dynamics of India’s EV market.
The year 2025 has been a game-changer for the EV market in India. Cutting-edge models like the Tata Curvv, MG Windsor, Mahindra BE6, and Mahindra XEV 9e are leading the charge, driving insane growth and sparking excitement. Looking at the trend chart, every single month in 2025 so far has crushed its 2024 counterpart in EV registrations/sales. That said, there was a little hiccup—a dip from January to February 2025 (10,852 vs 8,765). My guess? People were holding their breath (and their wallets) for Mahindra’s much-hyped BEVs, waiting to splurge on those beauties.
Here’s the wild part: in all of 2024, we saw 90,542 EVs (BOV and Pure) registered. But in just the first five months of 2025, we’ve already hit 56,826—that’s 62.76% of last year’s total! The electric vehicle wave is picking up speed, no doubt about it.
Now, May 2025 threw us a curveball. Registrations dropped slightly to 11,821 from 12,750 in April (~7.3%). To get why, let’s rewind a bit. Mahindra’s BE6 and XEV 9e have been total game-changers—people can’t stop talking about them, whether it’s over chai, a quick smoke, or at dinner when we’re debating our next car. March (12,665 sales) and April (12,750 sales) were huge because deliveries for these two kicked off, and everyone jumped in. But now? The hype’s cooled a little. Initial bookings are done, and folks are waiting to hear how these EVs hold up long-term from current owners.
That dip could’ve been worse, though. Big props to MG for keeping things steady with the MG Windsor Pro EV launch—it’s been a lifesaver in softening the drop. More on the market leaders later when I dig deeper. For now, these numbers scream one thing: EVs are taking over, and all these fresh innovations are fueling the ride.
State-level policies are significantly advancing electric vehicle (EV) adoption throughout India. Attractive financial incentives, including subsidies on GST, road tax, and toll tax, play a key role in motivating consumers to embrace electric vehicles. These initiatives enhance accessibility and support a seamless transition to this innovative technology, building confidence in its long-term potential.
The efforts of state governments deserve recognition for their leadership in this domain. Maharashtra tops the list with 1,829 EV registrations, followed by Karnataka (1,315), Kerala (1,072), Gujarat (994), and Tamil Nadu (965), completing the top five. These states serve as strong examples of effective policy implementation. In future blogs, I will explore the specific EV policies these states have enacted, analyzing their strengths, opportunities for replication in other regions, and areas for enhancement to further accelerate EV adoption across the country.
Numbers are the storytellers of the business world, but they need a supporting cast to deliver the full plot. As I learned while studying economics, raw figures alone can hint at a tale, but it’s the broader context that brings the story to life. Take the electric vehicle (EV) registrations for May 2025 as an example—a snapshot of a dynamic market in motion.
Leading the charge, Tata Motors claimed the top spot with an impressive 4,121 registrations. Hot on its heels came MG with 3,682, followed by Mahindra at 2,596, Hyundai at 609, and BYD rounding out the top five with 470. These numbers showcase the frontrunners, but they’re just the opening act.
To uncover the real narrative—the twists, turns, and trends shaping the EV landscape—we need to dig into the Month-over-Month (MoM) figures. These are the supporting characters that reveal whether the market is accelerating or shifting gears. Let’s dive deeper into the MoM data to see the full story unfold.
The Indian electric vehicle (EV) market took an interesting turn with a decline in registrations from April to May 2025, reflecting varied performances among the top OEMs. Let’s explore what’s behind these shifts.
Mahindra saw the steepest decline of 17.82% from 3,159 units to 2,596 units. As noted earlier, this could stem from a cooling-off period after Mahindra fulfilled most of its initial bookings for the BEVs; Mahindra BE 6 and Mahindra XEV 9e. Additionally, the company might be slowing production to fine-tune software updates or address feedback from early buyers, which could have delayed further deliveries.
Hyundai followed closely with a 17.6% decline, falling from 739 units in April to 609 units in May. The Hyundai Creta Electric has not really picked up in sales compared to the competitors. The pricing has been the biggest issue in my opinion. With competitors offering higher battery packs and similar if not more features at same price bracket there is bound to be a slowdown. Take MG for example which has been stable compared to the previous month (3,652 in April vs 3,682 in May). The launch of MG Windsor EV Essence Pro which has a battery pack of 52.9 kWh and hosts features like ADAS, V2L and V2V et al. is priced at ₹18.10 Lakh (ex-showroom) whereas the base model of Creta Electric with 42 kWh battery capacity starts at ₹17.99 Lakh (ex-showroom).
Tata Motors, a dominant player, experienced an 8.44% decline, with registrations falling from 4,501 units in April to 4,121 units in May. The launches of Mahindra’s BEVs and MG’s Windsor EV Essence Pro have intensified competition for Tata. Unlike its rivals, Tata has been haunted by past High Voltage Critical Error (HVCE) issues, and though these have reduced in newer models, the perception of reliability concerns lingers. With other OEMs gaining traction and earning positive feedback, buyers are exploring alternatives. Moreover, Tata’s acti.ev platform, while a dedicated EV architecture, shares design similarities with its ICE vehicles built on the ATLAS architecture. This has fueled a perception among purists that Tata’s EVs lack innovation and aren’t “pure” EVs. That said, Tata is still posting strong numbers in isolation because it has EV lineups which cater to all price segments. The recent launch of the Harrier EV could be the spark Tata needs to shift market trends. Priced starting from ₹21.49 Lakhs (ex-showroom), it offers robust features and stands out as the only EV in its segment with all-wheel drive (AWD), making it a strong contender against the likes of the Mahindra XEV 9e and Mahindra BE 6 which compete in the same price bracket.
BYD, on the other hand, bucked the trend with an impressive 27.72% surge, rising from 368 units in April to 470 units in May. Operating in the premium price bracket, BYD’s growth is largely driven by the initial deliveries of the newly launched Sealion 7. I’ve always admired BYD’s technology and innovation. Setting aside geopolitical considerations, I believe reducing tariffs on BYD’s vehicles could significantly boost India’s EV market, making these high-quality options more accessible and spurring further competition.
A quick glance at the monthly trends for these OEMs in 2025 reinforces this narrative, highlighting the ebbs and flows in their performance.
The four-wheeler EV market in India has had a stellar run in 2025 so far. We’re not even halfway through the year, yet the trends clearly indicate that 2025 is on track to surpass 2024’s performance with ease. The future looks even brighter with several exciting launches on the horizon. Kia Clavis EV is poised to launched in July. The MG S5 EV is slated for an announcement in August, Maruti's much awaited e-Vitara in September and rumors suggest the Tata Sierra EV might follow soon after. Meanwhile, Mahindra has confirmed plans to launch two new BEVs, adding to the anticipation. It’s an electrifying time for the Indian EV market, and we’re just getting started! Stay tuned to Electree for unbiased insights and the latest updates on the electric vehicle revolution.
Suhail Gulati
Suhail Gulati is the founder of ElecTree and an economist by training, with a passion for electric vehicles that goes far beyond numbers and analysis. A former banker turned EV enthusiast, Suhail writes to share the latest insights, trends, and future possibilities in the world of electric mobility. Through ElecTree, he hopes to connect with fellow enthusiasts and anyone curious about the shift toward sustainable transportation. Outside of his work in the EV space, Suhail has a deep love for music, good food, and the thrill of a football match. Whether he’s analyzing market trends or discovering the newest electric innovations, he’s always excited to bring readers along for the journey.