EV registrations soar 75% in October even as PV market shrinks 14.6%

Electric vehicles help Tata Motors and Mahindra cushion a 14.6% decline in overall passenger vehicle registrations in October

Electric passenger vehicle registrations revved up nearly 75 per cent year-on-year (Y-o-Y) in October even as the overall passenger vehicle market contracted 14.6 per cent.

 

And, electric vehicles (EVs) helped manufacturers, such as Tata Motors and Mahindra, cushion the decline in sales of conventional vehicles.

 

According to data from market intelligence firm JATO Dynamics, passenger vehicle registrations declined to 501,406 units in October 2026 from 587,103 units in the corresponding month last year.

 

However, EV registrations rose 74.7 per cent to 36,646 units from 20,979 units a year earlier, while internal combustion engine (ICE) vehicle registrations fell 17.9 per cent to 464,760 units.

 

Consequently, EV penetration in the passenger vehicle market nearly doubled to 7.3 per cent from 3.6 per cent a year earlier.

 

The divergence was particularly pronounced for Tata Motors and Mahindra, where growing EV volumes helped offset sharper declines in conventional vehicle registrations. 

 

For Tata Motors, one in every five passenger vehicles registered during October was electric. The company's EV registrations rose 76.3 per cent to 14,560 units from 8,259 units a year earlier. It accounted for 20.2 per cent of its total registrations, compared with 10.4 per cent last year. 

 

Its ICE registrations, however, declined 18.7 per cent to 57,693 units, while overall registrations fell 8.8 per cent to 72,253 units.

 

A similar trend was visible at Mahindra, where EV registrations jumped 84.2 per cent to 8,473 units from 4,599 units. Electric models accounted for 13.2 per cent of its registrations, or about one in eight vehicles, compared with 6.3 per cent a year earlier. Mahindra's ICE registrations declined 19.1 per cent, while its overall registrations fell 12.6 per cent to 64,063 units.

 

“Electrification is no longer just a future strategy; it is becoming a key driver of growth. In October, overall passenger vehicle registrations fell 14.6 per cent, while EVs grew nearly 75 per cent. For Tata and Mahindra, EVs helped cushion much sharper declines in conventional vehicles,” said Ravi Bhatia, president, JATO Dynamics.

 

“As customers increasingly consider electric alternatives, the advantage will go to manufacturers that deliver on price, range and ownership experience. For the industry, the bigger risk is that manufacturers slow to adapt may lose market share even before the overall market returns to growth,” Bhatia added.

 

The October performance also reflects a broader trend in electric passenger vehicle adoption during 2026. According to Vahan data, EV registrations increased from 21,029 units in January to 35,777 units in October, having peaked at 37,284 units in September.

 

Tata Motors registered 117,547 EVs during the first 10 months of the year, followed by Mahindra at 66,945 units and MG at 55,016 units. Together, the three manufacturers accounted for more than 83 per cent of electric passenger vehicle registrations during the period.

 

Tata Motors Passenger Vehicles said its Punch.ev became the first standalone EV model in its portfolio to cross 5,000 sales in a month in October. The company said demand for its electric vehicles continued to exceed supply, prompting efforts to scale up production and improve product availability.

 

Among other manufacturers, Maruti Suzuki's registrations declined 15.2 per cent to 211,529 units Y-o-Y in October, while Hyundai saw a 16.6 per cent fall to 57,915 units.

 

Kia's registrations fell 13.4 per cent to 30,667 units. In contrast, MG recorded 4.3 per cent growth and Nissan registered a 23 per cent increase.

 

However, JATO cautioned that the October comparison needs to be viewed against the shift in the festival calendar. With Diwali falling on November 8 this year, compared with October last year, bookings, deliveries and registrations may have shifted between months.

 

November's registration numbers will, therefore, provide a clearer picture of whether the October contraction reflects a calendar-driven shift or a more sustained moderation in passenger vehicle demand.

 

The decline in October retail registrations came even as passenger vehicle wholesale despatches rose 12.4 per cent Y-o-Y to 528,384 units, according to industry data.

 

Manufacturers reported strong festival demand, with Maruti Suzuki's domestic wholesales rising 20.5 per cent to 212,384 units, while Tata Motors despatched 73,894 units, up 20.9 per cent.