The top four EV original equipment manufacturers (OEMs) in India accounted for more than half of the total sales in March 2024, marking the highest monthly sales for the EV two-wheeler market compared to the same period the previous year, reported Vahan site. Out of the 1.36 lakh units sold, Ola Electric, TVS Motor, Bajaj Auto, and Ather Energy sold 1.12 lakh combined. According to industry insiders, Kinetic Green, a recent newcomer, sold about 4,000 units and took sixth place among the top 10 players.
Retail sales of EV electric scooters and motorcycles in FY2024 have reached a record 944,000+ units, as predicted properly last month to surpass the 900,000-unit milestone. This is due to the best-ever monthly sales of 136,559 units in March 2024, up 58% year on year. On a high base from a year ago, FY2024’s record retail sales represent a nice 30% year-over-year rise (FY2023: 728,201 units).
Mega March boosts EV’s monthly sales
As the fifth straight month, Ola Electric had the greatest monthly sales, selling over 53,000 scooters. With 328,785 units, the market leader saw a YoY gain of 115% in FY24. With 119,310 units, it increased by 42% in Q4, according to a statement. TVS Motor Company, with 26,466 retail units against 16,901 units, held the second place. The company intends to release a number of new models, with power outputs ranging from 5 to 25 kilowatts, in the upcoming months.
Due to a ramp-up in production and an expanded dealer network, Bajaj Auto moved up a spot to hold the third position with 17,900 units, a new high of 711%, while Ather Energy rose by 42% to hold the fourth position with 17,204 units. 4,380 units were sold by Hero Motorcorp. Greaves Electric Mobility and Bgauss Auto each sold more than 3,000 units.
The Electric Mobility Promotion Scheme 2024 was announced by the Centre and went into effect from April to July, whereas the FAME II subsidy for two-wheelers ended on March 31.
