E2W sees an uptick at 54,232 units in July 2023, Ola Electric continues to lead the race

Ola Electric, which maintained its market leader position for the seventh consecutive month this year, sold close to 19,256 units in July (as per Vahan data

After seeing a massive decline in sales during June due to subsidy cuts, Electric Two-Wheeler (E2W) industry saw a slight upward revision in registrations at 54,272 units last month, as per the data available on Vahan portal. The 11 percent increase in Month-on-Month (MOM) sales happened in July despite the increase in prices across the board due to FAME2 subsidy reduction.

On a year-on-year (YOY) basis, E2W registrations were up by 10 percent in July from 46,607 units last year. Even though the numbers garnered were higher from the month of June at 45,993 units, they are still lower than that of the pre-subsidy revision months of April and May at 66,843 units and 105,469 units respectively.

The total vehicle offtake in January, February, and March stood at 64,685 units, 66,079 units, and 86,333 units, respectively, as per Vahan data.

It is to be mentioned that Vahan only records the total number of vehicle sales registered and not the bookings. It also doesn’t take into account low-speed E2W sales, and excludes data for Lakshadweep, Madhya Pradesh, and Telangana.

OEMs see resurgence in volumes

Most of the E2W makers such as Ola Electric, Ather Energy, Bajaj Auto, TVS Motor Company, Ampere Electric etc., saw their monthly volumes reviving.  As per sales ranking, the top 3 positions remain the same as last month.

Ola Electric, which maintained its market leader position for the seventh consecutive month this year, sold close to 19,256 units in July (as per Vahan data). The Bhavish Aggarwal-led company claims to have garnered ~40 percent marketshare last month. It has also achieved a Y-o-Y growth of 375 percent in sales as compared to the corresponding period last year.

“Ola Electric has maintained its market position and remains steadfast in its commitment to making #EndICEAge a reality. With our revolutionary yet affordable S1 Air receiving an overwhelming response, we are well-positioned to accelerate India’s EV penetration by driving mass market adoption in the scooter segment,” stated Ankush Aggarwal, Chief Business Officer, Ola Electric.

Additionally, Ola Electric has claimed that its Ola S1 Air garnered 50,000+ bookings and has extended the introductory price offer of Rs 1,09,999 until 15th August.

“As we enter August, we are excited about the deliveries of S1 Air and our much-awaited annual flagship event with many exciting announcements to come,” added Aggarwal.

TVS Motor Company, which hit the second spot for the second consecutive month, saw a 31% MOM growth in sales at 10,338 units, as per Vahan data. The company sold 7,857 units of iQube last month. In an official release, the company claimed it has recorded sales of 13,306 units in July 2023 as against sales of 6,304 units in July 2022.

“TVS iQube continues to receive very positive customer acceptance and has crossed the sales milestone of 150,000 units. The scooter is now available in over 316 touch points across 196 cities,” the company said in a statement.

Ather Energy, which came third, saw its sales resurge by 44 per cent to 6,614 units in July, as per Vahan.  In an official release, the Bangalore-based EV startup revealed that it sold 7,858 units in July ‘23, registering a 229% year-on-year growth.

Ravneet Singh Phokela, Chief Business Officer, Ather Energy, “Post the FAME II subsidy revision in June, the EV industry saw a dip, but we already see it bouncing back. With the festive season on the anvil, the volumes are expected to grow faster. In line with this growth, we are seeing our volumes also growing and we are now gearing up for the festive season.”

Bajaj Auto’s volumes went up by 36 percent from 3,002 units in June to 4,090 units in June, ranking it 4th in the pecking order. Okinawa Autotech was in fifth place despite its sales inching downward from 2,619 to 2,263 units.