Tata, MG, Mahindra Dominate FY26 EV Sales; Electric Cars Remain Below 5% of India's PV Market
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EVs Surge 85.6% in FY26, But Still Under 5% of India's PV Market
M
Moneycontrol•01-04-2026, 23:15
EVs Surge 85.6% in FY26, But Still Under 5% of India's PV Market
•Electric vehicle (EV) sales in India surged by 85.6% year-on-year in FY26, reaching 2,29,000 units.
•Despite the growth, EV penetration remained below 5% of the total passenger vehicle (PV) market, indicating slow mainstream adoption.
•Tata Motors, JSW MG Motor, and Mahindra & Mahindra dominated the EV segment in FY26.
•Tata led with 39% market share, though it saw a slight decline due to increased competition; Mahindra was the biggest gainer, boosting its share to 23.9%.
•Barriers to mass adoption include charging infrastructure gaps, range anxiety, and uncertain resale value, but new models and entrants like Tesla and VinFast are expected to drive future growth.
