Ola Electric registers record E2W sales in Jan’24

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India’s largest electric two-wheeler (e2w) maker, Ola Electric has reported record sales of clean and green energy two -wheelers in January 2024. The Bengaluru-based automotive company has sold highest number of E2W units in January than in any other month since inception.

Ola electric sold record of more than 32,000 E2Ws in the first month of the current calendar year. This is despite of FAME -II subsidy cut announced by the government earlier last year.

FAME-II subsidy cut has not deterred people from E2W purchase. After government cut the subsidies, electric two wheeler sale was impacted only for short term. After that it has gradually increased. Hitherto, in the current fiscal, green energy automotive companies have sold 7.24 lakh E2W units in the country. While, in year ago period, all clean energy automobile manufacturers could sell only 5.76 lakh units.

Ola Electric now has 33 per cent market share in India’s E2W industry.

Another thing worth noting is that India’s automobile biggies have slowly crept up and eaten larger share of the pie from small E2W manufacturers which were doing good in the very beginning.

Rising Share of  Auto Cos:

Source: SMEV

Falling Share of Small E2W Companies:

Source: SMEV

Big daddy of the country’s automobile industry, TVS Motor has slowly climbed up the ladder and has become second largest E2W maker with more than 15,000 sale in January 2024. Riding on its flagship TVS iQube, the Chennai-based company roasts of 20 per cent market share in the E2W industry.

While, another two-wheeler major Bajaj Auto’s market share in E2W space has increased to 11 per cent in January. Its market share was mere five per cent in FY23. In January 2024, the Pune-based automobile juggernaut sold more than 10,000 units of clean and green energy two-wheelers.

While, a small brand in two wheeler space, the Gurugram-based Okinawa’s market share shrunk to mere three per cent from 13 per cent in FY23. In January 2024, the EV manufacturer could sell only 683 units of E2Ws. Okinawa’s sale has plummeted more than six times this January when compared to same month last year.

Another small player Ampere EV which used to boast of 12 per cent market share in E2W space, its share has fallen to seven per cent this year by January end.