2-wheeler EV sales in India grow 185 percent YoY; Ola registers record 1 lakh+ deliveries

Highlights
  • India two wheeler EV sales grow by 185 percent as compared to the last fiscal year
  • The top six manufacturers contribute to 80 percent of total two-wheeler sales
  • Ola Electric becomes the only manufacturer to have sold over 1 lakh units in a year

The EV industry has secured another landmark year and like has been the case in the past, electric two-wheelers have been a majority contributor in the segment. Electric two-wheelers have posted a whopping 185 percent Year-on-Year (YoY) growth when compared to the last fiscal year. The top six OEMs, namely Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, TVS MotorCo and Ather Energy, have all secured sales of over 75,000 units in FY2023. Significant strides in sales performance have also been noticed every month, which indicates a strong momentum of EV adoption in the country. 

EV sales grow strongly, Ola Electric leads from the front

EV sales in India have been on the rise and the FY2023 has recorded landmark results for the segment in India. The segment has recorded cumulative sales of 7,20,733 units in FY2023. In comparison, in FY2022, OEMs managed to sell 2,52,539 units. A major chunk, about 80 percent, of this growth has been contributed by six manufacturers only! The top six manufacturers this year are Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, TVS MotorCo and Ather Energy. 

Ola Electric has secured the top spot having sold 1,51,344 units and has gathered 21 percent of the market share in India. The company is also the only company in the segment to have crossed the 1 lakh units mark. The second post is held by Okinawa Autotech which tails the Bengaluru-based EV startup by a substantial 57,211 units. Okinawa however has managed to hold its position despite its FAME subsidy being recently revoked by the Government of India. 

Hero Electric, which earlier held the top spot, has slipped to the third position; yet has managed to sell 89,165 units. This displacement can be credited to the withdrawal of the FAME subsidies. Ampere Vehicles follow closely having sold 83,659 units in FY2023. The company has taken strides in the space and has launched a suite of new products to keep the ball rolling. TVS with its sole iQube premium electric scooter offering has managed to sell 80,565 units and the numbers could only go higher thanks to a lineup of EVs from the company that are planned to come in FY2024. 

Ather Energy has found 76,277 buyers in FY2023 and the company has new products in the pipeline which could make it cross the 1 lakh units sales milestone soon. Bajaj’s Chetak premium electric scooters were brought home by 28,098 owners. The company expects to boost these numbers with the recent updates and also some new experience touchpoints. 

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