The electric two wheeler segment was led by Ola and TVS Motor along with Ather Energy in May 2023 with all three posting significant YoY and MoM growth
Electric two wheeler sales in India are increasing by leaps and bounds. Several newcomers are entering the fray and more established OEMs are bringing in new and improved offerings so as to be more competitive. Electric 2W retail sales improved significantly both on YoY and MoM basis in May 2023. Prices of electric 2W have been hiked from 1st June 2023 following revisions in FAME II subsidies.
Sales of electric 2W, as have been released by FADA, stood at 1,04,829 units in May 2023. This was a 147.15 percent YoY growth over 42,415 units sold in May 2022. MoM sales improved by 57.72 percent as against 66,466 units sold in April 2023. At the moment, it is Ola Electric, TVS, Ather, Bajaj and Ampere that are dominating the market.
Electric 2W Retail Sales May 2023
It was Ola Electric that has led the segment by a significant margin. Ola Electric S1 and S1 Pro saw sales of 28,469 units in May 2023, up 207.14 percent YoY from 9,269 units sold in May 2022. MoM sales were up 30.10 percent from 21,882 units sold in April 2023. At No. 2 was TVS Motor with electric 2W sales at 20,261 units in the past month, up 4138.70 percent YoY from just 478 units sold in May 2022. It was also a 132.19 percent MoM growth from 8,726 units sold in April 2023.
Ather Energy, which sells the 450x in the electric 2W segment along with the recently introduced base variant 450S, has seen sales of 15,266 units in May 2023. This was 357.34 percent YoY growth and 97.08 percent MoM growth from 3,338 units sold in May 2022 and 7,746 units sold in April 2023.
Retail sales of electric 2W by Bajaj Chetak stood at 10,028 units in the past month. This was a 453.42 percent YoY growth from 1,812 units sold in May 2022 and 149.89 percent MoM growth from 4,013 units sold in April 2023. This also included 98 units sold by Chetak Technologies relating to a 73.51 percent MoM de-growth from 370 units sold in April 2023.
Ampere, Okaya, Okinawa, Hero Electric
Sales growth was reported by both Ampere (9,618 units) and Okaya EV (3,875 units) in May 2023. However, retail sales of Okinawa have dipped both YoY and MoM by 68.78 percent and 9.67 percent respectively to 2,905 units. There were 9,305 units sold in May 2022 and 3,216 units sold in April 2023. YoY and MoM de-growth was also seen in the case of Hero Electric, sales of which fell to 2,109 units in the past month. This was a 29.01 percent YoY and 36.69 percent MoM de-growth.
Relatively new comers Bgauss Auto (1,813 units) and Battre Electric (1,200 units) have reported a 135.45 percent and 84.33 percent MoM growth in sales of electric 2w in the past month. There was also Greaves Electric with 1,155 units sold in May 2023, recording a 109.62 percent MoM growth from 551 units sold in April 2023.
Sales of Lectrix EV was at 1,000 units last month as against 419 units sold in May 2022 and 320 units sold in April 2023. Kinetic Green retail sales improved by 5.19 percent to 892 units in the past month from 848 units sold in April 2023 and Hero Vida electric scooter also saw its sales increase by 419.44 percent to 748 units last month from 144 units sold in April 2023.
There were others on this list which contributed 5,490 units to total electric 2W sales in May 2023, which was a 36.36 percent YoY de-growth from 8,626 units sold in May 2022 but a 25.11 percent MoM growth from 4,388 units sold in April 2023.