The recent reduction in subsidies followed by price hikes has resulted in lower electric two wheeler sales in April 2024 in comparison to those sold in March 2024
Electric two wheeler sales took a dive in April 2024. It may be recalled that FAME-II subsidies came to an end on 31st March 2024 making way for Electric Mobility Promotion Scheme 2024 (EMPS 2024), which offers less benefits to the end buyer. This resulted in a hike in electric two wheeler prices causing a downward spiral in terms of sales.
Electric 2W Retail April 2024 YoY
In April 2024, electric two wheeler sales dipped by as much as 2.65% on a YoY basis to 65,111 units from 66,873 units. However, in terms of MoM sales, numbers fell by an astronomical 53.34% over 1,39,531 units sold in March 2024. Ola Electric topped the sales charts with 33,963 units sold in the month of April 2024. This was a 53.90% YoY growth from 22,068 units sold in April 2023 while sales fell by 36.30% over 53,320 units sold in March 2024.
TVS Motor, with a sole offering of the iQube in this segment, has seen lower sales in the past month. Sales dipped 12.37% YoY and 71.04% MoM to 7,675 units. Sales in March 2024 had crossed the 20,000 unit mark with 26,501 units sold resulting in a steep decline. The new ST variant of the iQube, recently launched could pull in added sales thanks to a host of feature updates among which are a 7 inch touchscreen, the biggest battery pick in its segment and a range of 150 kms on single charge.
Bajaj Auto electric two wheeler sales followed close behind TVS Motor at 7,529 units. However, the company has experienced a massive YoY growth of 83.95% from just 4,093 units sold in April 2023. Sales dipped MoM by 58.19% as against 18,008 unit sold in March 2024. The company is planning a more affordable variant of the Chetak electric scooter which has been recently showcased to dealerships. Once launched, this new Bajaj Chetak variant might cost in the sub-Rs. 1 lakh range (ex-showroom).
YoY and MoM decline in sales was reported by Ather Energy with 4,062 units sold in the past month. However, Greaves Electric has seen its sales improved massively by 355.72% YoY from 551 units sold in April 2023 to 2,511 units in April 2024, though MoM sales fell by 16.52%. Also recording retail sales above the 1,000 unit mark was Wardwizard with 1,205 units sold last month, a 308.47% YoY and 10.25% MoM growth.
Electric 2W Retail Sales – Sub 1,000 units
There were several electric two wheeler OEMs in this segment, unable to surpass the 1,000 unit mark in terms of sales. Hero MotoCorp sales improved 553.10% YoY to 947 units but also saw a fall of 76.69% on a MoM basis from an astounding 4,062 units sold in March 2024.
The list also included Shema (819 units) and Revolt (743 units), both of which have seen significant MoM growth while Revolt sales also improved on a YoY basis. BGauss (711 units), Okinawa (592 units) and Kinetic Green (422 units) saw sales dip YoY and MoM while Quantum EV sales improved by 491.67% YoY and 15.14% MoM to 426 units. Okaya sales also fell to 372 units while there were other automakers in this segment that have reported notably lower sales in the past month down to 3,114 units.
