Ola Electric, the electric two-wheeler market leader in India, has become the first EV maker in the country to achieve retail sales of 3 lakh units in a single calendar year. Fittingly enough, the company recorded the milestone on September 9 – World EV Day. As per the latest Vahan retail sales data, Ola Electric has delivered a total of 3,04,393 units (as of September 10, 11 am). With four months left to go in the current calendar year, expect Ola to cross sales of 4,00,000 units.
Ola Electric, which has averaged monthly sales of 37,220 units between January-August 2024, currently has a 41 percent market share in the year to date.
Ola has been the first e-two-wheeler OEM to hit the 1 lakh, 2 lakh, and 3 lakh sales milestones in India. While its retails in the last few months of CY2021 were just 240 units, CY2022 saw Ola register sales of 1,09,396 units – which was more than the combined sales of Ather Energy (51,808 units), the then No. 2 OEM, and TVS Motor Co (47,812 units).
In CY2023, Ola sold 2,67,365 units, which constitutes a handsome 144 percent year-on-year growth, giving it a huge lead of 1,00,786 units over its immediate rival, TVS Motor Co which sold 1,66,579 iQubes. Now, in the first eight months (January-August 2024) and nine days of September 2024, Ola with 3,04,393 units, is already 37,028 units ahead of its CY2023 sales. This gives the company an overall 41 percent share of the e-two-wheeler market, well ahead of TVS Motor Co (1,32,078 iQubes and 18 percent market share), Bajaj Auto (1,05,680 Chetaks and 14 percent market share) and Ather Energy (76,834 units and 10 percent market share).
TVS and Bajaj cross 1 lakh sales in current year
The e-two-wheeler industry is the largest contributor to EV sales in India and accounts for a 57 percent share. The segment, at present, is well set to surpass the 1-million sales milestone for the first time in CY2024 and is currently 2,01,181 units shy of CY2023’s record 9,48,444 units. The e2W industry will need to record strong double-digit growth in the September-December period if it is to hit the 2 million milestone for the first time in CY2024.
Along with Ola, TVS Motor Co and Bajaj Auto are the two other OEMs to have recorded six-figure sales numbers. While TVS has sold 1,32,078 iQubes in the January 1-September 9, 2024 period, Bajaj Auto has sold 1,05,680 Chetaks. And the battle between the two legacy players, both of which launched their e-scooters in the same month (January 2020), has turned intense. The sales gap between TVS and Bajaj, which was 94,642 units in CY2023, is currently 26,398 units in the current year, with four months to go for CY2024 to end.
Also See: Bajaj Chetak Premium, Urbane to soon become more affordable
Hormazd Sorabjee
Sahil Kukreja
