Electric 2W Sales – Ola Still Leads But Competitors Catching Up

In August 2024, electric two-wheeler sales reached 88,472 units, up 40.93% YoY. Ola Electric led, followed by TVS, Bajaj, and Ather, despite some declines

Last month, electric two-wheeler retail sales reached 88,472 units, reflecting a year-on-year growth of 40.93% compared to 62,779 units in the same month last year. However, month-on-month sales declined by 17.33%, a drop of 18,544 units from July 2024. This decline can be attributed to revised subsidies, rising prices, and unfavourable climate conditions that have negatively impacted electric two-wheeler sales in recent months.

1. Ola Electric

Ola Electric once again led the electric two-wheeler segment in August 2024, witnessing sales of 27,517 units. This represents a significant year-on-year increase of 46.76% compared to 18,750 units sold in August 2023. However, the company faced various challenges related to service and operational issues, leading to a month-on-month decline of 33.89% from 41,624 units sold in July 2024.

2. TVS Motor Company

TVS Motor’s iQube electric scooter sales increased by 13.31% Year-on-Year, reaching 17,543 units last month, compared to 15,482 units sold in August 2023. However, Month-on-Month sales fell by 9.97%, down from 19,486 units in July 2024. To help boost sales, TVS launched the Celebration Edition of the iQube in mid-August.

3. Bajaj Auto

Third on the list is Bajaj Auto. The Bajaj Chetak electric scooter sales surged by 153.51% Year-on-Year, reaching 16,706 units in August 2024. However, Month-on-Month sales fell by 5.39%, down from 17,657 units sold in July 2024.

4. Ather Energy

Ather Energy ranked fourth on the list, achieving notable improvements in sales. The electric two-wheeler manufacturer sold 10,830 units, saw a 51.32% increase Year-over-Year and a 7.37% rise Month-over-Month. In comparison, 7,157 units were sold in August 2023 and 10,087 units in July 2024. On the other hand, the brand has introduced the Ather Rizta with various service packs, such as Care, Plus, and Max.

5. Hero MotoCorp

Hero MotoCorp also reported an impressive 418.25% increase in Year-over-Year retail sales, reaching 4,742 units last month compared to just 915 units in August 2023. However, Month-over-Month sales saw a decline of 6.01%, down from 5,045 units sold in July 2023.

Greaves Electric experienced declines in sales, with a year-on-year drop of 3.76% and a Month-over-Month decrease of 10.72 per cent. Following Greaves, BGauss reported sales of 1,110 units last month, reflecting a 20.26% increase Year-over-Year but a significant 38.06% decline Month-over-Month. Meanwhile, Bounce Electric achieved both Year-over-Year and Month-over-Month growth in August 2024.

The August 2024 electric two-wheeler retail sales list featured several brands, including Wardwizard (734 units), Revolt Intellicorp (721 units), KLB Komaki (417 units), Okaya (410 units), and Kinetic Green (386 units).