2W Electric Vehicle Sales in August 2024 – Ola, TVS, Bajaj, Ather, Hero

Most of the leading electric two-wheeler manufacturers in India reported a sharp drop in sales, resulting in a 17.33% month-on-month decline in total retail sales

Subsidy adjustments, recent price hikes and adverse weather conditions have all had a negative impact on electric two-wheeler sales in recent months. In August 2024, while the retail sales of electric two-wheelers increased by 40.93% year-on-year to 88,472 units from 62,779 units in the same period last year, the sales volume fell sharply by 17.33% month-on-month compared to 1,07,016 units sold in July 2024. Sales fell by 18,544 units.

Electric vehicle retail sales in August 2024 – YoY and MoM

Ola Electric once again led the segment with the highest sales of 27,517 units in August 2024. This was a year-on-year growth of 46.76% compared to 18,750 units sold in August 2023. However, due to some restrictions in the service and other issues faced by the company, the monthly sales fell by 33.89% from 41,624 units sold in July 2024.

TVS Motor’s iQube electric scooter sales rose 13.31% year-on-year to 17,543 units in the past month. This exceeded the 15,482 units sold in August 2023. However, the monthly sales fell 9.97% compared to the 19,486 units sold in July 2024. In mid-August, TVS Motor launched the iQube Celebration Edition to boost sales.

Bajaj Auto’s Chetak electric scooter sales increased 153.51% year-on-year to 16,706 units. However, compared to 17,657 units sold in July 2024, sales fell 5.39% month-on-month.

Ather Energy sales increased year-on-year

Ather Energy is ranked fourth on the list. Its sales increased both year-on-year and month-on-month, reaching 10,830 units, up 51.32% year-on-year and 7.37% month-on-month. It sold 7,157 units in August 2023 and 10,087 units in July 2024. Ather Rizta has announced multiple service package options such as Care, Plus and Max, each of which is valid for 1 year or 10,000 km.

Another electric two-wheeler major that posted strong year-on-year sales was Hero MotoCorp. The company’s retail sales rose 418.25% year-on-year to 4,742 units last month. 915 units were sold in August 2023. However, month-on-month sales were down 6.01% from 5,045 units sold in July 2024.

Greaves Electric’s sales fell 3.76% year-on-year and 10.72% month-on-month to 2,816 units last month. It sold 2,926 units and 3,153 units in August 2023 and July 2024, respectively. BGauss followed closely behind with sales of 1,110 units last month, up 20.26% year-on-year but down 38.06% month-on-month. Bounce Electric 1 was another electric vehicle company that saw both year-on-year and month-on-month growth in August 2024.

The list of electric two-wheeler retail sales in August 2024 also includes Wardwizard (734 units), Revolt Intellicorp (721 units), KLB Komaki (417 units), Okaya (410 units) and Kinetic Green (386 units). There are other models on the list, which added 3,749 units to the total sales, but compared with 6,906 units and 4,296 units sold in August 2023 and July 2024, respectively, it is a year-on-year decrease of 45.71% and a month-on-month decrease of 12.73%.