GaadiWaadi –
The Federation of Automobile Dealers Associations (FADA) has reported substantial growth in electric two-wheeler sales during January 2024
Electric two-wheeler sales in India are accelerating, fueled by rising fuel costs, government incentives, and the arrival of innovative new models. January 2024 saw a remarkable 26.14 per cent Year-on-Year (YoY) increase, with a total of 81,608 units sold. This momentum reflects growing consumer interest and a burgeoning industry poised for further expansion.
Leading the pack is Ola Electric, showcasing a 6.57 per cent YoY growth. With 32,252 units sold in January 2024, Ola Electric’s S1 X and S1 X+ models have continued to capture the market’s attention. The introduction of a substantial price reduction in December 2023 has undoubtedly contributed to the surge in sales, and the trend is expected to continue with a Rs 25,000 discount offer in February 2024.
TVS Motor secures the second spot with its iQube model, boasting a 24.34 per cent YoY growth. The January 2024 sales of 15,244 units reflect the growing demand for TVS’s sole offering in the electric two-wheeler segment. Despite a delay in launching the iQube ST variant, TVS remains optimistic about its market presence.
| Manufacturer | Jan 2024 Sales | Jan 2023 Sales |
| Ola Electric (6.57%) | 32,252 | 30,263 |
| TVS Motor (24.34%) | 15,244 | 12,244 |
| Bajaj (4.36%) | 10,829 | 10,377 |
| Ather Energy (42.41%) | 9,247 | 6,493 |
| Ampere (-20.94%) | 2,352 | 2,975 |
| Hero MotoCorp (-6.46%) | 1,491 | 1,594 |
| BGauss Auto | 1,485 | 0 |
| Wardwizard Innovation (-30.75%) | 975 | 1,400 |
| Kinetic Green | 820 | 0 |
| Okinawa Autotech | 683 | 0 |
| PurEV | 619 | 0 |
| Okaya EV | 579 | 0 |
| Revolt | 529 | 0 |
| Lectrix | 506 | 0 |
| Others (10.65%) | 4,017 | 4,496 |
Bajaj follows closely with its Chetak sub-brand, recording a marginal 4.36 per cent YoY growth, selling 10,829 units in January 2024. Ather Energy, on the other hand, experienced a remarkable 42.41 per cent increase in sales. The company is gearing up for the launch of the new Rizta electric scooter, set to debut in June 2024.
Ampere (Greaves) Electric Vehicles suffered from a noticeable 20.94 per cent drop in sales on a YoY basis, selling 2,352 units in January 2024. Hero MotoCorp’s electric scooter sub-brand, Vida, records a minor YoY decline of 6.46 per cent, underlining the brand’s successful foray into the electric segment.
Other players in the market, including BGauss Auto, Wardwizard Innovation, Kinetic Green, Okinawa Autotech, PurEV, Okaya EV, Revolt, and Lectrix, contribute to the overall industry growth. The electric two-wheeler space is expected to continue growing in India, in terms of new launches as well as sales.
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