Mahindra narrows gap with Tata Motors in India's EV market
Mahindra & Mahindra is steadily closing the gap with Tata Motors in India's electric passenger vehicle market, according to Vahan registration data for the first quarter of FY27 (April to June 2026). Mahindra's EV registrations nearly doubled to 20,112 units from 10,144 units in the same period last year, marking a growth of about 98 per cent. Tata Motors, however, retained its position as the country's largest EV maker, with registrations rising to 32,283 units from 15,794 units a year earlier, reflecting a growth of over 104 per cent.
Tata's overall growth not solely driven by EVs
While Tata remains comfortably ahead in absolute volumes, Mahindra's strong growth indicates that competition in India's EV market is becoming more intense. The Vahan data also suggests that Tata's overall passenger vehicle growth is no longer being driven by EVs alone. Tata's combined passenger vehicle registrations (ICE and EV) rose from 1,24,984 units in Q1 FY26 to 1,74,299 units in Q1 FY27, an increase of 49,315 units. Of this, EVs accounted for 16,489 additional vehicles, meaning nearly two-thirds of Tata's incremental registrations came from its internal combustion engine (ICE) portfolio, including petrol, diesel, and CNG models.
Other players: MG, Maruti Suzuki, VinFast, BYD
MG Motor India remained the third-largest EV player with 16,502 registrations in Q1 FY27, up from 13,499 units a year earlier, though its growth of around 22 per cent lagged behind Tata and Mahindra. Maruti Suzuki, which had no electric passenger vehicle registrations in the corresponding quarter last year, recorded 4,894 EV registrations in Q1 FY27 following the launch of its first electric model. Monthly registrations showed a steady increase from 1,335 units in April to 1,896 units in June. Vietnamese automaker VinFast registered 3,973 electric passenger vehicles during the quarter, while BYD recorded 2,173 units.
Hyundai sees decline in EV registrations
Hyundai emerged as the only major passenger vehicle manufacturer to report a decline in EV registrations. Its EV registrations fell to 1,386 units in Q1 FY27 from 2,142 units a year earlier, a decline of about 35 per cent. Monthly registrations slipped consistently through the quarter, falling from 565 units in April to 347 units in June.
Broader passenger vehicle market growth
The broader passenger vehicle market also saw strong growth during the quarter. Maruti Suzuki remained the country's largest passenger vehicle manufacturer with 4,98,632 registrations in Q1 FY27, followed by Tata Motors at 1,74,299 units, Mahindra at 1,65,402 units, Hyundai at 1,40,552 units, Toyota at 84,474 units, and Kia at 75,122 units, according to the Vahan registration data.
