India’s electric two-wheelers up and running after reduced FAME subsidy bump

• The Indian electric two-wheeler industry has recorded sales of 74,252 vehicles in October.
• October has recorded the highest sales since the introduction of reduced FAME subsidy.
• Ola Electric continues to lead the industry with over 30% market share.

The electric two-wheeler sales have finally bounced back after the reduction in subsidy came into effect from June 1, 2023. The month of October has recorded the highest electric two-wheeler sales since the introduction of reduced FAME subsidy.

The electric two-wheeler industry recorded sales of 74,252 vehicles in October 2023, the third highest in the year. This is up from 63,706 vehicles sold in September 2023.

Electric two-wheeler sales in October 2023

Ola Electric continues to lead the market

Ola Electric continues to lead the electric two-wheeler market in India and by a good margin. Ola Electric sold 23,644 vehicles in October 2023, up from 18,615 vehicles sold in September 2023, an increase of nearly 30%.

Ola Electric had recently introduced the S1 Pro Gen 2 and has also started the deliveries of their affordable electric scooters, the Ola S1 Air and the Ola S1 X.

Ola has sold over 2,00,000 electric scooters in the first ten months of 2023.

TVS Motor hold position

TVS Motor, which sells the iQube electric scooter, has managed to hold onto the second position. The company sold 16,340 electric scooters in October 2023, up from 15,576 scooters in September 2023, registering a modest 5% growth.

Bajaj Auto climbs a spot

Bajaj Auto has climbed to the third position, pushing Ather Energy down. The veteran automaker sold 8,932 electric scooters in October 2023, up from 7,087 scooters sold in September 2023. The company sells the Bajaj Chetak electric scooter, which builds on the company’s iconic Chetak.

Hero MotoCorp records highest growth

Hero MotoCorp, which sells the Vida V1 Pro electric scooter, emerged as the fastest growing company in October. The company sold 1,914 electric scooters in October 2023, up from 530 scooters sold in September, registering a 261% growth in sales.

SEE ALSO:

Smartphone shipments: Apple gains 34% market share in India as Samsung, Xiaomi decline

Delhi woman loses ₹50 lakh in SIM Swap scam – Here’s how you can stay safe

Aspire owning an iPhone? Here’s how to get one for less than ₹50,000 in India