71,000 EVs sold in October, eclipsing 2023’s sales record

October sales were 631,174 units, up 41% YoY to 688,442, resulting in 750,000-80,000 units sold

It is predicted that October and November of 2023 will be groundbreaking months for both India EV Inc and India Auto Inc. The festive period, which lasts for 42 days beginning on October 15 and ending 15 days after Dhanteras, is driving an increase in consumer spending on new vehicle purchases, benefiting both the ICE and EV segments. As of 5 a.m. on November 1, the government of India’s Vahan website reported that a total of 71,604 electric two-wheelers were sold in October 2023, according to retail sales data.

October 2023 marked the third highest sales month with a total of 82,416 units sold, trailing behind May 2023 (105,521 units) and March 2023 (86,339 units). March is usually a high sales month due to fiscal year end-year-end while May’s record-breaking sales were attributed to customers rushing to purchase e-two-wheelers before the 25% FAME subsidy reduction that came into effect on June 1, 2023.

It can be inferred that sales figures for October 2023 would have been higher if we took into account the shraddh period (September 29-October 14) when many people in India tend to postpone new purchases. However, it is worth noting that despite this, demand was very strong in the second half of last month.

In October 2023, sales in the retail sector were down by 7% in comparison to the previous year, with 77,267 units sold. Despite a slow start in the first half of the month, sales picked up in the second half. The demand for electric vehicles has grown, and it has now exceeded monthly sales achieved before the FAME subsidy was reduced by 25% in June 2023. This reflects the growing maturity of the market, as consumers are now willing to buy EVs at higher prices.

It has been reported that since June 2023, a total of 298,935 electric vehicles (EVs) have been sold at higher prices due to the reduced FAME subsidy. It may be remembered that the sales of e-two-wheelers sharply declined to 46,064 units in June 2023 after the FAME subsidy was cut by a fourth, reaching an 11-month low.

Over the first nine months of CY2023, sales have reached an impressive 688,442 units, which is a 41% increase compared to the 489,726 units sold between January and October of 2022. This means that India EV Inc. has already surpassed the entire retail sales of CY2022, which saw 631,174 units sold over the year. There are still two months left in the calendar year, and with the festive season ongoing, including Diwali and Dhanteras in November, it’s expected that the Indian electric two-wheeler industry will close out CY2023 with total sales in the range of 750,000 to 800,000 units, resulting in 18% to 25% year-over-year growth.

Bajaj Auto now holds 30% of the market, while Ola holds 31%

After analyzing the Vahan retail sales data, it is evident that out of the 165 OEMs in India’s highly competitive e-two-wheeler market, the top 9 EV manufacturers have managed to sell more than 1,000 units each. Collectively, they sold 64,478 units, which accounts for 90% of the total sales in October. Ola Electric and TVS Motor Co are the top two EV OEMs with retails in five figures, while the others have sold less.

As predicted last month, the market leader in electric vehicles, Ola Electric, sold more than 20,000 units in October. With 22,565 units sold, the company has grown its already significant market share to 31%. It has also achieved strong month-on-month (MoM) growth of 21%. Furthermore, the company has surpassed the 200,000 sales milestone in the first 10 months of 2023. With the recent launch of its refreshed S1 series of e-scooters, which has already received over 75,000 bookings, we can expect Ola Electric to continue with its strong momentum in the coming months.

TVS Motor Co sold 15,729 units in October, which is just 0.93% MoM growth from September’s 15,584 units. This gives the company a market share of 22%, which is three percentage points higher than its July share of 19%. From January to October, TVS sold 134,279 iQubes. The iQube model achieved a cumulative sales milestone of 200,000 in September, just 45 months after its launch in January 2020. In August, the company launched its new premium EV flagship, the TVS X, at a mega event in Dubai. The TVS X is priced at Rs 250,000.

It is interesting to note that Bajaj Auto has significantly increased the production of the Chetak scooter and is also expanding its network. In October, they sold 8,519 Chetaks which is a 20% increase from September’s 7,097 units. This marks Bajaj Auto’s second-best monthly performance, with the best performance being 9,983 units sold in May 2023. This puts them ahead of Ather Energy, although Ather remains a strong No. 3 with cumulative sales of over 88,390 units in the last 10 months, compared to Bajaj’s 49,077 units.

During October, Ather Energy experienced 13.45% growth in retail sales, selling 8,113 units, compared to September when they sold 7,151 units. Ather Energy is one of the electric vehicle original equipment manufacturers that is working towards providing easier financing options for potential customers. In July, the company announced 100% on-road financing for its e-two-wheelers, just a month after introducing a 60-month loan product. This initiative resulted in monthly EMIs as low as Rs 2,999, in partnership with IDFC First Bank, HDFC Bank, Hero FinCorp, Bajaj Finance, Axis Bank, and Cholamandalam Finance.

Greaves Electric Mobility ranked fifth, and recorded its best monthly sales performance of 4,050 units in October, representing a 12% increase in growth compared to the previous month. Its sister company, Ampere Vehicles, ranked 15th with sales of 352 units in October. Combined, the two EV divisions sold 4,402 units, maintaining their position in fifth place.

In the meantime, Hero MotoCorp has taken the sixth position ahead of Okinawa Autotech with its Vida scooter. The company sold a total of 1,899 Vida Scooters in October which is 255% MoM growth compared to September 2023 where only 532 units were sold. The impressive performance can be attributed to the aggressive marketing strategies that Hero MotoCorp has employed.

Okinawa Autotech has dropped to the 7th position with 1,430 units, which is a 20% decline in sales compared to the previous month (September 2023: 1,790 units). The company launched CY2023 in January with 4,408 units, but now it seems to be struggling due to increased competition and decreased sales.

A record number of 1,147 units were sold by BGauss Auto for October, a 22% MoM increase, and the company is continuing to maintain a steady growth rate.

As well as Lectrix EV, Wardwizard Innovations, and Kinetic Green, several other OEMs reported strong sales growth MoM, including Lectrix EV (1,036 units / up 41%), Wardwizard Innovations (864 units / up 25%), and Kinetic Green (385 units / up 64%).

November will be a month of accelerated sales

The electric two-wheeler industry witnessed robust sales momentum in October, which is expected to further improve in November 2023 due to the festive season of Diwali and Dhanteras falling in the first fortnight itself.

Rising petrol prices across the country have prompted an increasing number of personal two-wheeler users to switch to electric mobility as it proves to be more cost-effective in the long run.

The last-mile delivery demand for electric cargo two-wheelers in urban, rural, and suburban areas is a catalyst for the sales and development of several manufacturers.

Group orders are beneficial to electric vehicle manufacturers. India EV Inc. is expected to maintain a solid growth trajectory in the coming months due to improved economic conditions, growing consumer confidence, and OEMs offering enhanced new products to capitalize on the growing consumer shift toward electric vehicles.

At the same time, the total number of electric vehicles sold in the first ten months of this year surpassed 1.2 million, which requires a different type of analysis.

Data source: Vahan Dashboard & Autocar Professional

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