Electric Two-Wheeler Sales Surge in India

The electric two-wheeler segment in India is witnessing a significant rise, marking a new high in November 2023. This surge comes amidst changes in FAME subsidy policies, with positive implications for electric vehicle manufacturers across the country.

Industry Growth Trends

In November 2023, the electric two-wheeler industry reported sales of 91,243 vehicles, marking the second-highest sales figure for the year, following the month of May 2023. This upward trend is notable, considering the industry sold 74,252 vehicles in October 2023.

Government Support and Subsidy Programs

The Indian government’s commitment to promoting electric mobility is evident with a fresh infusion of ₹1,500 crore for the FAME-II program. This move ensures that buyers of eligible electric vehicles continue to benefit from subsidies, further incentivizing the adoption of electric two-wheelers.

Ola Electric’s Record-Breaking Performance

Ola Electric, under the leadership of Bhavish Aggarwal, achieved a remarkable milestone by recording an all-time high sales figure of 29,808 units in November 2023. This achievement surpasses the company’s previous record set in May 2023 at 28,728 units, showcasing substantial growth with a 26.1% month-on-month increase.

During the festive season, Ola Electric introduced new models such as the S1 Pro Gen 2 electric scooter, along with more affordable options like the Ola S1 Air and Ola S1 X, contributing to their sales success.

Noteworthy Performances from Other Players

TVS Motor, known for its iQube electric scooter, reported a commendable growth trajectory, selling 18,935 scooters in November 2023, compared to 16,340 units in October 2023, representing a 15.88% growth.

Bajaj Auto maintained its position in the market with the Chetak electric scooter, witnessing a significant sales increase from 8,932 scooters in October to 11,681 scooters in November 2023, marking a 30.78% month-on-month growth.

Hero MotoCorp, with its Vida V1 Pro electric scooter, emerged as the fastest-growing company in November, achieving a remarkable month-on-month growth of 58.36%. The company sold 3,031 scooters in November 2023, compared to 1,914 units in October 2023, signaling strong momentum in the electric two-wheeler segment.

These developments underscore the growing consumer interest in electric vehicles and the positive outlook for the electric two-wheeler industry in India.