Maintaining the strong growth trajectory witnessed in CY2023, electric two-wheeler manufacturers have sold a total of 81,343 units in January 2024, recording strong 26 percent year-on-year growth (January 2023: 64,694 units).
This data is as per numbers available on the government’s VAHAN portal as of 5am on February 1, 2024.
Ola Electric: 32,160 units
Ola Electric, the first Indian EV two-wheeler company to sell over 2.5 lakh units in one year, maintains its commanding lead in FY2024. With sales of 32,160 units in January 2024 – its best-ever monthly retails – Ola has a sizable lead over its rivals.
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TVS: 15,181 units
TVS Motor Co retailed 15,181 units last month, which gives it a market share of 19 percent. TVS Motor Co continues to maintain its strong growth trajectory with its iQube e-scooter.
The company, which has expanded its EV sales programme to Nepal and to Europe (from January 2024), is understood to be plotting a series of new EVs targeted at different customer segments with a complete portfolio offering between 5 – 25 kW.
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Bajaj: 10,742 units
Bajaj Auto has retailed 10,742 Chetak e-scooters in January 2024 and demand continues to increase for the Chetak – from 3,790 units in April 2023, monthly sales hit a high of 11,833 units in November last year.
With its January 2024 sales, Bajaj has outsold Ather Energy for the fourth month in a row – clearly, there is a stiff battle underway for this position in the coming months.
Ramped-up production and an expanded Bajaj Chetak network, currently in 141 cities across India, is to be expanded to 250 cities by March 2024, should make Bajaj Auto a regular entry in the best-selling two-wheeler EVs monthly chart in India.
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Ather Energy: 9,209 units
Bengaluru-based startup Ather Energy, which is celebrating its 10th anniversary this year, retailed 9,209 units in January 2024, giving it an 11 percent market share.
It recently slashed the price of the 450S e-scooter by Rs 20,000 to Rs 1.10 lakh. The company also received a shot in the arm with early investor Hero MotoCorp set to increase its stake to 39.7 percent.
The company now plans to roll out its family scooter named Rizta on Ather Community Day, slated to be either in February or March. On the network front, Ather at present has over 175 experience centres across India and plans to add another 75 outlets by March 2024.
In terms of monthly sales for January 2024, fifth position goes to Greaves Electric Mobility which clocked sales of 2,351 units. Hero MotoCorp, with 1,487 units sold last month, under the Vida brand, jumps to sixth place. It is followed by Bgauss Auto with 1,485 units.