SUMMARY
Electric two-wheeler registrations surged 14% MoM in November on the back of high demand for vehicles of top EV manufacturers during the festive season
With over 14% MoM rise in registrations, Ola Electric retained its top spot and was followed by TVS Motor, Bajaj Auto, and Ather Energy
Others like Okinawa Autotech, Hero Electric, PureEV, who have been seeing a decline in their registrations over the last few months, also registered solid growth due to festive demand
Electric two-wheeler registrations continued the momentum in the month of November, rising 14% month-on-month (MoM) to cross the 85,000 units mark on the back of high demand for top electric vehicle (EV) manufacturers during the festive season.
As per Vahan data as on November 30, two-wheeler EV registrations stood at around 75K in October.
Ola Electric continued to lead the show, with its escooter registrations jumping over 14% MoM to 27,331 units.
The Bhavish Aggarwal-led emobility startup has been witnessing high demand as it continues to expand its product offerings.
Ola Electric launched its latest model S1X in three variants – S1 X+, S1 X, and S1 X – in August this year. The deliveries of the vehicles were expected to begin from mid-September. The EV startup’s total vehicle registrations stood at 23,821 units in October.
It must be noted that Ola Electric also relaunched its bike taxi services in Bengaluru recently using its escooters, which is also expected to have played a role in the surge in its registrations during the month under review.
Moving on, TVS Motor retained the second position in terms of electric two-wheeler registrations. Its registrations rose 9% to 17,962 units in November from 16,460 units in the previous month.
It was followed by Bajaj Auto, whose escooter sales jumped over 23% MoM to 11,190 units in November. The Indian automotive giant has been seeing a rise in demand for its EVs over the last three-four months, which resulted in it crossing the registration numbers of Ather Energy in October as well as November.
In October, Bajaj Auto’s EV registrations zoomed over 27% MoM to above 9,000 units, while emobility startup major Ather’s vehicle registrations stood at 8,408 units.
This month, Ather’s escooter registrations grew 5.6% MoM to 8,886 units. Ather is also aggressively trying to increase its sales by diversifying product offerings. Last week, the startup announced plans to launch a ‘family escooter’ in 2024.
On the other hand, another automotive giant Hero MotoCorp is also moving up in the rankings for two-wheeler EV registrations. In November, its vehicle registrations surged over 52% MoM to 2,946 units.
In the previous month, the company saw a sharper jump of over 200% to 1,935 units in registrations.
It is pertinent to note that TVS Motor, Bajaj Auto, and Hero Motocorp witnessed strong growth across internal combustion engine (ICE) and EV categories during the October-November festive season.
With legacy players slowly establishing a strong presence in the two-wheeler EV segment, along with VC-backed big names like Ola Electric and Ather, most other original equipment manufacturers (OEMs) are seeing a decline in their registration numbers.
However, the festive season helped players like Okinawa Autotech, Hero Electric, PureEV, and a few others, who have been seeing a fall in their registrations, post an uptick in numbers.
Okinawa, whose vehicle registrations have been on a downward trend since the beginning of this year, saw a growth of over 3% MoM to 1,525 units in November registrations.
Similarly, Hero Electric’s vehicle registrations increased 18.6% to 790 units from 666 units in October.
PureEV saw an over 67% jump in vehicle registrations to 809 units.
Overall, EV registrations in India, across vehicle categories, stood at 1,43,325 units in November, a year-on-year jump of over 36%.
