Ola, TVS, Bajaj and Ather Electric Vehicles account for 87 percent of that number. As per retail sales data available on the government’s VAHAN portal, at 6am on March 1, 2024, electric two-wheeler OEMs sold a total of 81,963 units in February 2024. That's 36 units more than in the 31 days of January 2024 (81,927 units). In a field comprising nearly 170 players, six OEMs continue to be the market leaders Ola Electric, TVS Motor Co, Ather Energy and Bajaj Auto Electric Vehicles. This quarter accounted for 71,428 units or 87 percent of total retails in February 2024. Interestingly, all of them other than Bajaj Auto have their manufacturing plants in Tamil Nadu.
Ola Electric
Sold 33,722 units, 41 percent market share
Benefiting from a substantial price-reduction strategy that’s still ongoing, market leader Ola Electric sold a record 33,722 e-scooters last month, beating its previous best (January 2024: 32,216 units). Its market share in February 2024 has risen to 41 percent. February also saw Ola introduce a new 8-year/80,000km extended warranty for its entire portfolio at no additional costs. The EV OEM plans to expand its all-India service center network from the existing 414 facilities to around 600 by April 2024.
TVS Motor Co
Sold 14,499 units, 18 percent market share
The iQube e-scooter continues to power TVS Motor Co’s sales momentum in the EV arena and in February 2024, sales of 14,499 iQubes gave the company a market share of 18 percent. The company, which expects two-wheeler EV sales in India to reach 30 percent market penetration by CY 2025, is targeting a big jump in the contribution of EV sales to its overall volumes over the next two years. The company, which has expanded its EV sales scheme in Nepal and Europe from January 2024, is understood to be planning a series of new EVs targeted at different customer segments with a complete portfolio offering between 5 to 25 kW of peak power.
Bajaj Auto
Sold 11,618 units, 14 percent market share
Chakan-based Bajaj Auto, which entered the EV market in January 2020 (just like TVS), has retailed 11,618 Chetak e-scooters in February 2024. February numbers are the company’s second best-monthly sales, closely following November 2023’s total of 11,833 units and give Bajaj a 14 percent EV share in February. With its February 2024 sales, Bajaj Auto has outsold the No. 3 EV OEM Ather Energy (8,983 units) for the fifth month in a row. Bajaj’s last five-month sales of 53,794 units means it has sold 11,181 more e-scooters than Other (42,613 units) in the same period. What has helped accelerate sales is ramped-up production and an expanded Bajaj Chetak network, currently in 141 cities across India, which is to be expanded to 250 cities by March 2024.
Ather Energy
Sold 8,983 units, 11 percent market share
Bengaluru-based Ather Energy retailed 8,983 units in February 2024, which gives it an 11 percent market share. While Other remains the No. 3 player on the cumulative sales front, it has lost the third-ranked position in monthly sales to a hard-charging Bajaj Auto for the past five months. While it was ahead of Bajaj in the first six months of FY2024, Ather’s October 2023 to February 2024 retails of 42,613 units are below Bajaj Auto’s 53,794 for the same period.
Ather now plans to introduce its family scooter named Rizta on April 6, 2024. Expected to be priced between Rs 1.10 lakh to Rs 1.30 lakh (ex-showroom), Ather will expand its market reach with the Rizta which will compete with the popular TVS iQube, Bajaj Chetak and Vida V1 Pro in the Rs 1.30 lakh price bracket.