Electric Two-Wheeler Sales Data June 2024 – Sales dropped by over 17%

1] OLA ELECTRIC

Ola Electric continues to maintain its first position in the electric two-wheeler market in June. However, the company reported lower sales in June, with figures dropping to 16,346 units compared to 24,487 units in May.

This month-over-month decline results in a negative growth rate of –33%, though Ola still holds a substantial market share of 31%. But, the future looks promising for Ola Electric as the company recently secured SEBI approval for its IPO, aiming to raise ₹5,500 crore.

Additionally, Ola plans to invest $100 million in the first phase of its gigafactory, which could potentially boost its sales figures in the future.

2] TVS MOTOR

TVS Motor maintained its second spot in the electric two-wheeler market in June, though it also experienced a decline in sales. June’s sales figures dropped to 9,770 units from 11,810 in May, resulting in a negative month-on-month growth of 17% and a market share of 18%. On May 13, TVS expanded its iQube lineup, introducing variants with both a 2.2kWh battery and a larger 3.4kWh battery.

The company expects two-wheeler EV sales in India to reach 30% market penetration by 2025 and aims for a significant increase in EV sales contribution to its overall volumes over the next two years.

3] BAJAJ AUTO LTD

Bajaj Auto holds its No. 3 ranking with 7,768 Chetak units sold in June 2024, down from 9,241 in May. This marks a negative month-on-month growth of 15% and a market share of 15%.

Bajaj Auto plans to enhance its offerings with the upcoming launch of a new mass-market e-scooter under the Chetak brand umbrella. The company recently launched Bajaj Chetak 2901 at an affordable price of Rs ₹ 95 998. 

4] ATHER ENERGY

Ather Energy remains in the fourth position in June with sales of 5,819 units, down from 6,116 units in May, reflecting a month-on-month decline of 5% and a market share of 11%. Last month, Ather made headlines with the announcement of its third India plant in Maharashtra.

This facility, located in Aurangabad Industrial City (AURIC), represents an investment of over Rs 2,000 crore and will have an annual production capacity of up to a million units of both EVs and battery packs. This new manufacturing plant may positively impact the sales numbers of Ather Energy in the future.

5] HERO MOTORCORP

10] OKAYA EV

In June, Okaya EV recorded sales of 517 units, which was slightly lower than their May sales of 521 units, indicating a decrease of four vehicles. Their month-on-month growth is -0.8%, with a market share of just -1%.