Nikhil Dhaka, Vice President, Primus Partners, shares his view on the shifting dynamics of India’s passenger EV market. He highlights that after five years of dominating the segment, Tata Motors is facing rising competition from MG Motor and Mahindra & Mahindra. In January 2025, its EV retail market share fell below 45%, a sharp decline from its peak of 95% in early 2022. While Tata Motors remains the segment leader, an expanding lineup of feature-rich, competitively priced EVs from rivals is steadily eroding its dominance. Retail trends show a consistent decline—Tata Motors' market share dropped from 95% in February 2022 to 75% by December 2022 and fell below 50% by November 2024. MG Motor has been the biggest beneficiary of this shift, surging from less than 1% market share in February 2020 to 38% in January 2025. The launch of MG’s Windsor EV in September 2024 accelerated this transition, with sales surpassing Tata’s top models.