The domestic electric two-wheeler (E2W) market witnessed a month-on-month (MoM) growth of nearly 54 percent in October this year on the back of discount offers, festive season sales, and price cuts by industry players apart from availability of new variants. As per data available on vahan dashboard, total E2W registrations shot up to 1,39,022 units in October as against 90,370 units in September.
This is the second highest monthly E2W sales after 1,40,334 units sold in March, which incidentally was the last month when FAME2 policy was in operation. On a year-on-year (YoY) basis, E2W sales went up by 76 percent from 75,173 units last year.
The total number of EV two-wheeler Year-To-Date (YTD) retails, which stands at 9,54,224 units, has already surpassed last year’s registrations (8,60,473 units), as per vahan data.
Ola Electric Mobility continued to lead the EV two-wheeler market despite grappling with service issues of its product lines. The Bhavish Aggarwal-led company’s volumes jumped 68 percent to 41,605 units in October from 24,716 units in September and 27,613 units in August, as per vahan data. The EV startup claimed that it has cemented its leadership position by selling over 50,000 units in October 2024.
"The festive season has been really strong for us on the back of our expansive portfolio, uptick in consumer demand, and the strengthening of our sales network across India. We have witnessed an increase in EV adoption especially in Tier 2 and 3 markets and we are confident that this positive growth will cascade in the coming months as well," an Ola Electric spokesperson said in a statement.
In the first week of October, Ola Electric launched its BOSS – Biggest Ola Season Sale – campaign for the festive season wherein it was offering the 2 kWh Ola S1 for Rs 49,999 (which it sells at Rs 74,999 .
During last month, TVS Motor reclaimed the second spot at 29,890 units in October this year. The Chennai-based automaker’s MoM sales went up by nearly 64 percent from 18,218 units in September 2024.
The company, in an official release, revealed that it registered a YoY growth of 45 percent in EV two-wheeler sales at 29,308 units in October 2024 as against 20,153 units in the same month last year.
Bajaj Auto came back to the third position at 28,188 units. However, the Rajiv Bajaj-led company’s volumes were higher by 47 percent from 19,198 units in September 2024.
IPO-bound Ather Energy came fourth with 15,984 units of monthly retails, up by 24 percent from 12,847 units in September. The EV startup claimed that it has recorded its highest-ever monthly retail dispatches in October, with over 20,000 e-scooters being shipped across the country.
Hero MotoCorp, which attained the fifth position, sold 7,310 units of Vida e-scooters in October. The Pawan Munjal-led firm's EV sales zoomed by nearly 70 percent from 4,321 sold in September 2024, as per vahan data.
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