Clearly, India’s electric two-wheeler growth narrative is improving month after month. If overall retail sales reach 51,405 units for the first time in a month in August 2022, September retail sales will be 53,938 units, a 20% increase over July’s 44,844 units. Things only got better in the festive months of October (76,458 units) and November (76,438 units), with e-two-wheeler sales exceeding 75,000 units for the first time in India Auto Inc’s history and for the second month in a row. And, with the wedding season continuing until mid-December, the giving of electric scooters and motorcycles could fuel this market even more this month.
A thorough dive into the retail sales of e-two-wheelers utilising new vehicle registration data from the government of India’s Vahan portal provides a detailed view of the industry’s progress. A quick glance at the retail sales data table (at the bottom of this report) reveals that 436,069 units were sold in the first eight months of the current fiscal year. This equates to 1,787 e-two-wheelers sold each day for the 244-day period from April to November 2022.
The top ten OEMs sold 69,831 units in November, accounting for an astounding 91% of total sales. Similarly, the Top 10 – Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto, Revolt Intellicorp, Pur Energy, and Being India Energy – account for 394,781 units or 90% of total retails from April to November 2022. Another 20 or so OEMs are also vying for a piece of the action in India’s burgeoning e-two-wheeler sector.
Interestingly, according to a widely publicised media rumour from ComputerWorld, Amazon, which employs over 1.6 million people worldwide, may lay off 20,000 employees, including corporate executives. However, the company has maintained that it did not lay off employees, but rather changed its organisation in times of crisis.
Ola Electric, which has benefited from the change to electric mobility, leads the sector with 77,753 units sold between April and November 2022, accounting for a 20% market share.
After beginning FY2023 with retail sales of 12,707 units in April 2022, the company has topped monthly sales for three months in a row: September (9,890 units), October (16,330 units), and November (16,330 units) (16,325 units).
The festive discount of Rs 10,000 on the Ola S1 Pro, which was launched on August 15 at an introductory price of Rs 99,999, has greatly benefited the company. Two months later, on October 22, Ola Electric brought the EV battle to the mass-market ICE scooter class with its new S1 Air, which costs Rs 79,999.
On November 4, Ola rolled out its 100,000th scooter from its all-women-run Futurefactory in Krishnagiri, Tamil Nadu, marking the company’s first production milestone in just 11 months. Meanwhile, Ola has been increasing its D2C footprint, claiming that it will establish 100 locations by the end of December 2022 and 200 by March 2023.
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