Electric Two Wheeler Sales Report June FY24, India

Since the Govt. of India has been on a path to revolutionize the electric transition in passenger mobility, crucial steps such as integration of (EMP) Subsidy, has resulted to strengthen the electric-two-wheeler (E2W) sales record in FY24. The E2W category has recorded a substantial rise, holding an inclining graph of overall sales figure reaching up-to 79,530 units from previous month’s 77,160 units  in 2024.

This growth signifies a considerable increase of 75.43% year-on-year (YoY) sales compared to the FY23, which stood at 45,829 units. This year also marks significant in sustainable two-wheel passenger mobility, as 58.0 % of electric two wheeler sales was achieved in first half of 2024 only, compared to total sales of fiscal year 2023.  A very large section of total EV sales has been captured by this segment, also proving to be the most favourable category of India’s go to electrification.

Though, the FY24 has leaded to better business for the E2W segment in India, the month-of-month (MOM) sales report of last month, does depict a similar story. In June, 2024 a noticeable increase by 3.04% month-on-month (MoM) sales has been registered, leading to a severe slow but steady growth in sales, with about 79,530 units dispatching from their respective showrooms. In comparison, May, 2024 sales chart oversaw a decline, as only 77,160 units made sales.

These charts illustrate the distribution of sales within each fiscal year, highlighting the significant sales growth in FY24 and the specific contributions of May and June and June 2023 sales.

This table includes sales data for various manufacturers, comparing their performance in May and June 2024, along with year-to-date sales, month-over-month (MOM) difference and year-over-year (YOY) difference. This sales report shares a significant contribution of “e-scooters” which was recorded highest amongst both the electric bikes and scooters.

Top 4 Electric-Two Wheeler OEM:

1. Ola Electric:

Ola Electric Technologies Pvt Ltd has recorded the highest month-on-month (MOM) growth rate among the top five electric two-wheeler (E2W) OEMs in India, despite noticing a decline in sales compared to May 2024. In June 2024, Ola Electric reported a MOM decline of 1.35%, with sales reaching to 36,723 units, 502 units fewer compared to May.

However, this figure is significantly better than the sales report from June 2023, where only 17,692 units were sold, showcasing overwhelming growth for FY24 June. Despite experiencing the least sales comparatively in June 2024, Ola Electric’s growth trajectory remains positive year-over-year. In response to the declined sales in June, Ola recently announced a price cut on some of its models in the first week of July 2024. The models offered by Ola Electric include the Ola S1 Pro, S1X, and S1 Air.

2. Bajaj Auto:

TVS Motor Company has achieved impressive month-on-month (MOM) and year-over-year (YOY) sales growth in June 2024. Their sales increased by 17.95% MOM and 76.4% YOY. They sold around 13,904 units in June 2024, compared to 11,788 units in May 2024 and 7,867 units in June 2023. Despite having only two electric vehicles (EVs) in their lineup the i-Qube and X, with X being recently launched, the brand has shown significant growth in fiscal year 2024, June, pointing towards a profitable year ahead.

Bajaj Auto Group experienced a decline of -2.43% month-on-month (MOM) but achieved a remarkable growth of 198.57% year-over-year (YoY) in June 2024. Despite offering only one electric model, the Chetak, Bajaj Auto secured the third position on the list with sales of 8,990 units in FY24 June. This figure is lower than the 9,214 units sold in May but significantly higher than the 3,011 units sold in June 2023.

3. Ather Energy:

Ather Energy Pvt Ltd achieved impressive growth rates of 0.98% month-on-month and 32.61% year-on-year in June 2024. Despite investing Rs 2,000 crore in a new manufacturing plant in Maharashtra, they secured the fourth position among top electric two-wheeler OEMs in FY24 June. The launch of the affordable yet technologically advanced family scooter, Rizta, added to their existing lineup of the 450 series (450S, 450 Apex, and 450X) could do much with the sales record. They sold 6,104 units in June 2024, which is an improvement over May 2024 and June 2023.

4. Hero Motocorp:

Hero Motocorp Ltd, which has consistently seen declining month-on-month (MoM) and year-over-year (YOY) figures in FY23 and FY24, likely reported a relatively low sales figure of around 3,069 units in June 2024. This figure is an improvement compared to May 2024, when they sold 2,456 units, and significantly higher than the 465 units sold in June 2023. Despite the lower overall sales in FY24 June, Hero Motocorp achieved a notable MOM growth rate of 24.96% and an impressive YOY growth of 560.00%. Hero Motocorp sells several subsidiary e-scooters, with their major and premium yet affordable EV being the Vida, available exclusively through Vida showrooms.