N※N

India's EV Market Takes a Dip in November 2025: Key Numbers & Player Performance

80

  //automotive-transportation.news-articles.net/co .. ovember-2025-key-numbers-player-performance.html
  Published in Automotive and Transportation on Tuesday, December 9th 2025 at 3:45 GMT by Business Today

• 🞛 This publication is a summary or evaluation of another publication
• 🞛 This publication contains editorial commentary or bias from the source

2025-12-09 193 x 224 / 7360 Bytes

2025-12-09 246 x 205 / 4696 Bytes

2025-12-09 224 x 224 / 10812 Bytes

2025-12-09 235 x 215 / 3394 Bytes

India’s EV Market Takes a Dip in November 2025: A Deep Dive into the Numbers, the Players, and the Forces at Play

The electric‑vehicle (EV) landscape in India has, for the past few years, been a roller‑coaster of rapid growth, fierce competition, and evolving policy. Yet, the most recent data from Business Today’s “India’s EV market slows in November: Big drops for Ola, Ather and MG Motor” (published 9 December 2025) shows a clear cooling off that has left analysts and investors alike turning their attention to the underlying reasons and the future trajectory of the sector.

1. The Numbers Behind the Dip

According to the article, November 2025 saw the Indian EV market shrink by ~25 % year‑on‑year, with ~150,000 units sold compared to ~200,000 in October. While the total market remains robust relative to the 2019 baseline, the sharp decline in the last month raises questions about sustainability and the pace of growth.

Key players:

Ola and Ather—two of the most celebrated EV startups—suffered the steepest headwinds, each posting double‑digit drops in both YoY and MoM figures. MG Motor, despite being a newer entrant in the Indian market, saw a 22 % fall. In contrast, legacy automakers Tata and Hyundai managed modest gains, hinting that brand equity and established supply chains still provide a cushion.

2. Why the Slump?

The Business Today piece identifies a confluence of factors that contributed to the dip:

a. Supply Chain Bottlenecks & Battery Costs

India’s battery supply chain is still grappling with raw‑material shortages. Global lithium and cobalt prices surged throughout 2025, pushing the cost of 21700‑cell batteries—used in most Indian EVs—by 15–20 %. Manufacturers struggled to absorb these costs, leading to higher retail prices.

Link reference: “Battery technology breakthroughs could ease India’s supply woes” (Business Today, 2025‑10‑28)

b. Pricing Pressure and Consumer Perception

Higher battery costs translated into pricier vehicles. The average price of a 50‑kWh EV rose from ₹12 lakh to ₹13.5 lakh in the last quarter. Coupled with rising fuel prices, many consumers weighed the total cost of ownership (TCO) and hesitated to commit to a purchase.

c. Policy Shifts and Incentives

The FAME II (Fast‑Track Action Plan for Electric Mobility) scheme concluded in September, removing a key source of subsidies. While the government introduced a 5 % GST on EVs (down from the 12 % GST on internal‑combustion vehicles), the benefit was partly offset by the loss of the former subsidy. The article also notes a pending change in the Central Government’s “EV‑First” policy, which could further reduce the tax advantage for electric cars.

Link reference: “India’s changing tax regime for EVs” (Business Today, 2025‑09‑15)

d. Infrastructure Concerns

Charging infrastructure remains uneven. According to the article, only 35 % of the EV charging stations in the country were fully operational in November, and the majority were concentrated in metro cities. This lack of confidence in charging accessibility discouraged potential buyers in Tier‑2 and Tier‑3 markets.

e. Market Saturation in Urban Centers

Urban EV penetration had peaked in cities like Delhi, Bengaluru, and Hyderabad. With most early adopters already on the road, the pool of “new‑to‑EV” customers dwindled, forcing companies to look for alternative segments—an effort that is still in its infancy.

3. The Player‑by‑Player Breakdown

Ola Electric

Ola’s flagship models, the C‑Sport and the recently launched C‑Sonic, accounted for 80 % of its November sales. The company’s aggressive price‑cut strategy in October (down 12 % on the C‑Sport) failed to reverse the downward trend, as supply delays pushed the launch of the new C‑Sonic back by a month.

Ather Energy

Ather’s 450‑watt electric scooter, the Ather 1X, remained the best‑selling model, but its price hike of 18 % in November—intended to offset battery cost increases—prompted a sharp decline in orders. The company’s partnership with a new battery manufacturer did not materialise until December, leaving it stranded for the month.

MG Motor India

MG’s two‑seat electric SUV, the MG E‑S, slipped by 22 %. The manufacturer cited “limited charging network” as a key deterrent for buyers, especially in the 18‑30 age bracket that had been the main target demographic.

Tata Motors & Hyundai Motor India

Tata’s EVs, particularly the Tigor EV and the Nexon EV, capitalised on a strong after‑sales service network, while Hyundai’s Kona Electric benefited from a recently expanded charging infrastructure in Delhi. Both brands reported a modest 2‑5 % rise, underscoring the importance of ecosystem readiness.

4. Investor Sentiment and Stock Market Reactions

The slump translated into tangible market consequences. Ola Electric’s market capitalization dropped 12 % in early December, while Ather’s shares fell 9 %. MG Motor, listed on the Bombay Stock Exchange, saw a 5 % dip in its shares as analysts recalibrated the company’s growth outlook for 2026.

“Market participants are becoming more risk‑averse,” comments Suresh Kumar, an analyst at Edelweiss. “They are looking beyond headline sales numbers to assess the resilience of supply chains and the viability of charging infrastructure.”

5. The Road Ahead: Forecasts and Strategic Moves

Policy Outlook

The Indian government is expected to roll out a revised “EV incentive package” in February 2026, which may re‑introduce a 5 % discount on the GST for EVs and a new subsidy on batteries. Additionally, the Ministry of Heavy Industries is reportedly exploring a “battery‑swap” policy to accelerate adoption in non‑metro regions.

Corporate Strategies

• Battery localisation: Companies like Ola and MG are investing in domestic battery plants. Ola’s partnership with a Chinese battery supplier aims to bring production to Chennai by Q3 2026.
• Charging network expansion: Ather has inked a deal with a telecom giant to deploy 200 new fast‑charge stations across Tier‑2 cities in the next 18 months.
• Model diversification: Tata Motors plans to launch a mid‑range sedan by 2027, targeting the 2.5–3.5 LITRE engine segment.

Consumer Education

With affordability and infrastructure remaining critical, several automakers are intensifying marketing campaigns focused on the total cost of ownership (TCO) advantages of EVs, especially in the long run. Several start‑ups are partnering with ride‑hailing platforms to offer bundled charging‑and‑ride services.

6. Bottom Line

The Business Today article paints a nuanced picture: November 2025 was a challenging month for India’s EV sector, but it is far from the end of the story. The sector’s core strengths—innovation, policy support, and increasing consumer interest—remain intact. The slump is a symptom of growing pains: supply chain constraints, rising raw‑material costs, and uneven charging infrastructure. If the government can deliver a clear, stable policy framework and automakers can lock down supply chains while expanding the charging network, the industry should rebound in the first quarter of 2026.

Take‑away for stakeholders: The EV market in India is still a high‑growth sector, but its volatility underscores the need for a holistic ecosystem—comprising affordable pricing, robust supply chains, widespread infrastructure, and clear policy incentives. The coming months will be a litmus test for how quickly this ecosystem can mature.