Electric 2-wheeler sales cross 800,000 units in first 11 months of FY24

As per retail sales data available on the government of India’s Vahan website, at 6am on March 1, 2024, electric two-wheeler OEMs sold a total of 81,963 units in February 2024, 36 units more than in the 31-day January 2024 (81,927 units).

At 806,753 units, retail sales are up 26% YoY (April 2022-February 2023: 641,893 units), and have raced past FY2023’s 728,247 units.

In a field comprising nearly 170 players, six OEMs continue to be the market toppers – Ola Electric, TVS Motor Co, Ather Energy, Bajaj Auto and the Greaves Electric-Ampere Vehicles combine. This quintet accounted for 71,428 units or 87 % of total retails in February 2024 and 663,437 units or 82% of total retails in the April 2023-February 2024 period. Interestingly, all of them other than Bajaj Auto have their manufacturing plants in Tamil Nadu.

Ola Electric sold a record 33,722 e-scooters in February 2024, benefiting substantially from a sizeable price cut for its S1 line-up only for last month.