Ola Dominates 2-Wheeler EV Space with 85K+ Registrations in November
Three points you will get to know in this article:
- Ola Electric led two-wheeler EV registrations, with a 14% MoM increase to 27,331 units.
- TVS Motor and Bajaj Auto followed with 9% and 23% MoM growth, respectively.
- Overall, India saw a 36% YoY increase in EV registrations, signalling significant market expansion.
In the exhilarating month of November, registrations for electric two-wheelers maintained their stride, experiencing a notable 14% month-on-month surge. This propelled them beyond the impressive milestone of 85,000 units, fueled by robust demand for leading electric vehicle (EV) manufacturers amid the festive season festivities. According to the latest insights from Vahan data as of November 30, the records for two-wheeler EV registrations in October were approximately 75,000.
Bhavish Aggarwal’s E-mobility venture is experiencing remarkable demand as it broadens its array of offerings. Ola Electric rolled out its newest model, the S1X, in three enticing variations – S1 X+, S1 X, and S1 X – this August. Anticipated to hit the streets for delivery in mid-September, these cutting-edge vehicles contributed to the startup’s impressive total of 23,821 vehicle registrations in October.
In a noteworthy move, Ola Electric recently reintroduced its bike taxi services in Bengaluru, utilizing its sleek E-scooters. This strategic move is believed to have significantly fueled the surge in registrations during the period under review. Clearly, Ola Electric is not just driving innovation on wheels but also making waves in the growing landscape of E-mobility.
TVS Motor Retains Second Position in Electric Two-Wheeler Registrations
Shifting gears, TVS Motor maintained its solid stance as the second-leading force in the realm of electric two-wheeler registrations. The month of November witnessed a commendable 9% surge, with registrations climbing from 16,460 units in the preceding month to an impressive 17,962 units.
Bajaj Auto’s E-scooter Sales Surge Over 23% MoM
Following closely in the tracks is Bajaj Auto, experiencing a remarkable 23% month-on-month surge in E-scooter sales, totaling 11,190 units in November. The renowned Indian automotive giant has been riding the wave of heightened EV demand for the past three to four months, successfully surpassing Ather Energy’s registration numbers in both October and November. October marked a significant milestone for Bajaj Auto as its EV registrations soared over 27% month-on-month, exceeding 9,000 units. Meanwhile, the vehicle registrations for the pioneering E-mobility startup, Ather, stood at a commendable 8,408 units.
Ather Energy’s E-scooter Registrations Grow 5.6% MoM
This month, Ather experienced a 5.6% month-on-month growth in E-scooter registrations, reaching a total of 8,886 units. Ather is actively working to boost its sales by expanding its range of products. Excitingly, the startup recently unveiled its ambitious plan to introduce a ‘family E-scooter’ in 2024.
Hero MotoCorp Surges Over 52% MoM in Two-Wheeler EV Registrations
Meanwhile, Hero MotoCorp, a significant player in the automotive industry, is steadily climbing the charts in two-wheeler EV registrations. In November, the company witnessed an impressive surge of over 52% compared to the previous month, resulting in 2,946 units registered.
Looking back to the preceding month, Hero MotoCorp experienced an even more remarkable leap, with registrations skyrocketing by over 200% to reach 1,935 units. This reflects the company’s strong commitment to making strides in the electric vehicle market.
Festive Season Uptick for Okinawa Autotech, Hero Electric, and PureEV
During the festive season, Okinawa Autotech, Hero Electric, PureEV, and a handful of other players experienced a turnaround in their registration numbers, bringing a positive shift after a period of decline.
Okinawa, which had been witnessing a decline in vehicle registrations throughout the year, pleasantly saw a growth of more than 3% from October to November, reaching 1,525 units. Similarly, Hero Electric celebrated an 18.6% surge in vehicle registrations, jumping from 666 units in October to 790 units in November.
PureEV experienced an impressive leap of over 67% in vehicle registrations, reaching a total of 809 units. In a broader context, the electric vehicle (EV) registrations in India showcased significant growth, totaling 1,43,325 units in November. This marked a remarkable year-on-year increase of over 36%.
In November, Indian electric two-wheeler registrations surpassed 85,000 units, marking a 14% MoM increase, driven by festive demand. Ola Electric led with over 27,000 E-scooter registrations, followed by TVS Motor and Bajaj Auto. Ather Energy and Hero MotoCorp also recorded substantial growth. Legacy players and VC-backed firms dominated, while other OEMs saw declining numbers. However, the festive season positively impacted Okinawa Autotech, Hero Electric, and PureEV. Overall, India witnessed a 36% year-on-year jump in electric vehicle registrations, indicating the segment’s significant growth.
