Sales of electric 2-wheelers in India slump 18% in August
India's electric two-wheeler (E2W) market experienced a significant downturn in August, with month-on-month (MoM) sales dropping by nearly 18% to 88,473 units. This decline follows a record-breaking month in July when over one lakh E2Ws were sold. The data, sourced from the Vahan portal, indicates a shift in consumer behavior and market dynamics within the EV sector.
Ola Electric's sales slump by 34%
Ola Electric, a prominent player in the E2W market, witnessed a significant sales drop of 34% in August. The company managed to sell only 27,517 units during this period, marking its lowest monthly retail figure for the year. Despite this setback, Ola Electric's annual sales comparison shows an impressive surge of nearly 47% from last year's figure of 18,750 units sold in August.
TVS Motor and Bajaj Auto witness sales dip
TVS Motor, another key player in the E2W market, also experienced a sales dip in August. The company sold 17,544 iQube e-scooters during this period, marking a decrease of 10.67% from July's figure of 19,640 units. Annually, its sales increased by 13.29%, up from 15,485 units in August 2023. Bajaj Auto followed suit with a slight decline in its Chetak sales by 5.8% to 16,706 units from July's figure of 17,744 units. However, its annual sales were up staggering 154%.
Ather Energy and Hero MotoCorp's performance
Ather Energy, backed by Hero MotoCorp, bucked the trend with a slight increase in its sales from 10,181 units in July to 10,830 units in August. On a year-on-year (YoY) basis, the company's sales rose by an impressive 42.25% from last year's figure of 7,157 units sold during the same period. Meanwhile, Hero MotoCorp sold 4,742 Vida e-scooters in August, a decline of 6% from July's figure of 5,060 units.
