August didn’t turn out to be the standout month that many EV manufacturers had hoped for, especially given the high expectations in the sector.
Sales in August dropped by approximately 25.05% compared to July, largely due to the middle-month effect caused by the Electric Mobility Promotion Scheme 2024 (EMPS), which runs from July 1 to September 30, 2024.
The reduced subsidy under this scheme led many EV makers to increase their product prices, which affected sales numbers.
Despite the challenges, Ola Electric maintained its leading position among the top four OEMs, followed by TVS Motor, Bajaj Auto, and Hero MotoCorp.
Top 10 Electric Two-wheeler Companies by Aug 2024
Now, look at the Top 10 Electric two-wheeler companies that sold the most no. of electric two-wheelers in August 2024.
| Sr. no. | Company | July | August (Units) | MOM Growth (%) | Market Share (%) |
|---|
| 1 | Ola Electric | 18,602 | 12,636 | -32% | 27% |
| 2 | TVS Motor | 11,670 | 9,514 | -18% | 20% |
| 3 | Bajaj Chetak | 7,798 | 4,901 | -37% | 10% |
| 4 | Hero Motorcorp | 5,060 | 4,472 | -6% | 10% |
| 5 | Ather Energy | 6,076 | 4,278 | -29% | 9% |
| 6 | Greaves Electric | 3,202 | 2,920 | – 8% | 6% |
| 7 | Bgauss Auto | 1,793 | 1,108 | – 38% | 2% |
| 8 | Wardwizard Innovations | 854 | 734 | – 14% | 1% |
| 9 | Revolt Motors | 868 | 721 | – 17% | 1% |
| 10 | KLB Komaki Pvt Ltd | 332 | 417 | 25% | 0.9% |
1. Ola Electric
Ola Electric remains in the first position in August. But, surprisingly its sales units declined in August.
Ola Electric recorded sales of 12,636 units in August, marking a significant drop from the previous month’s 18,602 units.
This sharp decline resulted in negative month-on-month growth of -32%, and for the first time, the company’s market share fell to just 27%.
The dip in sales could be attributed to poor after-sales service, with hundreds of complaints being posted by users online.
Nevertheless, last month, Ola Electric announced its entry into the electric motorcycle segment with models such as the Roadster X, Roadster, and Roadster Pro, with deliveries of the Roadster X expected to begin by 2025.
2. TVS Motor
TVS Motor Co secured the second position once again in August, with sales of 9,514 units, down from 11,670 in July. This represents a month-on-month growth of -18%, giving the company a market share of 20%.
TVS is optimistic about the future of two-wheeler EV sales in India, predicting 30% market penetration by CY2025. To achieve this, the company plans to significantly boost its EV sales contributions over the next two years.
Additionally, TVS is set to expand its electric vehicle portfolio later this year.
3. Bajaj Chetak
Bajaj Chetak has secured its position as the third-largest electric two-wheeler OEM, following Ola and TVS.
In August, Bajaj sold 4,901 electric two-wheelers, a decline from the 7,798 units sold in July.
Its market share stands at 10%, with a month-on-month growth rate of -37%.
To maintain momentum, Bajaj Auto has launched a new variant of the Chetak electric scooter, named the Chetak Blue 3202.
Priced at ₹1.15 lakh (ex-showroom), this new variant is about ₹14,000 cheaper than the Blue 3201 Special Edition.
The scooter will soon be available for purchase on Flipkart.
4. Hero Motorcorp
Hero MotoCorp, the world’s largest two-wheeler manufacturer and one of the last legacy players to enter the EV market, took the fourth position in August, surpassing Ather Energy, which is quite impressive.
The company sold 4,472 units in August, slightly down from 5,060 in July. Its month-on-month growth is -6%, with a market share of 10%.
Hero MotoCorp has been scaling up its Vida brand presence, now having 203 touchpoints, including 180 dealers across 116 cities.
With the V1 Plus and V1 Pro EVs already in its lineup, Hero plans to expand its portfolio within the mid and affordable segments by FY2025.
Additionally, the company has partnered with Ather Energy, with around 2,500 charging stations already set up.
Like other top EV OEMs, Hero is also focusing on reducing product costs.
5. Ather Energy
August has not been a good month for Ather Energy as it dropped down from fourth to fifth position. It recorded sales units of 4,278 in August, down from 6,076 units in July. Its month-on-month growth stands at -29% and a market share of only 9%.
Ather Energy recently collaborated with Google to provide real-time availability of two-wheeler fast charging stations.
This tie-up will allow EV users with the Light Electric Combined Charging System (LECCS) to access live status updates from ‘Ather Grid’ fast chargers on Google.
6. Greaves Electric
Greaves Electric ranks sixth, with sales dropping from 3,202 units in July to 2,920 units in August, marking a – 8% month-on-month growth and a 6% market share.
According to sources, the company is still awaiting its re-listing on the government portal to access benefits, despite having paid penalties.
This delay in receiving subsidies under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME-II) scheme may be a key factor contributing to its reduced sales, market share, or position.
7. Bgauss Auto
Bgauss Auto takes the seventh rank in August, with sales of 1,108 electric two-wheelers, down from 1,793 electric two-wheelers sold in July.
The low sales reflected a major negative month-on-month growth which is at – 38%.
Therefore Bgauss Auto holds a market share of only 2% in August.
The company recently started the production of its latest Electric Scooter, the RUV350 at its manufacturing facility in Chakan, Maharashtra.
The company is confident the RUV350 will help them ramp up their sales in the EV Market, thereby playing a pivotal role in advancing cleaner, more efficient urban transportation.
8. Wardwizard Innovations
Wardwizard Innovations jumped from the ninth position to the eighth position in August.
The company sold 734 units of its Electric two-wheelers in August, down from 854 units in July.
This has resulted in a negative – 14% month-on-month growth and a market share of a mere 1% in August.
To boost sales, growth, and market share, Wardwizard Innovations should focus on enhancing product appeal through improved features and design, increasing marketing efforts to raise brand visibility, and expanding its distribution network.
Additionally, investing in customer service and exploring partnerships or subsidies can help attract more buyers and strengthen its position in the EV market.
9. Revolt Motors
Revolt Intellicorp is in the ninth position with sales decreasing from 868 units in July to 721 units in August. The company experienced a – 17% month-month growth and holds a market share of only 1%.
Revolt Intellicorp is seen getting success in the electric Motorcycle market, but now it needs to focus on the electric- two-wheeler market too.
Revolt needs to make a solid strategy for E2Ws, thereby launching new vehicles, with the best performance, features, affordable pricing, etc.
10. KLB Komaki Pvt Ltd
New- Delhi-based Komaki Electric is the new Electric Two-wheeler OEM, taking the tenth position in August.
The company has numerous electric scooters in its portfolio.
Though at the last position, Komaki Electric is the only company in August that experienced a bit of positive sales. It recorded sales of 417 units in August up from 332 sales units in July. Its month-month stands at 25%.
But, the company could not capture any significant market share in August. Its market share stood at only 0.9%.
Komaki Electric relaunched the Flora electric scooter a few months back, priced at Rs 69,000.
The Flora gets a Lithium Ion Ferro Phosphate (LiFePO4) battery pack, which is removable, making it convenient to charge, while offering a range of 85 to 100km on a full charge.
