Significantly lower numbers were reported by most leading electric two-wheeler makers in India causing a 17.33% MoM decline in total retail sales
Revisions in subsidies, recent price hikes and adverse climatic conditions have all had a negative impact on electric two wheeler sales in recent months. Electric 2W retail sales in August 2024, though it experienced a 40.93% YoY growth to 88,472 units from 62,779 units sold in the same month last year, sales figures fell significantly by 17.33% on a MoM basis over 1,07,016 units sold in July 2024. This was a volume decline by 18,544 units.
Electric 2W Retail Sales August 2024 – YoY Vs MoM
Ola Electric led this segment once again with the highest sales in August 2024 at 27,517 units. This was a substantial 46.76% YoY growth from 18,750 units sold in August 2023. However, several constraints in terms of service and other issues being faced by the company brought down MoM sales by 33.89% from 41,624 units sold in July 2024.
TVS Motor saw sales of its iQube electric scooter escalate by 13.31% YoY to 17,543 units in the past month. This was over 15,482 units sold in August 2023. MoM sales, however, dipped by 9.97% when compared to 19,486 units sold in July 2024. In Mid-August, TVS Motor introduced the Celebration Edition of the iQube to boost sales.
Bajaj Auto saw sales of its Chetak electric scooter escalate by a whopping 153.51% on a YoY basis to 16,706 units. However, sales dipped by 5.39% MoM over 17,657 units sold in July 2024.
Ather Energy posts YoY and MoM Growth in Sales
Ather Energy was at No. 4 on this list. It posted both YoY and MoM improvement in sales to 10,830 units which was a 51.32% YoY and 7.37% MoM growth. There had been 7,157 units sold in August 2023 and 10,087 units sold in July 2024. Ather Rizta has been announced with several service pack options of Care, Plus and Max, each of which are valid for 1 year or 10,000 kms.
Another electric two wheeler major to show off strong YoY sales was Hero MotoCorp. The company experienced a 418.25% YoY improvement in retail sales to 4,742 units in the past month. This was over 915 units sold in August 2023. MoM sales however declined by 6.01% from 5,045 units sold in July 2024.
Sales of Greaves Electric suffered a YoY and MoM setback by 3.76% and 10.72% respectively to 2,816 units last month. There had been 2,926 units and 3,153 units sold in August 2023 and July 2024 respectively. It was followed by BGauss with 1,110 unit sales last month, relating to a 20.26% YoY growth but 38.06% MoM decline. Bounce Electric 1 was another EV company that registered both YoY and MoM growth in August 2024.
The list of electric two wheeler retail sales in August 2024 also included Wardwizard (734 units), Revolt Intellicorp (721 units), KLB Komaki (417 units), Okaya (410 units) and Kinetic Green (386 units). There were others in the list that added 3,749 units to total sales though suffered a 45.71% YoY and 12.73% MoM decline from 6,906 units and 4,296 units sold in August 2023 and July 2024 respectively.
