Electric Two-Wheeler Sales Witness A Massive Jump In July

FADA (Federation Of Automobile Dealers Associations) has released retail numbers for EV two-wheelers and it’s great news for the green brigade. Sales of electric two-wheelers continued to grow as market share of EV two-wheelers increased from 4.4% in July 2023 to 7.4% in July 2024. The growth in sales of electric two-wheelers comes in the background of the future of Fame-III scheme being still uncertain, however the government did extend the EMPS scheme till September 30. 

Ola Electric continued its domination as it retailed 41,624 units in July 2024, a mammoth jump of 114.49% compared to the same month last year in which it sold 19,406 units. The massive increase in Ola scooter sales is courtesy the introduction of more affordable scooters in the form of the S1X and the S1 Air. The Ola S1X is the cheapest scooter in its segment as prices start at ₹75,000. Apart from the electric scooters, Ola is also gearing up to unveil its range of electric motorcycles on August 15. The second position is held by the TVS iQube, sales for which has increased by 87.40% at 19,486 units. The biggest jump in sales was witnessed by the Bajaj Chetak as sales rose by an incredible 327% at 17,657 units. 

(Also Read: Ola Electric Motorcycle Teased, Unveils New Details)

The key reason to the Bajaj Chetak’s success can be credited to the expansion in dealerships and also the introduction of more affordable variants. Ather sold 10,087 units last month thereby registering a growth of 50.89%. The Bengaluru-based company recently introduced a family electric scooter in the form of the Rizta and will be banking on the new product to further drive sales in the future. Hero MotoCorp also had a fabulous outing in July,2024 as sales for its Vida range of electric scooters increased to 5,045 units. Vida sales have increased courtesy more touch points and discounts offered by the brand on the electric scooter, among all the electric scooters listed only it comes with a removable battery pack. The growth in sales is great signs for electric two-wheeler brands but the litmus test would be to sustain this growth in the near future. 

FADA President, Manish Raj Singhania on July 2024 EV sales said, “The rising market share in the 2W and 3W EV segments for July 2024, with YoY growth rates of 95.94% and 18.18% respectively, and current market shares of 7.4% and 57.6%, is a clear indication of the growing acceptance and demand for electric vehicles in India. The combination of attractive discounts and the anticipation of the EMPS scheme’s end, despite its extension, has significantly boosted sales. This momentum reinforces our commitment to driving sustainable mobility and furthering India’s journey towards a greener future.”