While Chetak records its highest ever sales this year in October, iQube MoM sales have nearly halved
Close fight between Bajaj Chetak and TVS iQube continues with the former taking lead in October. However, iQube is still ahead in terms of overall sales during Jan-Oct period. Chetak and iQube sales during this period are 3,832 units and 4,065 units, respectively. While both scooters have positive YoY growth, iQube MoM growth has turned negative in October.
Chetak Vs. iQube sales October 2021
Chetak sales in October were at 835 units. YoY growth is 223.64%, as compared to 258 units sold in October last year. Chetak MoM growth is 30.06%, as compared to 642 units sold in September 2021.
Increase in Chetak sales indicates that the company could be starting to recover from the global shortage of semiconductor chips and other imported components. Chetak sales have consistently improved in recent months, from 364 units in August to 642 in September. Its second best this year was in July when sales were at 730 units.
iQube YoY growth is 1134%, up from 32 units in October last year to 395 units in October 2021. MoM growth is down by -48.43%, as compared to 766 units sold in September last year. iQube September sales were its highest this year. Barring some exceptions, iQube sales have consistently increased since January. Overall, the two scooters combined have registered YoY growth of 324.14%. MoM growth is down by -12.64%.
Threat from rivals
Bajaj and TVS were among the first established auto companies to launch their electric scooters. Chetak and iQube are already facing tough competition from the likes of Ola, Ather 450X and Simple One. Newer products to hit the market in recent times appear to be better equipped, as compared to Chetak and iQube. Their popularity is also on the rise, as was evident recently when Ola electric scooter clocked bookings worth Rs 1,100 crore.
Competition in electric two-wheeler segment is expected to intensify even further when other mainstream auto companies launch their electric scooters / motorcycles. For example, Hero MotoCorp is pretty close to launching it first electric scooter.
It could be named VIDA, as was recently revealed in registration documents. Later, the company could also launch electric motorcycles. Hero is developing its electric two-wheelers in collaboration with Taiwan-based EV manufacturer Gogoro.
Another entrant will be Suzuki, which is expected to launch its first electric scooter soon. Instead of a new scooter, Suzuki has chosen to use its popular Burgman to build its electric scooter. Burgman electric scooter has been spied on road tests multiple times. It could be launched at a starting price of around Rs 1 lakh.
Honda is also developing an electric scooter, especially for Indian market. It is expected to be launched sometime during 2022-2023. Although designed for India, Honda will be targeting export markets as well with its new electric scooter.
Leading tech companies like Realme and OnePlus are also reported to be working on electric two-wheelers. Various other startups will also be entering this space in coming years, possibly with improved products. All of these will be a challenge for Chetak and iQube.