In February 2024, India's electric vehicle (EV) segment reported a total of 1,40,611 unit retail sales, according to data released by the Federation of Automobile Dealers Associations (FADA). This represented a slight decrease compared to the 1,44,640 units sold in January 2023. The electric two-wheeler (2W) segment continued to attract the most attention, despite higher acquisition costs, due to the savings on fuel and lower maintenance costs. With advancements in battery technology leading to extended range, newer and more improved models are being introduced drawing buyers to this segment.
Electric Two-Wheeler Sales in February 2024
Electric two-wheeler sales saw a growth of 24.43 percent year-on-year (YoY), reaching 82,237 units in February 2024, up from 66,090 units sold in February 2023. Month-on-month (MoM) growth was marginal at 0.77 percent, compared to the 81,608 units sold in January 2024.
Ola Electric led the segment with its portfolio comprising the S1 X+, S1 Pro, and S1 Air models. Following recent price reductions, the S1 X+ now costs Rs 84,999, the S1 Pro is priced at Rs 1,29,999, and the S1 Air is available for Rs 1,04,999. Ola's sales in February 2024 saw a significant YoY increase of 90.43 percent, with 33,846 units sold, up from 17,773 units in February 2023. When compared to 32,252 units sold in January 2024, MoM sales increased by 4.94 percent.
TVS Motor secured the second position with a YoY growth in sales to 14,537 units in February 2024, up from 12,675 units in the same month last year. However, there was a 4.51 percent MoM decline from the 15,224 units sold in January 2024. The TVS iQube electric scooter, which offers a range of 145 km on a single charge, was also ranked eighth on the list of top 10 scooter sales in January 2024.
Bajaj Chetak has been a resounding success, with sales reaching 11,699 units in February 2024, marking a 360.95 percent YoY increase from 2,538 units sold in February 2023. MoM sales also saw an 8.03 percent increase from 10,829 units sold in January 2024. The Bajaj Chetak is known for its build quality, features, connectivity, top speed of 73 km/h, and a maximum range of 126 km.
Ather Energy Sales Dip
Ather Energy experienced a decline in sales, with 9,004 units sold in February 2024, down 10.59 percent YoY from 10,071 units in February 2023. MoM sales also fell by 2.63 percent from 9,247 units in January 2024. Ather is hopeful for improved sales with the upcoming launch of the new Rizta e-scooter which boasts the largest and widest seat in its segment.
Greaves Electric Mobility's Ampere brand reported 2,484 unit sales in February 2024, a staggering 1523.53 percent YoY increase from just 153 units in February 2023. MoM sales also grew by 5.61 percent from 2,353 units in January 2024. Ampere is set to introduce a new scooter in the electric two-wheeler segment, currently showcasing its capabilities on a road trip from Kashmir to Kanyakumari ahead of its official launch by the end of 2024.
Hero MotoCorp's electric two-wheeler sales rose to 1,753 units in February 2024, showing both YoY and MoM growth from 304 units in February 2023 and 1,491 units in January 2024, respectively. BGauss followed with 1,349 units sold in February 2024, a 102.25 percent YoY increase from 667 units in February 2023, although MoM sales dipped by 9.16 percent.
Electric Two-Wheeler Sales Below 1,000 Units
Further down the sales list, WardWizard sold 841 units in February 2024, a 291.16 percent YoY growth but a 13.74 percent MoM decline. Okinawa sales decreased both YoY and MoM to 660 units, while Okaya EV sales dropped by 46.67 percent YoY to 657 units in February 2024 from 1,232 units in February 2023, although MoM sales improved by 13.47 percent from 576 units in January 2024. Okaya offers seven electric scooters in India, with prices starting at Rs 74,499.
Other names on the retail sales list of electric two-wheelers were Quantum Energy (445), Revolt (478), Kinetic Green (633), and Pur Energy (499). Quantum Energy experienced a remarkable 1248.48 percent YoY growth from just 33 units sold in February 2023.
Other electric two-wheeler manufacturers collectively contributed 3,352 units to the total sales in February 2024. This represented a significant 77.94 percent YoY decline from 15,198 units and a 19.03 percent MoM decrease from 4,140 units sold in January 2024.