New Delhi: The growth of the Indian electric two-wheeler is improving month by month. Total monthly retail sales crossed the 50,000 mark in August 2022, and September sales fared better at 51,784 units, an increase of 2.53 percent.

The good news about this segment does not end there. According to electric two-wheeler sales numbers revealed by Vinkesh Gulati, Chairman, FADA India Research & Academy, cumulative sales for the first half of FY2023 (April-September 2022) are 2,77,910 units; a robust growth of 404 percent for the first half of fiscal 2022 with 55,147 units. October sales will easily cross the 3,00,000 mark – currently 22,090 units.

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Electric Vehicle Industry to Reach Over 6,00,000 Sales in FY2023

Suffice to say, this ‘low-hanging fruit’ of the EV industry is on track to sell over 6,00,000 this fiscal.

A look at the retail sales table shows that of the 51,784 units sold in September, the top seven OEMs accounted for 44,845 units, accounting for an overwhelming 86 percent of total sales. Similarly, on the cumulative front, eight players — Okinawa Autotech, Ola Electric, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto and Revolt Motorcycles — account for 2,41,298 units, or 87 per cent of total retail sales. .

Okinawa remains number one

Okinawa Autotech, which has a large portfolio of high-speed and low-speed e-scooters, has crossed the 50,000 unit sales mark. With 52,236 units in April to September 2022, it has average monthly sales of 8,706 units.

The company, which is seeing strong demand for its high-speed iPraise+ and Praise Pro models, currently has a network of over 350 dealers in key metro cities and aims to reach tier-2 and tier-3 cities as well as rural India.

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After a brief slowdown, Ola Electric is back in second place

Ola Electric, which started FY 2023 with 12,703 units in April and 9,255 units in May, retained the No. 1 position for the first quarter of FY 2023 (April-June 2022) with cumulative sales of 27,849 units. However, the company saw a slowdown in demand from June to August before rebounding with a strong performance in September.

With sales of 9,649 units last month, it is not only the best-selling OEM, but also took home the #2 overall from Hero MotoCorp for the first half of fiscal 2023 with 44,801 sales in April-September.

Hero Electric slips to third position

The Hero Electric, which sold 8,019 units in September, secured the third spot in the sales chart, having sold 8,019 units in July (8,954 units) and August (10,481 units). It also slipped to third place in the cumulative score for the first half of the financial year with 43,388 units – 913 behind Ola.

Aggressively promoting expansion, Hero Electric currently has more than 700 sales and service outlets. Recently, Hero tied up with Jio-bp to give its customers access to an extensive recharge and exchange network.

Ampere vehicles: Consistent performance

With cumulative sales of 37,829 units in the first half of fiscal 2023, Ampere Vehicles achieved consistent performance at an average of 6,304 units per month. In July, Ampere partnered with Flipkart, India’s homegrown e-commerce marketplace, to accelerate sales of the Ampere Magnus EX electric scooter.

Ather reaches its peak in September

In September, Bengaluru-based Ather Energy recorded its highest ever monthly wholesale sales of 7,435 units and retail sales of 6,176 units. The six-month cumulative retail stack rose to 22,380 units. What helps Ather achieve better numbers is better deliveries to its showrooms across India.

It leads TVS ahead of Bajaj

As demand for electric two-wheelers in India continues its strong growth trajectory, ICE two-wheeler and electric scooter competitors Bajaj Auto and TVS Motor Co are also posting strong gains with their electric scooters. Interestingly, both the companies launched their products – Bajaj Chetak and TVS iQube – in the same month: January 2020.

In the first half of fiscal 2023, TVS sold a total of 18,347 iQubes, an average of 3,057 units per month. In comparison, the Bajaj Chetak went home to 12,263 owners, or 2,043 per month. Both companies are gradually expanding their retail network and customer reach for their e-scooters.

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