Ola Electric and TVS Motor led in terms of electric two-wheeler sales as per list released by Federation of Automobile Dealers Associations (FADA)
The electric two wheeler market continues to show promise with new launches and several new startups entering the fray. Strong government incentives for vehicles locally produced related to a positive start to the New Year. While FAME II, introduced in 2019, allowed the segment to excel, FAME III is poised to also make an even more significant impact on sales through FY25. January 2024 saw a total of 81,608 electric two wheelers sold, up from 64,694 units sold in January 2023 up 26.14 percent YoY while there were 75,522 units sold in December 2023 with an 8.06 percent MoM growth.
Electric 2W Sales Jan 2024 – Ola Tops
Ola Electric led the list with 32,252 units sold in the past month, an upward tick of 75.73 percent from 18,353 units sold in January 2023 while MoM sales improved by 6.57 percent as against 30,263 units sold in December 2023. Ola Electric S1 X and S1 X+ continued to woo customers and in December 2023 the company had significantly reduced pricing. Sales in Feb 2024 are expected to be even higher, thanks to the Rs 25,000 discount offer this month.
At No. 2 was TVS Motor with 15,244 units of iQube sold last month. This related to a 45.49 percent YoY growth from 10,464 units sold in January 2023 while MoM sales grew by 24.34 percent over 12,244 units sold in December 2023. TVS has a sole offering in this electric two wheeler segment with the iQube. TVS had also unveiled the iQube ST back in January 2023, which was supposed to be a top-end variant though launch has been delayed. We expect TVS to reveal price and commence deliveries sometime later this year.
Bajaj saw its electric two wheeler sales at 10,829 units last month. This was a massive 232.69 percent YoY growth from 3,255 units sold in January 2023 while MoM sales also improved by 4.36 percent when compared to 10,377 units sold in December 2023. The 2024 Bajaj Chetak electric scooter was introduced in January 2024. It is offered in two variants of Premium and Urbane, priced at Rs 1.35 lakh and Rs 1.15 lakh respectively and Chetak Urbane has a higher range at 113kms as against that offered by the current Chetak that stands at 108kms.
Ola, TVS Motor and Bajaj were the only 3 automakers to post electric two wheeler sales above the 10,000 unit mark. Ather Energy sales remained flat on a YoY basis at 9,247 units sold in January 2024 from 9,227 units sold in January 2023. It was a 42.41 percent MoM growth over 6,493 units sold in December 2023. Ather now gears up for launch of the new Rizta electric scooter that is slated to receive several segment first features. Launch date is set for Ather Community Day to be held in June 2024.
Ampere Sales grows 2603% YoY
Ampere (Greaves) Electric Vehicles sales saw the highest YoY growth by 2603.45 percent to 2,352 units sold in January 2024, up from just 87 units sold in January 2023. It was however a MoM de-growth of 20.94 percent when compared to 2,975 units sold in December 2023. Hero MotoCorp electric scooter Vida sales stood at 1,491 units last month, an 849.68 percent YoY growth over 157 units sold in January 2023 while MoM sales dipped 6.46 percent from 1,594 units sold in December 2023.
Lower down the sales order were electric two wheeler makers BGauss Auto with 1,485 units sales in January 2024 posting both a YoY and MoM growth while Wardwizard Innovation sales stood at 975 units with a YoY growth of 521.02 percent but a 30.75 percent MoM de-growth. The list also included Kinetic Green (820 units), Okinawa Autotech (683 units), PurEV (619 units) and Okaya EV (579 units.
There was also Revolt (529 units) and Lectrix (506 units). Others in the segment contributed 4,017 units to total sales in January 2024. This was a 72.73 percent YoY and 10.65 percent MoM de-growth as there had been 14,729 units and 4,496 units sold in January 2023 and December 2023 respectively.
