Following a significant drop in the sales of electric two-wheelers in June 2023, attributed to the reduction in FAMEII subsidies for the segment, the market now appears to have bounced back with the festive season around, having breached the 70,000 mark in October.
Continuing its dominance, Ola Electric leads the market with 23,644 units sold in July, marking a 26% MOM growth from the 18,693 units sold in the previous month. The company recently introduced its most affordable product, the S1 X.
Securing the second position, TVS' IQube electric scooter saw a notable increase, with 16,340 units sold in October, up by 5% from the 15,558 units dispatched in the preceding month.
Bajaj Auto registered the sale of 8,932 units of the Chetak electric scooter in October, marking a 26% growth compared to the 27,097 units sold in September 2023. The company has recently scaled up production for the Chetak EV.
Claiming the fourth spot, Ather Energy, headquartered in Bengaluru, recorded the sale of 8,289 units in the month, showcasing a significant 16% upsurge from the 7,153 units sold in the month-ago period
Greaves Electric Mobility ranked fifth, having sold 4,112 units in October, up by 14% as against the 3,612 units sold in September.
Hero MotoCorp's electric scooter brand, Vida, witnessed a significant 260% surge, taking its sales to 1,914 units from just 532 units last month. Notably, the company now finally appears to establish itself in the segment after finding it hard to do so initially.
Okinawa Autotech faced another setback, experiencing a 19% decline, with 1,450 units sold in October, down from the 1,790 units retailed in June