Electric two wheeler sales are reporting YoY growth, but the growth rate is not the same as a few months ago
The two-wheeler segment continues to remain the biggest volume driver in the EV arena. Total retail sales in the past month stood at 90,007 units. This was a 40.45% YoY growth over 64,086 units sold in Sept 2023. MoM sales improved albeit marginally by 1.74% from 88,472 units sold in Aug 2024. The segment, now impacted by reduced subsidy, and declining demand has resulted in many players offering attractive discounts.
Electric 2W Retail Sales Sept 2024 – Ola Leads
Ola Electric, though in the midst of much controversy, has seen the highest sales in this segment. Sales stood at 24,679 units in Sept 2024 which was a 31.90% YoY growth from 18,711 units sold in Sept 2023. MoM sales however, declined by 10.31% from 27,517 units sold in Aug 2024. Consumer complaints have surged and Ola Electric faces several issues in terms service complaints and battery malfunctions.
Bajaj Chetak numbers improved to 19,137 units which was a 169.27% YoY. This was over 7,107 units sold in Sept 2023. August 2024 sales had been at 16,706 units which related to a 14.53% MoM improvement. TVS iQube was No 3 in Sept 2024 with sales of 18,108 units. This related to a 15.96% YoY and 3.22% MoM growth. There had been 15,616 units and 17,543 units sold in Sept 2023 and Aug 2024 respectively.
Ather Energy has seen the relatively new Rizta electric scooter boost its EV sales to 12,718 units in Sept 2024. This was a 76.76% YoY growth from 7,195 units sold in Sept 2023. MoM sales growth was at 17.43% when compared to 10,830 units sold in Aug 2024.
A 708.63% YoY growth in electric 2W sales was reported by Hero MotoCorp Vida with 4,310 units sold last month. This was over 533 units sold in Sept 2024. MoM sales however, suffered a decline by 9.11% when compared to 4,710 unit sales of Aug 2024.
Greaves Electric (Ampere) suffered a YoY and MoM decline in electric 2W sales last month. Sales figures dipped to 2,777 units, 23.14% decline from 3,613 units sold in Sept 2023. MoM sales also fell by 1.38% over 2,816 units sold in Aug 2024.
BGauss Electric Posts YoY and MOM Growth
BGauss Electric has seen sales improve tremendously in this segment. Sales stood at 1,237 units last month, a 32.30 growth from 935 units sold in Sept 2023. MoM sales were also higher by 11.44% when compared to 1,110 units sold in Aug 2024. Bounce was another electric 2W OEM that has been receiving added attention from buyers in India. Sales grew by 687.58% YoY and 52.34% MoM to 1,205 units in Sept 2024.
Revolt electric 2W sales on the other hand declined by 21.46% YoY and 3.05% MoM to 699 units. The list also included Wardwizard Joy eBike (645 units), Kinetic Green (467 units), KLB Komaki (402 units), Quantum Energy (336 units) and Okaya (316 units) of which only Wardwizard and Okaya posted YoY sales decline., though each of these OEMs, with the exception of Kinetic Green, have suffered from lower MoM sales. Other electric 2W OEMs added 2,971 units to total sales, recording a 56.78% YoY and 12.36% MoM de-growth.
