Ola continues to top EV sales chart in February

In February 2023, three manufacturers – market leader Ola Electric, TVS Motor Co and Ather Energy – registered new vehicle retails of over five figures. Let’s take a closer look at how the electric two-wheeler market fared in terms of sales in the past month. 

All sales numbers are from the government’s VAHAN portal as of March 8, 2023.

Ola Electric: 17,667 units

With 17,667 units, Ola Electric saw its second-best monthly sales this fiscal after January 2023’s 18,282 units. It leads the rankings and has a 27 percent share of this segment for February. With a total of 1,29,866 units for the first 11 months of FY2023 and a good lead over rival OEMs, the company is set to be the market leader for this fiscal.

TVS: 12,573 units

TVS Motor Co is the surprise package, taking the No. 2 position for the second straight month and 19 percent market share. The company has consistently improved its market performance, month on month, and February’s 12,573 units as per VAHAN are its best monthly sales yet, bettering the 10,423 units in January. However, it’s worth noting that TVS themselves reported higher sales of 15,522 units in February, which is likely down to the fact that the VAHAN portal doesn’t include data for a few states.

Ather Energy: 10,013 units

Ather Energy is in third position with 10,013 units in February 2023, its best monthly retails since launch. Like TVS though, Ather itself has reported higher sales of 12,147 units this month. The Bengaluru-based start-up narrowly bettered its January 2023 performance of 9,139 units. Meanwhile, cumulative 11-month sales are 63,963 units.

Hero Electric: 5,861 units

Erstwhile market leader Hero Electric retailed 5,861 units in February 2023. This is down on the manufacturer’s January 2023 number of 6,393 units. Hero’s cumulative sales for FY2023 so far stand at 80,954 units. The company’s slowed-down monthly sales result from its FAME-II subsidy being revoked. 

Ampere: 5,842 units

Ampere Vehicles with 5,842 units in February 2023 is the No. 4 manufacturer in February and has 74,932 units to its name for the first 11 months of FY2023. The company recently launched the new Primus e-scooter and updated Zeal EX in our market. 

Okinawa Autotech: 3,842 units

Similar to Hero Electric, Okinawa Autotech also had its FAME-II subsidy revoked, which has led to a decline in sales. The manufacturer managed 3,842 registrations in February, down from the 4,404 units in January 2023. Okinawa’s cumulative sales for FY2023 stand at 89,785 units.

Chetak Technology: 1,314 units

Bajaj sold a total of 1,314 units of its Chetak electric scooter in February 2023, down from its January figure of 2,615 units. The company recently slashed prices, increased the range and launched a new variant of the Chetak, which should boost the e-scooter’s sales in the coming months.