Sales of JSW MG Motor’s electric cars declined in February as competition intensified in India’s fast-growing EV market. The company sold 3,343 units during the month, down about 4% from 3,483 units a year earlier.
The drop came even as the broader electric passenger vehicle market expanded strongly, with total sales rising 46% year-on-year to 13,833 units. With rivals such as Tata Motors and Mahindra & Mahindra ramping up volumes, JSW MG Motor’s market share fell sharply to about 24% from nearly 37% in the same month last year.
Tata Motors, the country’s largest electric car seller, saw its EV sales rise 41% to 5,599 units in February, compared with 3,983 units in February 2025. However, despite the rise in volumes, Tata’s market share slipped by about one percentage point during the period.
The biggest jump in sales was recorded by Mahindra & Mahindra, whose EV sales increased nearly six-fold to 2,946 units in February, up from 506 units in the same month last year.
Mahindra’s strong growth was driven by the launch of new models such as the BE 6 and the XEV 9e. These launches significantly boosted the company’s presence in the EV segment.
Sector experts say JSW MG Motor is entering a more competitive phase as rivals begin adopting the Battery-as-a-Service (BaaS) model, an offering that until last year was unique to MG. Several automakers are now introducing similar schemes in 2026.
BaaS Battle
Tata Motors and Maruti Suzuki India have already launched EVs with battery subscription options, directly targeting MG’s bestseller, the Windsor. Tata’s Punch EV under the BaaS model starts at ₹6.49 lakh (excluding the battery), significantly lower than the Windsor’s ₹9.99 lakh price. Maruti’s offering, priced at ₹10.99 lakh, offers buyers a slightly larger SUV option.
Sector experts say such competitive pricing could influence price-sensitive and aspirational buyers in the rapidly evolving EV market. Moreover, the growing number of players entering the EV space is putting pressure on existing market leaders.
Fresh Entrants
In February 2025, both VinFast and Maruti Suzuki had no presence in the electric four-wheeler segment.
This year, however, both companies are gradually gaining ground. VinFast began registrations for its VF6 and VF7 models in September last year, while Maruti Suzuki entered the segment in November with the eVitara.
Analysts say that while companies such as JSW MG Motor and Tata Motors benefited from being among the first to scale up EV offerings, the rapid entry of new models from multiple automakers is narrowing that advantage.
With several manufacturers expanding their electric portfolios and introducing competitive pricing and ownership models, the EV market is likely to witness sharper rivalry in the coming months. This could gradually redistribute market share among players as consumers get a wider range of options across different price segments.