Ola Electric’s Market Share Slips To 24% in Nov from 30% in Oct, 2W Registrations Fall in November

Following a record-breaking October thanks to the festive season boost, most electric two-wheeler manufacturers saw a drop in monthly vehicle registrations in November.

Total registrations fell more than 18% month on month (MoM) to 1.14 lakh units last month, according to Vahan data as of November 30. Year on year (YoY), registrations increased by 23.5%.

Ola Electric’s registrations fell 33% month on month to 27,746 units in November, after reaching 40,000 in October.

The Bhavish Aggarwal-led company has experienced significant fluctuation in vehicle sales in recent months, owing to increased competition and customer concerns about its after-sales service.

Ola Electric’s registrations in November were nearly identical to those in August, which totaled 27,613 units. However, last month’s registrations exceeded the 24,736 units recorded in September.

Related: EV Giant Ola Electric Releases Q2FY25 Results, Revenue Falls 26% QoQ to Rs 1,214 Cr, Losses Rise 43%

Despite a 13% decline in sales volume, TVS Motor nearly matched Ola Electric’s registration numbers last month. In November, the legacy automotive player registered 26,036 escooters.

While Ola Electric maintained its number one position, its market share in the electric two-wheeler market fell to 24% from about 30% in October. On the other hand, TVS Motor’s market share grew to approximately 23% in November, up from 21.5% the previous month.

In November, Bajaj Auto registered 24,978 vehicles, continuing to compete with Ola Electric. Even though its monthly sales fell by around 12% month on month, Bajaj had its second-highest monthly car registrations in November.

In November, the automobile player claimed about 22% of the market, up from around 20% in previous months.

Meanwhile, registrations for Ather Energy fell slightly more than 24% to 12,217 units last month, down from 16,148 in October. Its monthly sales figure was close to the 12,908 units reported in September of this year.

While other electric two-wheeler manufacturers’ sales volume fell last month, electric motorbike maker Revolt’s vehicle registrations more than doubled, albeit on a lesser scale. In November, Revolt had 1,918 registrations, up from 952 the previous month.

Earlier this year, Revolt also entered the Sri Lankan market. In September of this year, the EV manufacturer also released a new bike model, the Revolt RV1, which it claims is India’s first electric motorcycle tailored for the commuter category. With a starting price of INR 84,990, the ebike provides strong competition to escooter players.

Greaves and Ampere, on the other hand, registered 4,391 vehicles in November, representing a 9% rise over the previous month. Greaves Electric Mobility introduced its first family escooter, the Ampere Nexus, earlier this year, signaling a significant shift in the company’s electric vehicle strategy.

While other electric two-wheeler manufacturers’ sales volume fell last month, electric motorbike maker Revolt’s vehicle registrations more than doubled, albeit on a lesser scale. In November, Revolt had 1,918 registrations, up from 952 the previous month.

Earlier this year, Revolt also entered the Sri Lankan market. In September of this year, the EV manufacturer also released a new bike model, the Revolt RV1, which it claims is India’s first electric motorcycle tailored for the commuter category. With a starting price of INR 84,990, the ebike provides strong competition to escooter players.

Greaves and Ampere, on the other hand, registered 4,391 vehicles in November, representing a 9% rise over the previous month. Greaves Electric Mobility introduced its first family escooter, the Ampere Nexus, earlier this year, signaling a significant shift in the company’s electric vehicle strategy.

Despite the instability, the electric two-wheeler sector is growing gradually. The Centre is thought to be intending to increase incentives for electric automakers creating models at existing plants in order to grow the ecosystem even further.

Overall EV registrations across categories totalled 1.67 lakh units in November, up 30% year on year.