EMP subsidy expires in July, which should see EV sales spike next month.
The Indian electric two-wheeler industry which sold a record 8,60,365 units in 2023, is well on its way to sell over a million units for the first time in 2024.
The lowest monthly sales in 2024 were in April 2024, following the closure of the FAME II subsidy scheme on March 31. This also explains why March 2024 with 1,40,273 units was the month with the highest-ever sales. The FAME II subsidy scheme, which ended on March 31, 2024, has been replaced by the Electric Mobility Promotion Scheme (EMPS). This scheme is valid for a four-month period from April 1 to July 31.
While EMPS has helped improve sales numbers in May and June, July 2024 should see a similar spike in EV sales as in March 2024, with consumers likely to take the non-subsidy and increased product prices in their stride albeit the growth rate will reduce substantially compared to the strong double-digit growth seen consistently in 2023. Let’s take a closer look at the top six movers and shakers of the industry in June.
Ola Electric: 36,716 units
Ola Electric continues to maintain its stranglehold over the market. The company opened 2024 with retails of 32,409 units, hit a high of 53,603 units in March and has clocked 36,716 units in June. This gives Ola cumulative six-month sales of 2,28,161 units, which are 1,02,093 additional EVs sold and a handsome 81 percent YoY growth (H1 2023: 126,068 units). This robust performance is amply reflected in the company’s market share which has jumped to 44 percent from 30.50 percent a year ago.
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Ola Electric has recently entered the mass-market segment with the S1 X portfolio, a move which has paid big dividends. Available in three battery configurations (2 kWh, 3 kWh, and 4 kWh), the scooters are priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively. The company has also recently revised the prices of its S1 Pro, S1 Air, and S1 X+ to Rs 1.30 lakh, Rs 1.05 lakh, and Rs 89,999, respectively.
TVS: 13,897 units
TVS Motor Co, the longstanding No. 2 player, sold 13,897 iQubes units last month, improving 51 percent on its May 2024 sales of 11,844 units.
Two years after the iQube got its first refresh, TVS launched more variants, both at the lower and upper end of the spectrum. Tap here to read more. The company, which expects two-wheeler EV sales in India to reach 30 percent market penetration by 2025, is targeting a big jump in the contribution of EV sales to its overall volumes over the next two years.
Bajaj: 8,985 units
A glance at Bajaj Auto’s first-half 2024 performance and the 192 percent YoY increase reveals just how strongly the company has performed. Bajaj Auto maintains its No. 3 ranking with 8,985 Chetaks sold in June.
Bajaj Auto, which markets the three Chetak variants – 2901 (Rs 95,998), Urbane (Rs 123,319) and Premium (Rs 147,243) – continues to see strong demand. This is thanks to a ramped-up production and a growing dealer network, which is to be expanded from its existing presence in 164 cities and 200 touchpoints to around 600 showrooms in the next three to four months.
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Ather Energy: 6,097 units
Bengaluru-based Ather Energy recorded sales of 6,097 units in June 2024 and a market share of 7.66 percent. Its cumulative January-June sales at 52,235 units are down 12 percent (January-June 2023: 59,319 units), which means it has some catching up to do.
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And the company is aiming to do just that with its brand-new family-centric Rizta. Ather was among the newsmakers last month for its announcement of setting up its third plant in Maharashtra.
Vida: 3,068 units
The world’s largest two-wheeler manufacturer and the last of the big legacy players to enter the EV market is seeing demand pick up for its Vida brand of e-scooters. The company, which sold 3,068 units in June, has averaged monthly sales of 2,303 units in 2024 so far, a big improvement over the 353 units it averaged during the same timeframe in 2023. Vida’s market share has risen to 2.68 percent from 0.51 percent.
Last month saw Hero MotoCorp hike its stake in Ather Energy by 2.2 percent and it is banking on demand growing rapidly for Ather products.
Greaves Electric Mobility: 2,713 units
Having launched its new Ampere Nexus e-scooter, Greaves Electric Mobility saw a smart rise in its June sales. Compared to May retails of 1,957 units, June sales at 2,713 units were up 39 percent month on month. The company has averaged monthly sales of 2,506 units in the first six months of 2024 and its cumulative six-month sales at 15,036 units are a huge jump over the 2,328 units of 2023. Nevertheless, this performance is reflected in market share which has risen to 3 percent from 0.56 percent a year ago.
