Electric two-wheeler sales which had witnessed a significant decrease in June this year, are slowly and gradually growing and have experienced an incredible increase in August despite the FAME II subsidy reduction. August has turned out to be an incredible month for the E2W industry in India and is back on track with total sales of almost 60,000 EVs despite the 25% subsidy reduction.
With the reduction of FAME II subsidy from 40 to 15 percent, the immediate impact on the electric vehicle ecosystem in India was a significant rise in price and a decline in sales.
To address the situation and increase sales, many of the EV manufacturers introduced a range of affordable vehicles. This move was a fantastic effort to draw in more customers. It introduced a new wave in the EV Industry and led to an increase in sales this month.
| Sr.N. | NAME | JULY | AUGUST | MoM Growth | Market Share |
| 1. | OLA ELECTRIC | 19,343 | 18,621 | -4 % | 30 % |
| 2. | TVS MOTOR | 10,383 | 15,365 | 48 % | 25 % |
| 3. | ATHER ENERGY | 6,671 | 7,060 | 6 % | 11 % |
| 4. | BAJAJ CHETAK | 4,116 | 6,534 | 59 % | 10 % |
| 5. | AMPERE VEHICLES | 3,572 | 3,695 | 3 % | 6 % |
| 6. | OKINAWA AUTOTECH | 2,263 | 1,998 | -12 % | 3 % |
| 7. | OKAYA EV | 785 | 1,148 | 46 % | 2 % |
| 8. | BGAUSS AUTO | 661 | 922 | 39 % | 1 % |
| 9. | HERO VIDA ELECTRIC | 990 | 911 | -8 % | 1 % |
| 10. | HERO ELECTRIC | 779 | 783 | 1 % | 1 % |
Ola Electric maintained its market leader position in August 2023 as well, followed by TVS Motors, Ather Energy, Bajaj Auto, and then Ampere Electric. The top 5 positions remain the same as last month.
Ola Electric sold the highest number of electric two-wheelers. It sold 18,621 electric two-wheelers in August 2023 and acquired a market share of 30%.
Ola electric expanded its electric scooter portfolio with the launch of its upcoming Ola S1 Range in August. It also received an extremely powerful market response and garnered over 75,000 bookings in just two weeks after their launch.
TVS sold 15,365 electric scooters delivering great results with a market share of 20% and maintaining its position at the second spot.
Ather delivered 7,060 electric vehicles and managed to maintain its third position in August as well with a market share of 11%.
Bajaj Auto and Ampere Electric also managed to maintain their fourth and fifth positions with 6,534 and 3,695 sales and a market share of 10% and 6% respectively.
| Name | JULY | AUGUST | Mom Growth % |
| REVOLT INTELLICORP PVT LTD | 484 | 512 | 6 |
| TORK MOTORS PVT LTD | 66 | 90 | 36 |
| ULTRAVIOLETTE AUTOMOTIVE PVT LTD | 34 | 27 | -21 |
| HOP ELECTRIC MOBILITY PVT LTD | 11 | 15 | 36 |
| KABIRA MOBILITY LLP | 9 | 7 | -22 |
While the electric scooter industry witnessed a gradual increase in their sales, a few electric bike players Ultraviolette and Kabira faced a decrease in sales of August 2023 compared to the previous months.
While the increase in EV prices owing to the reduction in subsidy might have temporarily slowed down the electric two-wheeler industry in June, the segment is back on track in August 2023. The customers are genuinely interested in investing in Electric Vehicles compared to ICE Vehicles. Sales in September are going to be better and beyond our expectations with the festival season coming up.
Read More:- Electric Two-wheeler Sales Report: June 2023
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