Electric two-wheeler retail sales in September 2024 reached 31,306 units, marking a strong month for major EV manufacturers. Notably, September brought significant shifts in OEM rankings, reflecting the dynamic nature of the market.
A notable highlight from the month is Ather Energy’s remarkable performance, selling 4,597 Electric scooters, surpassing TVS Motor Co. (4,211 iQubes) to claim the second spot.
This achievement is particularly commendable for Ather Energy.
Ola Electric, though retaining its top position, experienced a drop in market share to 28.65% from 39% in July.
The top five companies in September 2024 are as follows:
- Ola Electric
- Ather Energy
- TVS Motor
- Hero Motorcorp
- Bajaj Auto
Let’s explore the sales figures of the top 10 companies in September 2024
| EV Manufacturer | August Sales | September Sales | MOM Growth | Market Share |
|---|
| Ola Electric | 12,405 | 10,036 | -23.605% | 28.65% |
| Ather Energy | 4,331 | 4,597 | 5.786% | 13.12% |
| TVS Motor | 9,492 | 4,211 | -125.409% | 12.02% |
| Hero Motorcorp | 4,596 | 4,174 | -10.110% | 11.92% |
| Bajaj Auto | 4,866 | 2,826 | -72.186% | 8.07% |
| Greaves Electric | 2,741 | 2,651 | -3.395% | 7.57% |
| Bguass Auto | 1,109 | 1,200 | 7.583% | 3.43% |
| Revolt Intellicorp | 677 | 624 | -8.494% | 1.78% |
| Wardwizard Innovations | 667 | 587 | -13.629% | 1.68% |
| Kinetic Green | 356 | 400 | 11% | 1.14% |
1] OLA Electric
This slump also caused its market share to drop significantly to 28.65%, compared to 39% in July.
To tackle service-related challenges, Ola has initiated a Network Partner program to enhance customer outreach. According to CEO Bhavish Aggarwal, 625 partners are already on board, with plans to increase this to 1,000 by the festive season and 10,000 by the end of 2025.
Despite the ongoing decline in sales, Ola remains ahead of its competitors, but the substantial drop in market share highlights the need for improvement. It will be interesting to see if the upcoming festive season sparks renewed demand for Ola Electric.
2] Ather Energy
In a surprising turn of events, Ather Energy surpassed the long-standing TVS Motor to secure the second spot in September 2024. The Bangalore-based electric two-wheeler OEM sold 4,597 units in September, a slight increase from the 4,331 units sold in August, reflecting a 5.79% month-on-month growth. Ather now holds a 13.12% market share. Recently, the company filed for an IPO worth Rs 3,100 crore, with co-founder and CEO Tarun Mehta selling up to 1 million shares.
Ather’s competitive edge lies in offering more affordable options, especially with rivals introducing budget-friendly EVs. In early August, Ather signed an MoU with Amara Raja Advanced Cell Technologies (ARACT) to develop and supply NMC (Nickel Manganese Cobalt) and LFP (Lithium Iron Phosphate) cells. These advanced chemistry cells will be produced locally at ARACT’s upcoming Gigafactory in Divitipally, Telangana.
3] TVS Motor
TVS Motor, which had long held the No. 2 position among electric two-wheeler OEMs after Ola, slipped to third place in September 2024, overtaken by the fast-growing Ather Energy.
The company sold 4,211 Electric scooters in September, which is significantly low from 9,492 units sold in August. TVS Motor recorded a month-on-month growth of -125.41% and holds a market share of 12.02%.
To stimulate demand and attract EV buyers browsing online, the TVS iQube is now available on Flipkart, with prices starting from ₹79,999.
The iQube was recently showcased at the Green Plate EV rally on World EV Day (September 9), highlighting its growing market presence.
With expectations of two-wheeler EV sales in India reaching 30% market penetration by the calendar year 2025, TVS aims to significantly increase the contribution of EV sales to its overall volumes over the next two years.
4] Hero Motorcorp
Hero MotoCorp, placed in the fourth position, reported September sales of 4,174 units, a decline from 4,596 units sold in August. This represents a month-on-month growth of -10.11%. The company’s market share currently stands at 11.92%.
Hero MotoCorp has been actively enhancing its brand presence for Vida, with its network now boasting 203 touchpoints, including 180 dealers across 116 cities.
The company, which currently offers the V1 Plus and V1 Pro electric vehicles, plans to expand its portfolio in the mid-and affordable segments by FY2025. Additionally, Hero MotoCorp has established approximately 2,500 charging stations in collaboration with Ather Energy, where it is an early investor.
In line with the strategies of other leading EV manufacturers, Hero MotoCorp is also prioritizing the reduction of product costs to stay competitive in the evolving electric two-wheeler market.
5] Bajaj Auto
In an unfortunate turn of events, Bajaj Auto, which has consistently held the third position in the electric two-wheeler market, slipped to fifth place in September 2024.
The company sold only 2,826 units of the Chetak, a significant decline from the 4,886 units sold in August. Its month-on-month growth stands at -72.186%, with a market share of just 8.06%.
In early August, Bajaj Auto launched the Chetak 3201 special edition EV, available exclusively on Amazon, priced at Rs 129,000 (ex-showroom, Bengaluru).
This model boasts a range of 136 km, which exceeds that of the top-spec Chetak Premium.
Additionally, the Chetak 2901, launched in early June at Rs 95,998, is the most affordable option in the Chetak lineup, nearly Rs 51,000 cheaper than the top-end variant.
6] Greaves Electric
Greaves Electric ranks sixth, with sales declining from 2,741 units in August to 2,651 units in September, resulting in a -3.395% month-on-month growth and a market share of 7.57%.
Greaves Electric Mobility, like the other five OEMs above it, is also focusing on cost optimization to enhance its competitive edge in the market.
The executive director and CEO stated that the company has made significant strides in reducing the costs of key components and products. Additionally, the company has undertaken cost rationalization initiatives that are enhancing efficiency levels significantly beyond previous benchmarks.
7] Bgauss Auto
Bgauss Auto secured the seventh position in September with sales of 1,200 electric two-wheelers, an increase from 1,109 units sold in August.
This growth reflects a month-on-month increase of 7.583%. However, Bgauss Auto maintains a market share of only 3.43% in September.
The company recently commenced production of its latest electric scooter, the RUV350, at its manufacturing facility in Chakan, Maharashtra.
Bgauss Auto is optimistic that the RUV350 will significantly boost its sales in the EV market, contributing to the advancement of cleaner and more efficient urban transportation.
8] Revolt Intellicorp
Revolt Intellicorp climbed to the eighth position in September; however, it struggled in terms of sales, recording 624 electric scooters sold, down from 677 in August. This resulted in a month-on-month decline of -8.494%, leading to a market share of only 1.78%.
Recently, Revolt Motors announced the launch of two electric motorcycles, the RV1 and RV1+, which have garnered over 16,000 bookings within the first week of their launch. It will be interesting to see if the introduction of the RV1 and RV1+ boosts sales figures, improves their position, and enhances market share for Revolt Intellicorp.
9] Wardwizard Innovations
Wardwizard Innovations fell from the eighth position to the ninth position in September. The company sold 587 units of its electric two-wheelers, down from 667 units in August. This decline resulted in a negative month-on-month change of -13.629%, contributing to a market share of just 1.68% for September.
To improve sales, growth, and market share, Wardwizard Innovations should concentrate on enhancing product appeal through upgraded features and designs. Increasing marketing efforts to boost brand visibility and expanding the distribution network are also essential.
10] Kinetic Green
Kinetic Green Energy secured the last position in September, recording sales of 400 electric scooters, an increase from 356 units sold in August. This reflects a month-on-month growth of 11% and a market share of 1.14%. 
Not sure where this data is sourced from. As the parivahan data looks different.