In May 2024, the electric two-wheeler market witnessed marginally lower sales of 63,797 units compared to 64,495 units in April 2024. Although it was anticipated that e2W retails would significantly decline, this has not been the case in the second month of the ongoing EMPS subsidy. The top four OEMs that performed the best in May 2024 are Ola in the first position, TVS in the second, Ather in the third, and Bajaj in the fourth.
Let’s now delve into the top 10 OEMs that have maintained strong sales performance in May 2024:
| Sr.No | OEM | April | May | MOM Growth % | Market Share % |
| 1 | Ola Electric | 33,148 | 24,400 | -35 % | 38% |
| 2 | TVS Motor | 7,742 | 11,737 | 34 % | 18 % |
| 3 | Bajaj Auto | 7,55 | 9,189 | 18 % | 14 % |
| 4 | Ather Energy | 4,116 | 6,024 | 32 % | 9% |
| 5 | Hero Motorcorp | 955 | 2,435 | 61 % | 4% |
| 6 | Greaves Electric | 2,675 | 2,056 | -31 % | 3% |
| 7 | Wardwizard Innovations | 1,209 | 1,261 | 4% | 2 % |
| 8 | Bgauss Auto | 712 | 1,158 | 38 % | 2% |
| 9 | Revolt Intellicorp | 745 | 687 | – 8 % | 1% |
| 10 | Okaya EV | 373 | 519 | 28 % | 1 % |
1] OLA ELECTRIC
Ola Electric secured the first position in May 2024, as always. However, Ola recorded sales of 24,400 in May, a significant drop from 33,148, marking its first instance of low sales. Due to decreased sales, the month-on-month growth slipped to -35%, and the market share stands at 38%. The company recently slashed the prices of its S1X range, starting at just Rs 74,999. Additionally, Ola plans to launch its IPO soon. The company has also patented swappable batteries which are likely to be integrated into the brand’s upcoming electric three-wheelers.
2] TVS MOTOR
TVS Motor stands second on the list with sales of 11,737, a significant increase from the 7,742 vehicles sold in April 2024. Its month-on-month growth stands at 34%, and its market share is at 18%. Last month, the company launched a new lineup of iQube variants, the TVS iQube with a 2.2 kWh battery and the TVS iQube ST available in two variants with 3.4 kWh and 5.1 kWh battery packs, the largest in the segment. With this launch, the TVS iQube series now offers an array of five variants available in 11 colors.
3] BAJAJ AUTO
Bajaj Auto stands in the third position in May 2024, beating Ather Energy yet again. The company recorded sales of 9,189, as against 7,755 sales in April. The month-on-month growth stands at 18%, and its market share is at 14%. In the recently launched NSE index for electric vehicles, Bajaj Auto has a weightage of 7.08%, which is substantial.
4] ATHER ENERGY
Bengaluru-based smart EV OEM Ather Energy recorded sales of 6,024 units in May 2024, achieving a market share of 9.45% and a month-on-month growth of 32%. Recently, the company raised Rs 286 crore ($34 million) from its founders and Stride Ventures in a mix of debt and equity funding. Ather’s co-founders, Tarun Mehta and Swapnil Jain, invested Rs 86 crore in the firm through Series F compulsorily convertible preference shares. On April 6, Ather launched the new Rizta at a starting price of Rs 109,999 (Rizta S) through to Rs 149,999 (Rizta Z).
5] HERO MOTORCORP
Hero MotoCorp takes the fifth rank in May 2024 with sales of 2,453 units, up 157% from its April sales of 955 units. This results in a month-on-month growth of 61% and a market share of 4%. The company is planning to launch several electric vehicles in the mid and affordable segments in the coming years.
6] GREAVES ELECTRIC
Greaves Electric Mobility’s sales in May 2024 stood at 2,056 units, a slight decrease as compared to April’s 2,675 units. Its month-on-month growth stands at negative 31% and has a market share of 3%. May 2024 marked the first month of sales for Greaves Electric Mobility’s new Ampere Nexus, which launched on April 30. Aimed at families, the Ampere Nexus was designed and developed in-house at the Ranipet facility in Tamil Nadu. Featuring a 3 kWh LFP battery, the Nexus boasts a claimed top speed of 93 kph and a certified range of 136 km. Available in two variants, prices range from Rs 110,000 to Rs 120,000 (ex-showroom).
7] WARDWIZARD INNOVATIONS
Wardwizard Innovations continues to see a rise in demand, with May 2024 retails reaching 1,261 units, a slight increase from April’s 1,209 units. This represents the company’s best monthly figures in the first five months of 2024. The month-on-month growth stands at 4%, with a market share of 2%. In February 2024, under the Joy-eBike brand, Wardwizard unveiled the concept of its first hydrogen-powered electric two-wheeler at the inaugural Bharat Mobility Global Expo 2024.
Presenting its vision to expand the EV model lineup with technological advancements and innovations, the company also introduced a groundbreaking concept for a high-speed electric scooter. In addition to these new concepts, Wardwizard showcased its current product lineup, including both high and low-speed models, as well as the newly introduced electric three-wheeler under the brand name ‘Joy e-rik’.
8] BGAUSS AUTO
Bguass Auto stands eighth in the list of OEMS in May. The company recorded sales of 1,158 units a substantial rise from 712 units sold in April. Its month-on-month growth stands at 38% and has a market share of 2%. The company recently collaborated with a leading Electric Vehicle (EV) aggregator and an end-to-end enabler called VOICE to deploy 5,000 EVs for last-mile partners, corporate customers, and B2B fleets, offering an end-to-end solution for easy deployment.
9] REVOLT INTELLICORP
Gurugram-based Revolt Intellicorp stands at the 9th position in May. The company recorded sales of only 687 units in May as against 745 units in April 2024. Due to a decrease in sales, the company experienced negative 8% month-on-month growth and also has a mere 1% market share. Revolt Intellicorp should actively focus on product enhancement, smart strategies, marketing initiatives, etc., to ramp up its standing and sales in the competitive EV market.
10] OKAYA EV
Okaya EV stands at the last position in May. The company recorded sales of 519 units in May a impressive increase from 373 units sold in April 2024. The company’s month-on-month growth stands at 28% and holds a market share of only 1%. Under its premium brand Ferrato, the company launched its inaugural motorcycle the Disruptor. The company has 2 new electric motorcycles and one electric scooter in the pipeline, which will be launched soon.
