The electric passenger vehicle market is set for an interesting race in FY26 as JSW MG Motor India closes in on Tata Motors, challenging its long-held dominance. MG’s market share surged to 28% in FY25, more than doubling from 13% in the previous year, putting it in direct competition with Tata, whose share fell to 53% from 71%.
This shift in market dynamics stems from MG Motor’s aggressive expansion, spearheaded by the Windsor EV, launched in September 2024. The Windsor EV’s runaway success saw it surpass Tata’s bestselling models. Between September and January, MG sold 13,997 Windsor EVs, outpacing Tata’s Nexon EV (7,047 units) and Punch EV (5,708 units). Overall, MG sold 30,116 EVs in FY25, significantly narrowing the gap with Tata, which sold 57,273 units.
MG Motor’s rapid ascent is fueled by its strategic push into the EV sector, with electric models accounting for over 50% of its total sales in FY25, compared to just 10% for Tata Motors. The company is targeting an even larger EV footprint in FY26, aiming for 60% of its sales to come from electric vehicles. “We anticipate double-digit growth, even if the overall industry grows in low single digits,” said Rajeev Chaba, CEO emeritus of JSW MG Motor India, in a recent interview to Fe.
While MG’s rise has been noteworthy, the overall EV passenger vehicle market grew at a slower pace of 19% in FY25, reaching 107,901 units. This was a sharp contrast to FY24’s near-doubling of sales.
Despite the slowdown, the EV segment continues to gain traction, with sales climbing from 47,350 units in FY23 to 90,969 in FY24, and now 107,901 in FY25. The competition is heating up, with other manufacturers also readying a fresh wave of EV launches. Mahindra & Mahindra, which holds a 6% market share, is preparing to introduce the XEV 9e and BE6. Maruti Suzuki plans to debut the e-Vitara, while Hyundai is gearing up for the e-Creta. Tata Motors is countering with the Harrier EV, while MG has the M9 EV and Cyberster EV in the pipeline.
Other players are also making inroads: BYD holds a 3% share, Hyundai 2%, and luxury brands like Audi, BMW, and Kia collectively account for 8% of FY25 sales.
MG’s success has reshaped the landscape, presenting the strongest challenge yet to Tata Motors’ supremacy. Analysts said that as the market evolves with increased competition and innovation, consumers can expect more choices and a push towards a greener future.
