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Electric Two-wheeler Sales Report: June 2023
Electric two-wheeler sales which had reached a new peak in May, saw a sudden fall in June this year. The sales of electric two-wheelers dropped month-by-month to 61 percent. They were severely impacted after the FAME II subsidy on electric vehicles was reduced by the government in India.
Many people bought electric two-wheelers in the month of May. This led to an increase in the sales data of electric two-wheelers in the month of May but resulted in a significant decrease in the month of June.
The reduction in the FAME-II subsidy by the Ministry of Heavy Industries is having a significant negative impact on the growth of India’s electric two-wheeler market. The sudden fall in registration and sales of two-wheelers is a direct fallout of capping incentives, which has led to an increase in retail prices across the EV two-wheeler industry.
Top Electric Scooter Selling Companies in June 2023
The FAME-II subsidy capping has hit most of India’s leading two-wheeler companies, including Ola Electric, Hftero Electric, Ather Energy, Ampere Electric, Bajaj Chetak, etc.
| SR. N. | Company Name | Sales in May | Sales in June | MOM Growth (%) |
| 1. | OLA ELECTRIC | 28,629 | 17,552 | -39% |
| 2. | TVS MOTORS | 20,398 | 7,791 | -62% |
| 3. | ATHER ENERGY | 15,407 | 4,540 | -71% |
| 4. | AMPERE ELECTRIC | 10790 | 3,038 | -72% |
| 5. | BAJAJ CHETAK | 10064 | 2,969 | -70% |
| 6. | OKINAWA AUTOTECH | 2,907 | 2,615 | -10% |
| 7. | HERO ELECTRIC | 2,857 | 1,595 | -24% |
| 8. | PUR ENERGY | 509 | 820 | 61% |
| 9. | JOY E-BIKES | 363 | 438 | 21% |
| 10. | OKAYA EV | 3,876 | 425 | -89% |
Top Selling Electric Motorcycle Companies in June 2023
While the electric scooter players faced a significant decrease in their sales, a few electric bike players like Revolt, Ultraviolette, Kabira, etc still managed to perform well despite the reduction in subsidy.
| SR.N. | Company Name | Sales in May | Sales in June | MOM Growth (%) |
| 1. | REVOLT MOTORS | 571 | 711 | 25% |
| 2. | TORK MOTORS | 210 | 44 | -79% |
| 3. | ULTRAVIOLETTE | 25 | 41 | 64% |
| 4. | KABIRA MOBILITY | 12 | 14 | 17% |
| 5. | HOP ELECTRIC | 13 | 11 | -15% |
CONCLUSION
While the increased EV prices might temporarily slow down India’s electric two-wheeler industry, it is expected that the customers will start to absorb the price hikes and retail sales shall recover gradually.
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