Mumbai, Nov 4: Festive season turned out to be an electrifying month for EV two-wheeler manufacturers as retail sales of Electric two-wheelers increased 85 per cent on a YoY (Year on Year) basis to 1,39,031 units in October 2024.
Last year this figure was 75,164 units.
The increasing sales of EV vehicles show that the trend is now gradually shifting from petrol vehicles to electric vehicles.
A total of 9,54,164 electric two-wheelers were sold in the first 10 months of the calendar year 2024. This is an increase of 38 per cent on an annual basis. This figure was 6,92,363 in the same period last year.
In October 2024, Ola Electric, a company facing difficulties regarding service and product quality, sold 41,605 units. The company sold 27,615 units in August and 24,716 units in September.
2024 has been a roller coaster ride for Ola Electric so far. In January this year, the company sold 32,424 units. In March, this sale increased to an all-time high of 53,640 units. During this period, the company’s market share had reached 38 per cent, but after this Ola Electric’s sales continued to decline and the market share fell to 27 per cent in September.
Apart from this, sales of other EV two-wheeler companies have also seen an increase. 29,890 EV two-wheelers have been sold by TVS Motor. It saw an increase of 81 per cent on an annual basis. In October 2023, this figure was 16,507 units. During this period, the company’s market share was 21 per cent.
In September, TVS Motor was at number three after Bajaj in EV two-wheelers, but in October it again came to number two. Bajaj remained in third place in October.
In the calendar year 2023, TVS sold 166,581 iQubes, which was 94,641 units more than Bajaj Auto’s 71,940 Chetaks. The gap has reduced significantly in the current year, which is now 27,164 units.