Regardless of the lowered subsidy, the buyer-friendly festive season schemes and engaging offers supplied by e-two-wheeler OEMs, October retail gross sales had been the second-highest on this calendar yr thus far, after March 2024 (1,40,333 items).
Ola Electrical: 41,605 items
After two torrid months of promoting lower than 28,000 items (August: 27,615 and September: 24,716) which lowered its market share to lower than 30 %, Ola Electrical has offered 41,605 items in October 2024. This can be a month-on-month enhance of 68 % and a YoY progress of 74 %. The corporate has additionally surpassed its total CY2024 retails of 267,376 items and has offered a further 96,885 items until end-October.
Ola’s gross sales decline in August and September had been attributed to a lot of buyer complaints about service deficiencies. Nevertheless, following the not too long ago listed firm’s assurance that it had addressed 99.1 % of the complaints to the satisfaction of its prospects via its redressal mechanism, gross sales have revived in October.
Consequently, Ola’s market share which was at 27 % in September – down by 11 % it commanded in March and July – has regained momentum in October with 30 % market share. In September, Ola turned the primary EV OEM to surpass 3 lakh items gross sales in a calendar yr.
In an effort to tackle service pointsOla Electrical has introduced a Community Associate program aimed toward being logistically nearer to its prospects. As per a September 26 tweet by CEO Bhavish Aggarwal, 625 companions are already in place. This will likely be expanded to 1,000 by the festive season and to 10,000 by end-2025.
TVS: 29,890 items
Stung by Bajaj Auto taking the No. 2 spot in September, TVS has fought again and regained second place in October. With retail gross sales of 29,890 items, the corporate has registered sturdy 81 % YoY progress (October 2023: 16,507 items) and bought a market share of 21 % final month. For the primary 10 months of this yr, TVS had a market share of 18.41 %.
Like Bajaj Auto, TVS Motor too dispatched the very best variety of iQubes to its sellers in October – 28,564 items and the transfer has paid off as a result of it is October retails are its highest month-to-month numbers but.
Additionally See: New TVS electrical two-wheeler launch by March 2025
Bajaj: 28,188 items
Bajaj Auto continues to reap wealthy dividends within the e-scooter market. The corporate, which dispatched a document month-to-month excessive of 28,517 Chetaks in September to its sellers throughout India forward of the festive season kicking in, has offered 28,188 Chetaks in October 2024, up 211 % YoY (October 2023: 9,070 items). Like TVS, that is Bajaj Auto’s greatest month-to-month rating but.
In September 2024, Bajaj with 19,198 items had gone forward of longstanding No. 2 OEM, TVS Motor Co (18,218 items) however TVS regained traction and its second rank in October with 29,890 items. This implies the Bajaj Chetak has a 20 % market share in October and 15.56 % for the primary 10 months of this yr.
Bajaj’s YoY speedy charge of progress in comparison with TVS helps it shut the hole with the longstanding No. 2 e2W OEM. This can be a results of surging client demand, ramped-up manufacturing of almost 20,000 items monthly and an expanded Chetak retail gross sales community.
Ather Vitality: 15,984 items
Ather Vitality maintains its No. 4 rank with 15,984 items in October, up 88 % YoY (October 2023: 8,484 items). The corporate registered its greatest month-to-month gross sales in March (17,427 items) however slid to 4,143 items in April. Since then, Ather retails have risen month on month proper until October. October retails give the Hosur-based OEM a market share of 11.49 % in comparison with 6 % a yr in the past.
Vida (Hero MotoCorp): 7,309 items
The world’s largest two-wheeler producer and the final of the large legacy gamers to enter the EV market is seeing demand choose up for its Vida model of e-scooters. The corporate, which hit its best-ever month-to-month retails of seven,309 items in October 2024, clocked 443 % YoY progress on a low year-ago base of 1,937 items. The sturdy efficiency is seen within the elevated market share to five % from 1 % in October 2023.
Hero MotoCorp has began scaling up model presence for Vida and its community now stands at 203 touchpoints comprising 180 sellers throughout 116 cities.And it already has 2,500 charging stations in collaboration with Ather Vitality, during which Hero MotoCorp was an early investor.
Like all of the main EV OEMs, Hero MotoCorp too is specializing in decreasing product value. In an earnings convention name on August 14, Niranjan Gupta, CEO, Hero MotoCorp stated: “We’re working very aggressively, and on the powertrain aspect, to carry the prices down by technological enhancements, by localization, clearly, by bringing scale. You will note that profit popping out into our additional launches as properly. You will see inexpensive merchandise popping out later this yr.”
Greaves Electrical Mobility: 3,981 items
Greaves Electrical Mobility (GEM), the fifth-ranked OEM on this checklist, offered 3,981 e-scooters in October 2024, down 5 % YoY (October 2023: 4,184 items). GEM launched its new Ampere Nexus e-scooter on April 30. GEM’s cumulative 10-month gross sales at 27,782 items are a 67 % enhance over the 16,650 items within the January-October 2023 interval. Its October 2024 and first 10 months of CY2024 market shares are similar at 3 %.
Greaves Electrical Mobility, like the opposite 5 OEMs above it, can also be specializing in value optimization. In a Q1 FY2025 earnings name on August 13, government director and CEO Okay Vijaya Kumar stated: “We have now been in a position to make appreciable inroads when it comes to our costing of key elements and merchandise on one aspect. The opposite aspect is broadly we have now checked out our value, form of a value rationalization whereby we’re getting nearer to constructing our efficiencies a lot greater than the place we had been.”
Additionally See: Ola Electrical claims to have addressed 99.1 % of complaints towards it
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Kanishk Singh has always had a keen interest in fast-paced cars. For the past three years, he has been writing about automobiles, but his fascination with cars dates back even further. He thoroughly enjoys learning about their features and expressing his thoughts through his writing. Kanishk also has a profound interest in the stock market, shares, and business strategies. He possesses a wealth of knowledge on these subjects and consistently writes articles on them. Currently, he is working as a writer for Lattestnews24, specifically focusing on the Automobile, Finance, and Business categories. His well-crafted words are highly appreciated by the readers, as they find them both informative and creative.