India’s electric CV segment records mixed results in April 2026: FADA reports
- A month of sharply different fortunes defined electric commercial vehicle retail in April 2026, with some brands surging while others saw steep falls.
Electric commercial vehicle retail did not move in one direction in April 2026. Instead, the market split into those that showed growth and those that didn't. While Tata Motors held on to the top spot and Euler Motors delivered a powerful jump, several other players saw steep declines that pulled overall market momentum lower.
Steady gains for leading manufacturers
Tata Motors remained the biggest seller in the segment with 799 units, but its April retail volume slipped from 864 units in March. That translated into a month-on-month decline of 7.52 per cent, even though sales were far above the 265 units recorded a year ago.
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Euler Motors, by contrast, put up one of the strongest performances in the category. Its retail sales rose to 518 units from 469 in March, a monthly gain of 10.45 per cent. Compared with April 2025, the company posted a massive 1,263.2 per cent increase, underlining how quickly it is building scale.
Mahindra also posted a better month. The group reported 285 units, up from 268 in March and 168 in the same month last year. That gave it a 6.34 per cent monthly rise and a 69.6 per cent annual gain.
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Performance varies across the segment
Losses were equally pronounced across several players. Switch Mobility saw sales drop to 144 units from 258 in March, a fall of 44.19 per cent. However, its yearly performance remained strong, with volumes still significantly higher than the 35 units recorded a year earlier.
JBM Auto registered one of the steepest declines, falling to 54 units from 196 units in March. Even so, it posted a 35 per cent increase compared to 40 units sold in April 2025.
PMI Electro Mobility stood out among the laggards with declines on both fronts. Its April retail came in at 111 units, down from 123 units in March and also lower than 188 units a year earlier, making it one of the few players to report a year-on-year contraction.
VE Commercial Vehicles recorded 38 units, slightly up from March but marginally below last year’s levels, indicating a mild annual decline. Tivolt Electric Vehicles also slipped M-o-M but remained far ahead of its Y-o-Y performance.
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The big picture
Overall, electric commercial vehicle retail stood at 2,245 units in April 2026, down 8.7 per cent from March’s 2,459 units. Despite the monthly dip, volumes surged 148.9 per cent compared to 902 units in April 2025.
Market share eased to 2.26 per cent from 2.40 per cent in March, though it remained significantly higher than 1.04 per cent a year ago. The contrast between strong annual growth and uneven brand-level performance highlights a market that is expanding, but not yet stable.
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