TVS, OLA clock second highest E2W monthly sale in Oct'23

Electric two-wheeler sales touched five-month high of 66,055 units in October, 2023. Ola Electric continues to lead India’s E2W market. In October 2023, the country’s largest E2W maker sold 24,000 units, up 47 per cent YoY from 16,357 units in October 2022. The electric vehicle manufacturer boasts of 31 per cent market share in the industry as of October 2023.

While the Chennai-based TVS Motor reported sale of 20,153 units of TVS iQube Electric in the said month, which is in excess of three times more than year ago period for the company.

Both Ola Electric and TVS Motor reported their respective second-highest E2W monthly sales figure in October 2023.

Even after FAME India scheme subsidy cut undertaken by the government from June 2023, these two companies managed to come out with their respective second best monthly figures. Both these companies had registered their respective highest monthly sales during the period when government used to give ample subsidy under the FAME India Scheme.

E2W sales by various companies in October 2023

In terms of monthly sale of E2Ws, TVS Motor was at fifth position one year ago in October 2022, but in just one year, the auto major has made its way to second position in the industry. Riding on sale of flagship e-scooter, TVS iQube Electric, the company’s sale has only increased more than two-fold during this period.

While, Gurugram-based EV manufacturer Okinawa which once predominantly used to hold second position has slipped to sixth position in the one year period under consideration. Okinawa reported 11 times lesser sales of mere 1,347 units in October 2023 as compared to 14,953 units in October 2022. The electric scooter manufacturer has taken the biggest hit due to the subsidy cut. Its sales have repeatedly fallen every month since June 2023.

Ather Energy, another popular E2W manufacturer in the country, managed to improve sales and jumped to third position from sixth position held earlier in October 2022. Although, the Bangalore-based E2W manufacturer reported a mere three per cent jump in sales to 7,597 units in October 2023 from 7,358 units in year ago period.

Bajaj Auto has also reported increase in sales within the same period. Riding on flagship Bajaj Chetak Electric, the auto manufacturer also reported more than two-fold rise in October 2023 sales to 7,097 units vis-a-vis 3,550 units in October 2022.

E2W sale continues to recover gradually from dents caused by FAME subsidy reduction undertaken by the government from June 2023. Sales had plunged more than half in June 2023 immediately after the government had cut FAME subsidy. Although, E2W sale, then, gradually started picking up. It has now slowly crept to 66,055 units in October 2023 from 46,064 units in June 2023.