Electric two-wheeler sales recover after spending June in the pitlane

• The Indian electric two-wheeler market has reported improved sales in July 2023.
• This comes after a significant decline in sales due to increased prices.
• Ola Electric, TVS Motor and Ather Energy continue to lead the market.

The revamped Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India Phase 2 scheme and increased prices of electric two-wheelers resulted in a significant decline in sales in June 2023. While the prices have not been reduced, the sales have now slightly recovered in July, with major electric vehicle companies reporting an increase in sales.

July sales increase by up to 30%

Electric two-wheeler makers have reported an increase in sales of up to 30% during July 2023.

Company	July 2023	June 2023	Change
Ola Electric	18,333	17,622	4.03%
TVS Motor	9,599	7,856	22.19%
Ather Energy	6,198	4,596	34.86%
Bajaj Auto	3,912	3,002	30.31%
Okinawa Autotech	2,138	2,619	-18.37%

Source: Vahan

Ola Electric, which has been leading the electric two-wheeler market for a few months now, sold 18,333 scooters in July, up from 17,622 scooters in June, an increase of 4.03%. The company recently started selling the Ola S1 Air, its most affordable offering. As its sales began on July 28, its impact will be visible only in August’s reports.

TVS Motor, the maker of the iQube electric scooters, reported sales of 9,599 scooters in July, up from 7,856 in June, an increase of 22.19%.

Ather Energy, which was the worst hit EV maker, has also had the best recovery among the top companies. It sold 6,198 scooters in July 2023, up from 4,596 scooters sold in June, an increase of 34.86%.

Bajaj Auto reported an increase of 30.31% in sales. The company sold 3,912 scooters in July, up from 3,002 scooters sold in June 2023.

The only company in the top-five to report a decline in July 2023 is Okinawa Autotech. The company sold 2,138 scooters in July 2023, down from 2,619 scooters sold in June, a decline of 18.37%.

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