India's EV Market Sees Major Share Reshuffle in May

India's fast-expanding electric car market saw a major reshuffle in market shares in May, with Tata Motors, Mahindra & Mahindra (M&M), and new brand VinFast gaining ground, while JSW MG Motor and Hyundai Motor ceded pace.

The month saw electric car sales surge at an unprecedented 79% at 26,319 units as sharply higher fuel prices pushed many to go electric.

JSW MG's market share slipped to 18.8% from 31.2% a year earlier. Notably, the maker of Windsor and Comet models was the second largest electric carmaker in India till it lost its ranking to M&M in March with the latter continuing to widen its lead subsequently, helped by the launch of models like XEV 9S. South Korea's Hyundai shed 3.16 percentage points, and its market share fell to 1.7% last month.

Sales of battery-operated cars and utility vehicles have been advancing for 17 consecutive months from January 2025. New model launches, improving charging infrastructure, and an incessant rise in petrol, diesel and CNG prices have fuelled the surge.

Among the beneficiaries, Tata Motors nearly doubled volumes to capture 38.9% market share in May, while M&M's market share rose 3.6 percentage points to 23.3%. Together, the two Indian automakers control nearly 62% of the domestic electric car market-a commanding duopoly that rivals are struggling to dent.

The momentum extends well beyond a single month. With FY27 year-to-date volumes at 52,274 units, up 77% from 29,536 units a year earlier, growth appears increasingly structural rather than cyclical. Tata's lead is also widening-the company sold 19,526 units in FY27 year-to-date against 10,419 a year ago, backed by a portfolio of half a dozen EVs. Mahindra has emerged as the most aggressive challenger, with volumes jumping 112% to 6,133 units in May alone.

New entrant Vietnam's VinFast was a major beneficiary of the fast-expanding market, achieving a 4.7% share with sales of 2,512 vehicles so far this fiscal year. The company commenced sales in July 2025.