Electric two-wheeler sales saw a significant increase in July 2024, reaching 106,949 units.
This represents a 34% rise from June’s 79,868 units and a 96% year-over-year surge from July 2023’s 54,616 units.
This robust growth was anticipated due to the Electric Mobility Promotion Scheme 2024 (EMPS), which was initially set to expire on July 31, prompting consumers to expedite their purchases.
However, on July 26, the government extended the EMPS subsidy scheme by an additional two months, now lasting until the end of September.
The top 4 OEMs in July remained unchanged, with Ola Electric in the leading position, followed by TVS Motor, Bajaj Auto, and Ather Energy.
Top 10 Electric 2 Wheeler Companies by July 2024
Now, let’s take a quick look at the TOP 10 OEMs that achieved impressive sales in July.
| Sr. no. | Name of the OEM | June | July (Units) | MOM Growth (%) [approx] | Market Share (%) [approx] |
|---|---|---|---|---|---|
| 1 | OLA ELECTRIC | 36, 785 | 41, 597 | 13% | 39% |
| 2 | TVS MOTOR | 14,015 | 19,417 | 38% | 18% |
| 3 | BAJAJ AUTO | 9,043 | 17,642 | 95% | 16% |
| 4 | ATHER ENERGY | 6,192 | 10,080 | 63% | 9% |
| 5 | HERO MOTO CORP | 3,074 | 5,044 | 64% | 5% |
| 6 | GREAVES ELECTRIC | 2,715 | 3,154 | 16% | 3% |
| 7 | BGAUSS AUTO | 1,062 | 1,792 | 68% | 2% |
| 8 | REVOLT INTELLICORP | 660 | 868 | 31% | 0.98% |
| 9 | WARDWIZARD | 897 | 852 | – 5 % | 0.96% |
| 10 | KINETIC ENERGY | 458 | 687 | 50% | 0.77% |
Source: Vahan Dashboard
1] OLA ELECTRIC
Ola Electric remains firmly in the lead, with its IPO slated to open on August 2.
The company recorded impressive retail sales of 41,597 units in July 2024, showing a month-on-month growth of 13% and commanding a significant 39% market share.
Ola Electric’s strategic entry into the mass-market segment with the S1 X portfolio has paid off, resulting in accelerated sales. The scooters, offered in three battery configurations (2 kWh, 3 kWh, and 4 kWh), are priced at Rs 74,999, Rs 84,999, and Rs 99,999, respectively.
Additionally, the company has recently revised the prices of its S1 Pro, S1 Air, and S1 X+ to Rs 129,999, Rs 1,04,999, and Rs 89,999, respectively.
2] TVS MOTOR
Securing the second position once again in July is TVS Motor Co, which sold 19,471 iQube e-scooters during the month. This achievement translates to an 18% market share in July 2024.
The company experienced a 38% month-on-month growth from June to July. On May 13, TVS introduced additional variants of the iQube, expanding its range at both the lower and upper ends of the market spectrum, two years after the initial refresh.
TVS Motor, anticipating that electric two-wheeler sales in India will reach 30% market penetration by CY2025, aims for a substantial increase in the contribution of EV sales to its total volumes over the next two years.
3] BAJAJ AUTO
Bajaj Auto has solidified its standing as the third-largest e-two-wheeler OEM, following Ola and TVS, with 17,642 Chetaks sold in July. This performance marks a 95% month-on-month growth and secures a 16% market share.
The company continues to witness strong demand for its two Chetak variants – Urbane (Rs 123,319) and Premium (Rs 147,243) – due to increased production capacity and an expanding dealer network. Currently present in 164 cities with 200 touchpoints, Bajaj Auto plans to expand to around 600 showrooms within the next three to four months.
Additionally, the company is set to introduce a new mass-market e-scooter under the Chetak brand, aiming to further boost its market presence.
4] ATHER ENERGY
Ather Energy ranks fourth, with sales increasing from 6,192 units in June to 10,080 units in July, achieving a 63% month-on-month growth and a 9% market share.
In April, Ather launched the Rizta, priced from Rs 109,999 (Rizta S) to Rs 149,999 (Rizta Z), and began deliveries on July 4. The Rizta S has a 2.9 kWh battery with a 123 km range, while the Z variant features a 3.7 kWh battery with a 160 km range.
Notable features include the largest two-wheeler seat in India and ample storage space.
In June, Ather announced a new plant in Aurangabad Industrial City (AURIC), Maharashtra, with an investment of over Rs 2,000 crore to produce up to a million EVs and battery packs annually.
5] HERO MOTORCORP
Hero MotoCorp secures the fifth position, with sales rising from 3,074 units in June to 5,044 units in July, reflecting a 64% month-on-month growth and capturing a 5% market share.
In June, Hero MotoCorp, an early investor in Ather Energy and a key player in Ather’s growth since 2016, increased its stake by 2.2%, banking on the growing demand for Ather products.
6] GREAVES ELECTRIC
Greaves Electric holds the sixth position, with sales increasing from 2,715 units in June to 3,154 units in July, reflecting a 16% month-on-month growth and a 3% market share.
Targeted at families, the newly launched Ampere Nexus electric scooter by Greaves Electric has been designed and developed in-house at the Ranipet facility in Tamil Nadu.
Equipped with a 3 kWh LFP battery, the Nexus boasts a top speed of 93 kph and a certified range of 136 km. Sold in two variants, prices start at Rs 110,000 (ex-showroom) and go up to Rs 120,000.
7] BGUASS AUTO
Bgauss Auto ranks seventh, with sales increasing from 1,062 units in June to 1,792 units in July, reflecting a 68% month-on-month growth and capturing a 2% market share.
Recently, the manufacturer launched its latest EV, the BGauss RUV 350, available in three variants: RUV 350i, RUV 350 EX, and RUV 350 Max. Prices start at Rs 1.10 lakh for the base model and go up to Rs 1.35 lakh for the top-spec variant.
8] REVOLT INTELLICORP
Revolt Intellicorp is in the eighth position, with sales rising from 660 units in June to 868 units in July, marking a 31% month-on-month growth and a 0.98% market share. Revolt Motors has recently received official approval from the Ministry of Heavy Industries, making it eligible for the Central Government’s EV subsidy schemes. This approval qualifies the company for the current Electric Mobility Promotion Scheme (EMPS) 2024 as well as the forthcoming FAME III subsidy scheme, expected to follow EMPS.
9] WARDWIZARD INNOVATIONS
WardWizard is in the ninth position, with sales decreasing from 897 units in June to 852 units in July, reflecting a – 5% month-on-month decline and capturing a 0.96% market share.
The company recently secured a $1.29 billion order from Beulah International Development Corporation, a firm based in the Philippines.
Under this Memorandum of Understanding (MoU), WardWizard will supply its existing electric two-wheeler and three-wheeler models to the Philippines and develop new four-wheeler commercial vehicles tailored for the Philippine market. With a current production capacity of 4-6 lakh two-wheelers and 40,000-50,000 three-wheelers annually, fulfilling this order, valued at Rs 10,800 crore, is expected to take three years.
10] KINETIC ENERGY
Kinetic Energy ranks tenth, with sales increasing from 458 units in June to 687 units in July, reflecting a 50% month-on-month growth and capturing a 0.77% market share.
Two months after the launch of the Kinetic Green E-Luna, Kinetic Green Energy is expanding its electric scooter lineup, as shown by recent spy shots of a new model currently in testing.
This upcoming scooter features a robust suspension system with a telescopic fork at the front and twin shock absorbers at the rear. It prioritizes stopping power efficiency with its front disc brake and rear drum brake system. The design also includes a single-piece grab rail, a hub motor, and a curved seat designed to comfortably accommodate two persons.