Electric Two-Wheeler Sales See Mixed Picture in April 2024

May 1, 2024

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Electric two-wheeler (E2W) sales in India for April 2024 presented a mixed picture compared to the record-breaking March 2024 figures. While the overall market witnessed a decline due to a reduced subsidy, some brands like Ola Electric maintained strong growth.

Impact of Reduced Subsidy:

The primary reason for the slowdown is the implementation of the new Electric Mobility Promotion Scheme 2024 (EMPS) on April 1st. This scheme offers a lower subsidy compared to the previous FAME 2 scheme, leading to a slight increase in vehicle prices.

Brand-wise Sales (estimated figures):

Brand
April 2024 Sales (Est.)
YoY Change
Market Share (Est.)

Ola Electric
34,000
+50%
Over 50%

TVS Motor Co.
8,000
+25%
12-13%

Bajaj Auto
5,500
New Entrant
8-9%

Ather Energy
4,000
+10%
6-7%

Others
12,500
Varied
19-20%

Total
64,000
+ (Positive YoY Growth)
100%

Highlights:

* Ola Electric maintained its dominance with an estimated 34,000 registrations, reflecting a strong 50% year-on-year growth.
* TVS Motor Co. also witnessed positive growth, estimated at around 25% YoY.
* Bajaj Auto entered the E2W market in April, contributing an estimated 5,500 units.
* Ather Energy’s sales grew by an estimated 10% compared to April 2023.
* Other E2W brands collectively captured an estimated 19-20% market share.

Looking Ahead:

Industry experts anticipate a rebound in E2W sales by July 2024 as consumers adjust to the new subsidy structure. The long-term outlook for the segment remains positive, driven by factors like rising fuel prices, increasing environmental concerns, and the launch of new models from various manufacturers.

Note: Since brand-specific sales data for April 2024 might not be readily available yet, these figures are based on industry estimates and reports.

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