Electric Two wheeler Sales Report: July 2023
Electric two-wheeler sales which had witnessed a significant decrease in June this year, are slowly growing and are experiencing an increase in July despite the FAME II subsidy reduction. The total two-wheeler sales in India increased by more than 11% MoM despite the subsidy reduction.
With the reduction of the 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 employed discount offers. 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.
Top Electric Scooter Selling Companies in July 2023
Ola Electric maintained its market leader position in July 2023 as well, followed by TVS Motors, Ather Energy, Bajaj Auto, and then Ampere Electric. The top 3 positions remain the same as last month. Ampere Electric slipped to the fifth position losing to Bajaj Auto.
| Sr. N. | Name | JUNE | JULY | MOM Growth % | Jul Market Share % |
| 1. | OLA ELECTRIC | 17,623 | 19,237 | 9% | 35% |
| 2. | TVS IQUBE | 7,857 | 10,330 | 31% | 19% |
| 3. | ATHER ENERGY | 4,597 | 6,607 | 44% | 12% |
| 4. | BAJAJ CHETAK | 3,002 | 4,086 | 36% | 8% |
| 5. | AMPERE ELECTRIC | 3,042 | 3,571 | 17% | 7% |
| 6. | OKINAWA AUTOTECH | 2,619 | 2,263 | -14% | 4% |
| 7. | Hero VIDA | 465 | 987 | 112% | 2% |
| 8. | OKAYA EV | 425 | 784 | 84% | 1% |
| 9. | HERO ELECTRIC | 1,136 | 778 | -32% | 1% |
| 10. | BGAUSS AUTO | 190 | 657 | 246% | 1% |
Ola Electric kept the Crown
Ola Electric sold the highest number of electric two-wheelers. It sold 19,237 electric two-wheelers in July 2023 and acquired a market share of 35%.
Ola Electric expanded its electric scooter portfolio with the launch of the upcoming Ola S1 Air. It also released a few teasers just before its launch in July to increase audience engagement.
Other Companies Performance
TVS sold 10,330 electric scooters delivering great results with a market share of 19% and maintaining its position at the second spot.
Ather delivered 6,607 electric vehicles and managed to maintain its third position in July as well with a market share of 12%.
Ather had also announced the pre-booking window of the Ather 450S in July with its deliveries commencing next month.
Bajaj Auto and Ampere Electric are in fourth and fifth positions with 4,086 and 3,571 sales and a market share of 8% and 7% respectively.
Hero Motorcorp performed strongly and doubled its June performance with a 112% MoM growth by selling 951 Hero Vida’s.
BGauss Auto Pvt Ltd had an impressive MoM growth of more than 245%.
Top Electric Bike Selling Companies in July 2023
While the electric scooter industry witnessed a gradual increase in their sales, a few electric bike players like Revolt, Ultraviolette, Kabira, etc witnessed an overall decrease in sales of July 2023 compared to the previous months.
| Sr.N. | Name | JUNE | JULY | Mom Growth % |
| 1. | REVOLT MOTORS | 713 | 484 | -32 |
| 2. | TORK MOTORS | 45 | 66 | 47 |
| 3. | ULTRAVIOLETTE AUTOMOTIVE | 43 | 34 | -21 |
| 4. | HOP ELECTRIC | 12 | 11 | -8 |
| 5. | KABIRA MOBILITY | 14 | 9 | -36 |
Writer’s Remark
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 started to gradually recover in July 2023. The customers have started to absorb the price hikes and retail sales shall recover shortly.