Electric Two-Wheeler Sales Fall 17%; Ola Electric Leads Decline

9 Sep 2024 , 03:33 PM

Electric two-wheeler sales in India saw a decline of 17% in August compared to July, with August sales totaling 88,472 units, down from 107,000 units in July.

Ola Electric reported a notable 34% decrease in sales, with 27,517 scooters sold in August, compared to 41,624 units sold in July. Ather Energy was an exception to the general decline, experiencing a 7% increase in sales with 10,830 units sold in August.

Other major electric two-wheeler manufacturers also faced a drop in sales. TVS Motor Company’s sales fell by 10%, with 17,543 units sold in August compared to 19,486 in July. Bajaj Auto saw a marginal decline of 5%, with 16,706 units sold in August.

Industry observers predict that Bajaj Auto, TVS, and Ather Energy will ramp up production and sales significantly in September.

Ola Electric’s market share has dropped from a peak of 52% in April 2024 to 32% by August, with competitors such as TVS Motor Company and Bajaj Auto each holding a 19% share of the market.

To counter the competitive pressures, Ola Electric has launched a Ganesh Chaturthi promotion offering discounts up to ₹23,000 on the Ola S1 scooter.