The domestic Electric Two-Wheeler (E2W) industry saw monthly sales cross the one-lakh mark for the second time this year in July, as many prospective buyers advanced their purchases due to the expected phaseout of the current Electric Mobility Promotion Scheme 2024 (EMPS).
As per the data available on the government portal Vahan, retail monthly sales of electric two-wheelers scaled a new high of 106,949 units in July 2024, which is about 34 percent higher than June’s 79,868 units and a 96 percent year-over-year surge from July 2023’s 54,616 units. The numbers were still less than March retail figures, which were around 140,309 units (before the phaseout of FAME2 scheme).
It may be recalled that the EMPS 2024, which came into force on April 1, was set to expire on July 31. However, on July 26, it got extended by another two months and will be valid till September 3o.
The total year-to-date E2W sales are up by 29 percent 6,34,770 units from 4,90,324 units during the same period last year, as per Vahan data.
The top four OEMs in July remained unchanged, with Ola Electric in the leading position, followed by TVS Motor, Bajaj Auto, and Ather Energy.
The IPO-Bound Ola Electric Mobility, saw vehicle registrations of 41,597 units in July, as per Vahan portal. The Bhavish-Aggarwal led-firm saw a 114 percent increase in sales from 36, 785 in June and commanded close to 40 percent market share.
The Bangalore-based EV startup claimed that its strategic entry into the mass-market segment with the S1 X portfolio resulted in incremental volumes last month The scooters, offered in three battery configurations (2 kWh, 3 kWh, and 4 kWh), are priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively.
Retaining the second position once again was TVS Motor, which sold 19,471 iQube e-scooters during the month, thus cornering an 18.2 percent marketshare in July 2024.
The Chennai-based two-wheeler maker, in an official release, stated that its EV sales registered a growth of 61 percent with sales increasing from 13,306 units in July 2023 to 21,442 units in July 2024.
Bajaj Auto, which attained the third spot, sold 17,642 Chetaks sold in July. The Pune-based automaker saw a 95 percent month-on-month growth (9,043 units) and secures a 16 percent marketshare. The Rajiv Bajaj-led automaker claimed that it has achieved 20,000 bookings of the Cheatak e-scooters in July 2024.
Hero MotoCorp-backed Ather Energy ranked fourth in the pecking order, with sales going up to 10,080 units in July from 6,192 units in June, achieving a 63 percent month-on-month growth and a nine percent market share.
Hero MotoCorp, which secured the fifth position, saw a 64 percent month-on-month growth in sales. The Pawan Munjal-led company saw its sales rising from 3,074 units in June to 5,044 units in July, and capturing a five percent market share.
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