Electric Two-Wheeler Sales [January 2024] – Ola, TVS, Ather & More

The Federation of Automobile Dealers Associations (FADA) has reported significant growth in electric two-wheeler sales during January 2024.

The electric two-wheeler market in India is experiencing a surge, driven by escalating fuel prices, government incentives, and the introduction of innovative models. January 2024 witnessed a notable 26.14 percent Year-on-Year (YoY) increase, with a total of 81,608 units sold. This growth reflects mounting consumer interest and a burgeoning industry poised for further expansion.

Leading the charge is Ola Electric, with a 6.57 percent YoY growth. In January 2024, Ola Electric’s S1 X and S1 X+ models sold 32,252 units, retaining a strong market presence. A significant price reduction in December 2023 contributed to the sales boost, with an additional Rs 25,000 discount offered in February 2024.

TVS Motor secures the second position with its iQube model, witnessing a robust 24.34 percent YoY growth. Sales figures of 15,244 units in January 2024 underscore the increasing demand for TVS’s electric offering. Despite a delay in launching the iQube ST variant, TVS remains optimistic about its market prospects.

Bajaj follows closely with its Chetak sub-brand, reporting a modest 4.36 percent YoY growth, selling 10,829 units in January 2024. Ather Energy experienced a remarkable 42.41 percent surge in sales, gearing up for the launch of the new Rizta electric scooter in June 2024.

Ampere (Greaves) Electric Vehicles witnessed a noticeable 20.94 percent decline in sales on a YoY basis, selling 2,352 units in January 2024. Hero MotoCorp’s electric scooter sub-brand, Vida, recorded a slight YoY decline of 6.46 percent, signaling its steady entry into the electric segment.

Other players contributing to the market growth include BGauss Auto, Wardwizard Innovation, Kinetic Green, Okinawa Autotech, PurEV, Okaya EV, Revolt, and Lectrix. The electric two-wheeler industry in India is poised for continuous expansion, with a stream of new product launches and growing sales.