MG Sells Mostly EVs and Is Still Losing EV Share. The October Numbers Explain How
India's electric passenger-vehicle market grew sharply in October, but JSW MG Motor's share of it fell even as its own electric registrations rose. The apparent paradox reflects competitors growing faster.
The retail figures
FADA data reported by Autocar India puts October electric passenger-vehicle retail at 37,049, up 76.47% from 20,995 a year earlier. MG accounted for 5,939 registrations, up 10.8%. That is about 16.0% of the October total. The same FADA series puts MG at 5,360 registrations in October 2025, or approximately 25.5% of 20,995. Times of India Auto reports 5,939 and 5,360 respectively; the 5,940 figure in another tally is not the FADA figure.
Different Vahan snapshots can produce different totals. A separate November 1 snapshot calculated 83.8% as the electric share of MG's registrations using its own dataset. The figures should not be combined into a single FADA series.
Retail and wholesale are different
Registrations track vehicles registered to customers; manufacturer wholesale figures track shipments to dealers. Their growth rates can diverge in a given month, and one should not be divided by the other to calculate an EV share.
FADA's reported numbers show electric vehicles reached 7.3% of passenger-vehicle retail in October, up from 3.5% a year earlier, although down from September's 8.5%. Tata and Mahindra registered more electric passenger vehicles than MG in the month, according to Times of India Auto. Tata Passenger Electric Mobility retailed 14,669 electric units in October, up 77.6% year on year, and Mahindra retailed 8,538, up 85.7% from 4,599, according to FADA data reported by Autocar India. JSW MG Motor's 5,939 units were 13.3% more than its September figure of 5,242, the biggest monthly gain among the top three brands, but its 10.8% annual growth was the slowest of the three because it had already retailed 5,360 units in October 2025, Times of India Auto reported. The three brands together retailed 29,146 units, about 79% of the segment.
Newer entrants also grew from small bases. VinFast retailed 2,571 units against 142 a year earlier, Kia India 1,395 against 753, and Maruti Suzuki 1,200 in a month in which it had no electric retail a year before, according to Times of India Auto. Overall car retail fell 14% year on year in October, Autocar India reported.
The figures show faster growth elsewhere in the market; they do not by themselves establish which product or pricing decision caused the shift.