Overview

• Tata Motors’ EV market share fell from about 70% in early 2024 to 53% in 2025 after its fleet sales plunged by over 90%.
• JSW MG Motor India captured 28% of the market this year, leveraging competitive pricing and a battery-as-a-service scheme that cuts upfront costs.
• Electric vehicles accounted for only 4% of India’s 4.3 million car sales in 2024 even as total EV volumes reached 1.94 million units led by two- and three-wheelers, placing India just outside the top ten global markets for passenger EV penetration.
• Heavy reliance on imported battery materials from China, South Korea and Japan has prompted projects like Lohum’s 1,000 TPA lithium refinery and a 60,000 TPA Vardhaan Lithium plant in Maharashtra to boost local supply.
• Tata Motors is overhauling its product lineup and after-sales service while its subsidiary Agratas plans a $1.5 billion in-house battery plant in Gujarat to reduce import dependency.