Top 4 EV manufacturers sell over 50% vehicle in March ‘24

Ola Electric is the market leader in E2W. It sold over 53,000 units in March and reported highest sales for the fifth consecutive month.

The Indian electric two-wheeler segment posted highest monthly sales in March 2024 over the year earlier period, with top four original equipment manufacturers (OEMs) accounting for more than 50% of total sales, according to Vahan portal.

Ola Electric, TVS Motor, Bajaj Auto and Ather Energy cumulatively sold 1.12 lakh out of 1.36 lakh units. The new entrant Kinetic Green sold almost 4,000 units and secured sixth slot among the top 10 players, said industry sources.

In the comparable period, the top 10 OEMs, barring Kinetic Green, sold 93,000 vehicles.

Ola Electric recorded highest monthly sales for the fifth consecutive month at over 53,000 scooters. The market leader achieved a YoY growth of 115% in FY24 with 328,785 units. In Q4, it grew by 42% with 119,310 units, it said in a statement.

TVS Motor Company stood in the second position by retailing 26,466 units against 16,901 units. In the coming months, the company is planning to roll out several new models ranging from 5 to 25 kilowatts.

Bajaj Auto climbed up a rank to be in the third slot with 17,900 units, marking a new high of 711%, due to production ramp up and expanded dealers network, while Ather Energy grew by 42% to 17,204 units and occupied fourth place.

Hero Motorcorp sold 4,380 units. Bgauss Auto and Greaves Electric Mobility sold over 3,000 units each.

While the FAME II subsidy for two wheelers came to an end on March 31, the Centre has announced Electric Mobility Promotion Scheme 2024 that came into force from April to July.