Markets by Zerodha
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Your go-to place to understand what's happening in the Indian stock market and why. No drama, no nonsense — just insights.
Joined June 2024
It's been a year since we started Markets by Zerodha. Thank you for watching, reading, and listening to us everyday❤️
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We cover this and one more interesting story in today's edition of The Daily Brief. Watch on YouTube, read on Substack, or listen on Spotify, Apple Podcasts, or wherever you get your podcasts. All links here:
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Despite losing market share, Tata achieved positive 6.5% EBITDA margin in Q4 FY25. They're demerging commercial and passenger businesses for flexibility. The story's far from over, but Tata will no longer dominate as it once did.
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FAME-II scheme expired in March 2024, wiping away Tata's cost advantages. Fleet orders dropped 92% from 26,000 units in 2023 to just 2,000 in 2024. But Tata's fighting back with ₹33,000-35,000 crore investment plan.
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MG achieved 30.6% market share by May 2025, selling just 587 units less than Tata. BYD went from 1.95% to 3.16% market share despite 110% import duties. The policy landscape also shifted against Tata.
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Tata's biggest challenger came from nowhere. When GM exited India in 2017, they sold their factory to Chinese SAIC Motor. After Galwan tensions, JSW consortium picked up 51%, creating JSW MG Motor with innovative Battery-as-a-Service model.
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Competition got serious. Mahindra launched "born electric" BE 6 and XEV 9e models in March 2025 with 542-683 km range, significantly exceeding Tata's offerings. Customers bought 10,000 units in just 70 days.
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India's 110% import tariffs on premium EVs created huge entry barriers for foreign giants. But there's a twist - despite these advantages, Tata's dominance is crumbling. Market share plummeted from 73% in 2023 to just 35.4% by May 2025.
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Government support was crucial. Tata was the largest beneficiary of India's FAME schemes, receiving subsidies that brought EVs nearly at par with petrol cars. They secured ₹142.13 crore in PLI incentives for FY24, ₹385 crore for FY25.
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The biggest customer concern was trust. Tata offered an unprecedented 8-year battery warranty to build confidence, now moved to lifetime warranty. But their real advantage was the entire Tata Group ecosystem.
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They married old models to new 'Ziptron' technology, developed in 2019 for Indian conditions. Dust-proof batteries for India's dusty climate, waterproof for monsoons, liquid cooling for extreme temperatures, regenerative braking for traffic.
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How did they move so quickly? Tata didn't build new platforms from scratch. They converted existing successful petrol/diesel models to electric variants, allowing rapid market entry while keeping costs low.
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Tigor EV was expanded in 2021 for commercial fleets and taxi operators with 315 km range and fleet-friendly pricing. Tiago EV (Sept 2022): At ₹8 lakh, it became India's first electric hatchback and most affordable EV.
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From this start, Tata built a comprehensive EV lineup covering different segments and price points. Nexon EV (Jan 2020): India's first mass-market electric SUV at ₹14-16 lakh, hitting the sweet spot for curious middle class buyers.
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This early entry gave Tata a 3-4 year headstart over competitors with a guaranteed buyer for years of sales. They could road-test offerings without risk, understand customer needs, refine technology, and build brand recognition.
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The government announced a huge tender for 10,000 electric vehicles to Energy Efficiency Services Ltd. Three companies applied: Nissan, Mahindra and Tata. Tata won, starting to roll out Tigor EVs by year-end.
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But the competition is catching up as Tata's advantages crumble. How did they conquer the market in the first place? It started in 2017 when most Indian automakers were still skeptical about electric vehicles.
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One name was synonymous with India's early EV foray: Tata Motors. They practically created the segment and dominated it. In 2023, Tata controlled a staggering 73% of India's EV market - selling 6x more EVs than the second biggest player.
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India's EV market is exploding. Indians bought twice as many EV four-wheelers in 2023 vs 2022. In 2024, that number doubled again. But even before this young market matures, we're seeing the first great upset.🧵👇.
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RT @zerodhaonline: A year ago, we started The Daily Brief by @zerodhamarkets, a podcast simplifying 2-3 most interesting stories in finance….
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We cover this and one more interesting story in today's edition of The Daily Brief. Watch on YouTube, read on Substack, or listen on Spotify, Apple Podcasts, or wherever you get your podcasts. All links here:
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