October witnesses jump in electronic two-wheeler sales; Ola, TVS, Bajaj top three performers
New Delhi: The domestic electric two-wheeler (E2W) market saw a nearly 54% month-on-month (MoM) growth in October, fuelled by discount offers, festive season promotions, price cuts, and the release of new variants by industry players, media reports said.
According to Vahan dashboard data, total E2W registrations surged to 1,39,022 units in October, up from 90,370 units in September, marking the second-highest monthly sales of electric two-wheelers (E2Ws)
Only March, which was the final month of the FAME2 subsidy policy, had recorded higher sales figures at 1,40,334 units.
Compared to the same period last year, E2W sales rose by 76%, up from 75,173 units, according to a Moneycontrol report.
According to Vahan data, total E2W sales for the year so far have reached 9,54,224 units, already outpacing the full-year registrations of 8,60,473 units from last year, the report said.
Ola Electric Mobility maintained its lead in the E2W market, despite facing challenges in servicing its product range.
Under the leadership of Bhavish Aggarwal, the company's October sales climbed to 41,605 units, marking a 68% increase from 24,716 units in September and 27,613 in August.
Ola Electric claimed it secured its market leadership by selling over 50,000 units in October 2024.
"The festive season has been really strong for us on the back of our expansive portfolio, uptick in consumer demand, and the strengthening of our sales network across India. We have witnessed an increase in EV adoption especially in Tier 2 and 3 markets, and we are confident that this positive growth will cascade in the coming months as well," an Ola Electric spokesperson shared in a statement, according to the Moneycontrol report.
At the start of October, Ola Electric launched its BOSS (Biggest Ola Season Sale) campaign, offering the 2 kWh Ola S1 model at a discounted price of Rs 49,999, down from its regular price of Rs 74,999, for the festive season.
TVS Motor regained the second position in October, with sales reaching 29,890 units, reflecting a 64% month-on-month increase from 18,218 units in September.
The company reported a year-on-year increase of 45% in E2W sales, with 29,308 units sold in October 2024 compared to 20,153 units in the same month last year.
Bajaj Auto reclaimed third place, with October sales rising to 28,188 units, a 47% increase from 19,198 units in September.
Ather Energy, which is planning an IPO, came in fourth with 15,984 units sold in October, a 24% rise from September’s 12,847 units.
The company noted it achieved its highest-ever monthly retail figures in October, shipping over 20,000 e-scooters across India.
Hero MotoCorp took the fifth spot, with its Vida e-scooters recording sales of 7,310 units in October.
This marked a nearly 70% increase from the 4,321 units sold in September, as per Vahan data.
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