February 2024 Sales Report: Tata Motors Emerges as Top Choice for E-Buses

Key Highlights:
•    Tata Motors leads February 2024 electric bus sales.
•    Strong YoY growth for automakers.
•    E-bus sales surge: 322 units in Feb 2024.
•    PMI Electro Mobility shows notable growth.
•    Olectra Greentech sales drop significantly.

The Electric Buses segment witnessed a remarkable increase in sales. According to data from the Vahan portal, 322 units of Electric buses were sold in February 2024 compared to 122 units sold in February 2023. 

Tata Motors emerged as the top performer in electric bus sales in February 2024, followed by PMI Electro Mobility and Olectra Greentech. This growth highlights the increasing popularity and acceptance of electric buses in India as a sustainable and efficient mode of transportation.

Electric Buses: OEM-wise Sales Analysis

Let’s explore the sales figures and market dynamics of the top players:

In the latest sales report for electric vehicles, Tata Motors emerged as the leader with 138 units sold in February 2024, marking a 6% increase from January 2024. The company holds a significant market share of 42.86%.

PMI Electro Mobility also showcased significant growth, selling 85 units in feb 2024, reflecting a notable 27% increase compared to the previous month. The company holds a significant market share of 26.40%.

In February 2024, Olectra Greentech witnessed a significant drop in sales, selling only 41 units compared to 79 units in January 2024. This marks a decline of 38 units, representing a -48% decrease in sales. Despite this, the company managed to maintain a market share of 12.73%.

Switch Mobility, on the other hand, experienced a remarkable growth in sales. They sold 21 units in February 2024. This represents a remarkable growth of 110% in sales. The company acquired a market share of 6.52%.

Also Read: January 2024 Sales Report: JBM Auto Emerges as Top Choice for E-Buses 

JBM AUTO faced a significant decline in sales, selling only 17 units in February 2024, compared to 195 units in January 2024. This shows a difference of 178 units, marking a staggering 91% decrease in sales. The company captured a market share of 5.28%.

VE COMMERCIAL and PINNACLE MOBILITY maintained moderate sales, while VEERA VAHAN UDYOG and MYTRAH MOBILITY faced challenges in sales performance. 

Overall, the electric bus market witnessed a decline of 36% in Feb 2024, with a total of 322 units sold.

Electric Vehicle Registrations in India

In February 2024, India experienced a marginal decrease in the number of registered electric vehicles (EVs), with a total of 1,40,611 units registered, as compared to 1,44,640 units in the previous month. 

A total of 16,07,012 EVs were sold during the last 12-month period from March 2023 to February 2024. 

CMV360 Says

Electric bus sales surged in February 2024, with Tata Motors leading the market. While some companies experienced growth, others faced declines, reflecting market dynamics.