Retail sales of electric two-wheelers soar past 91,000 units in November

November was the best month for sales since the FAME subsidy was cut – and CY2023 is expected to sell over 850,000 units

In November 2023, the sales of electric two-wheelers exceeded expectations, with 91,172 units sold in the first fortnight. This period included the end of the 42-day festive season in India. According to the Vahan website of the Indian government, the sales data was available on December 1 and indicated a 19% increase from October’s sales of 74,928 units. November is the best month for the e-two-wheeler industry this calendar year after the FAME subsidy was cut by 25% in June. The highest-ever month for sales was May 2023, with 105,537 units sold, as buyers rushed to purchase e-two-wheelers before June 1.

November saw the e-two-wheeler industry sell 91,172 units, marking the best month this calendar year with a 56% share of total India EV sales, despite the 25% slash in FAME subsidy.

Since the reduction of the FAME subsidy, the prices of EVs have increased, and as a result, 393,516 units have been sold since June 2023. It is worth noting that the sales of e-two-wheelers declined to a low of 46,066 units in June 2023, following a 25% cut in the FAME subsidy.

Sales for January-November 2022 were only 566,802 units, whereas sales for January-November 2023 are 783,047 units, a 38% improvement over January-November 2022. India E2W Inc’s October 2023 retail sales exceeded the 631,174 units sold during the entire CY2022. There are still 31 days of December before the end of the calendar year 2023, which suggests that the Indian electric two-wheeler industry will close the year with sales exceeding 850,000 units, which represents a growth rate of 35% year-over-year.   

Bajaj Auto just recorded its best-ever monthly sale of 11,668 units in November 2023, compared to Ola and TVS which have been clocking thousands of units each month for a while now. 

TVS holds 21% of the market, Bajaj Auto beats Ather Energy for the second month in a row

In November 2023, the top ten EV manufacturers in India’s highly competitive e-two-wheeler market sold more than 1,000 units each, accounting for 92% of all sales. Vahan’s retail sales data indicates that of the 170-odd OEMs in India’s extremely competitive e-two-wheeler market.

It is estimated that three EV OEMs with retail sales in the five figures are Ola Electric, TVS Motor Co, and Bajaj Auto. With its best-ever monthly sales of 11,668 units in November 2023, Bajaj Auto is the latest company to record sales of thousands every month, following Ola and TVS. 

Ola Electric, the market leader, continues to dominate the market with its impressive sales figures. In November, the company sold 29,764 units, which is a 25% increase from the previous month’s sales of 23,821 units. This is also the second-highest sales figure of the year, with May’s 28,728 units being the highest. Ola Electric’s market share grew to 32% in November, which is a testament to its strong performance. The company sold a total of 236,441 units in the first 11 months of 2023 and is expected to cross the 250,000 mark for the year. This will make Ola Electric the first OEM in India to achieve this feat. The company’s refreshed S1 series of e-scooters is performing well, with over 75,000 bookings already received. This indicates that Ola Electric’s momentum is likely to continue in the coming months.

TVS Motor Co recorded its second-best monthly sales in November with 18,931 units sold, a month-on-month growth of 15%. This gives the company a market share of 21%. Between January and November, the company sold 153,960 iQube. In September, the iQube passed the cumulative 200,000 sales milestone, just 45 months after its launch in January 2020. Additionally, in August, TVS launched its new premium EV flagship, the TVS X, priced at Rs 250,000, during a mega event in Dubai.

All eyes are on Bajaj Auto as it recently overtook the long-standing No. 3 OEM Ather Energy in October, making it a strong No. 3 in the EV market. Bajaj Auto entered the EV industry in January 2020, just like TVS, and has since recorded its best-ever monthly sales of 11,668 units in November, a 29% increase from the previous month’s (October 2023) sales of 9,052 units. The Bajaj Chetak, the company’s only electric scooter, is experiencing a rise in demand every month, contributing to its climb from fourth rank to a new and formidable No. 3. The Chetak’s market share has grown significantly from 4% in January 2023 to 13% in November. Bajaj Auto plans to expand its network of exclusive Chetak showrooms and ramp up production to keep up with the increasing demand. Expect Bajaj Auto to be one of the major players in the EV industry in the coming months.

Bajaj Auto’s Chetak network, currently operating in 141 Indian cities, is set to expand to 250 cities by March 2023. Additionally, the company plans to introduce new variants to the Chetak range in the near future. According to Autocar India, a more affordable version of the Chetak, named Chetak Urbane, is being developed and will be positioned below the current Chetak Premium model.

In a media interaction in mid-October, Rakesh Sharma, Executive Director of Bajaj Auto, revealed that the company plans to launch a new model under the Chetak family after the festive season. He further added that every quarter, Bajaj Auto will introduce new products under the Chetak brand, leading to a decent portfolio of electric vehicles by the same time next year. This move is expected to help the company expand its reach in the EV business.

Ather Energy reported retail sales of 9,166 units in the previous month, which is a 9% increase from October’s sales of 8,410 units. Currently, Ather Energy holds 10% market share. Ather Energy has sold 97,889 electric scooters in the last 11 months, making it the third strongest in sales. Meanwhile, Bajaj Auto sold 61,298 units in the same period. Ather Energy is planning to launch two new electric scooters in 2024, which include a family-oriented EV and an upgraded version of the existing 450X model. The new Ather scooters could offer greater range and gentler performance and are expected to be priced lower than the existing 450 range, making them accessible to a wider audience. Ather co-founder, Tarun Mehta, confirmed the launch via a social media post on November 22. A statement made by Mehta indicates that the house is designed to cater to the needs of the whole family, offering plenty of space, comfort, and more all in one package. The organization is taking measures to improve accessibility by making the product more affordable for a wider range of individuals.

Greaves Electric Mobility has achieved its best monthly performance yet with 4,410 units delivered in November, surpassing 4,050 units delivered in October. The company’s EV subsidiary, Ampere Vehicles, ranked 19th with sales of 281 units in November. Combined sales of the two divisions would add up to 4,691 units, which is still enough to secure fifth place in the rankings.

Hero MotoCorp had a strong showing in November with its best monthly sales yet. The surge in demand for its ICE commuter motorcycles, especially in the rural market, has contributed to this success. The company managed to maintain its sixth rank and outsell Okinawa Autotech by selling 3,030 Hero Vidas, which is a 56% improvement compared to the 1,935 units sold in October. In the second quarter, Okinawa Autotech gained 9% over October’s 1,474 units, but after opening CY2023 with 4,408 units, sales have slowed down and competition has increased.

Some of the other OEMs that saw strong MoM growth include BGauss Auto (1,606 units), Okaya EV (1,298 units), Lectrix EV (1,258 units), and Wardwizard Innovations (1,185 units).

850,000- Plus sales for electric two-wheeler Inc in CY2023

Sales of electric two-wheelers saw strong momentum during the festive months of October and November, as expected. However, it is expected that sales in December will be slightly lower.

The e-two-wheeler industry has recorded a record retail of 777,323 units from January to November 2023, accounting for 56% of the total EV sales in India, which is 13,78,300 units. With the availability of new products and the expansion of electric charging infrastructure, both in the private and public sectors, the e-two-wheeler industry is expected to reach near the sales milestone of 850,000 units for CY2023.

While the initial cost of an electric scooter or motorcycle is higher than its petrol-engines counterpart, the long-term affordability of EVs is making a growing number of riders transition to e-mobility.

The demand for last-mile deliveries in urban India, as well as towns and rural areas, has remained steady, which has led to an increase in the sales of cargo-transporting electric two-wheelers. Many EV manufacturers benefit from bulk orders.

Moreover, due to the lack of clarity about the extension of the FAME subsidy beyond April 2024, both personal EV buyers and fleet buyers might be advancing their purchases. This could lead to a surge in demand for EV OEMs during the first three months of CY2024.

Data source: Vahan Data & Autocar Professional

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