M&M closes in on Tata Motors as EV sales falter

Mahindra & Mahindra (M&M) has surpassed Tata Motors as India's third-largest carmaker thrice in the second half of 2024. New launches at a time of cooling electric vehicle sales and an ageing line-up have hurt the fortunes of the Tata Group company.

- Alisha Sachdev

In August, September, and November, Mahindra, the maker of Thar SUV (sport utility vehicle), cornered 12.64%, 12.64%, and 13.14% share of India's passenger vehicle market, respectively, showed a Mint analysis of the government's vehicle registration data compiled by Fada Research. That surpassed Tata's 12.26%, 11.53%, and 12.38%, respectively, for those months.

To be sure, overall Tata Motors is still ahead of Mahindra. Still, for a company that earlier this year was locked in a battle for the No. 2 spot with Hyundai Motor India, that marks a reversal. Tata Motors' market share, driven by the Nexon EV, peaked at just over 14% in March, but its performance has since deteriorated as India's nascent electric vehicle market has been hit by a withdrawal or reduction in Central government subsidies.