2-Wheeler EV Registrations Surge To A Record 1.36 Lakh Units In March; Ola Sales Cross 50K Mark

The registrations of electric two-wheelers in the country crossed the 1 Lakh mark for the first time in March, driven by a sharp increase in the sales of most of the manufacturers in the category.

Total registrations jumped over 65% month-on-month (MoM) to 1.36 Lakh units last month from 82,500 units in February, showed Vahan data on April 1.

Ola Electric recorded its highest ever monthly vehicle registrations by surpassing the 50,000 units mark. As per Vahan data, the Bhavish Aggarwal-led startup continued to hold the top position with total registrations of 50,538 two-wheeler electric vehicles (EVs) last month as against 33,923 units in February.

In a statement, the IPO-bound startup said its total registrations in March stood at 53,000 units.

“The fact that we recorded almost 1.20 Lakh registrations in Q4 FY24 alone speaks volumes of our robust scooter portfolio, and we aim to continue the growth trajectory,” said Anshul Khandelwal, chief marketing officer of Ola Electric, in the statement.

In March last year, the two-manufacturer had sold over 21,000 units of EVs.

The startup is aggressively expanding its product portfolio and related offerings. It currently has six models in its portfolio. In March, it also inaugurated its 450th service centre in Prayagraj.

Earlier today, Inc42 reported that the EV major has raised INR 410 Cr in debt funding from EvolutionX Debt Capital. 

Meanwhile, TVS Motor maintained its second position in terms of escooter registrations and saw over an 80% MoM rise in March. The legacy automotive company’s EV registrations increased to 26,466 units in March from 14,607 units in February.

In March 2023, TVS Motor sold around 17,000 units of escooters. 

After a slip in February, escooter registrations of Bajaj Auto also zoomed over 50% MoM to 17,900 units in March.

While Bajaj Auto retained the third spot in vehicle registrations in March, it held only a small lead over Ather Energy.

The Bengaluru-based escooter startup saw a sharp 90% MoM increase in registrations to 17,204 units in March. On a year-on-year (YoY) basis, it was a 41% rise from 12,100 escooter registrations. 

However, it is pertinent to note that Ather has been losing its market share since mid-2023 to Bajaj Auto and TVS Motor. The startup has been revamping its product portfolio for the last few months to retain its market share. While the deliveries of its new 450X escooters were expected to begin from March, its newest product Ather Rizta will be making its market debut this month. 

In a market that is clearly showing signs of domination by a handful of players, Hero MotoCorp has also started to grow its sales. In March, the original equipment manufacturer (OEM) saw registrations of 4,060 units of escooters, a massive 151% surge from 1,755 units in February.

While the two-wheeler EV players which were alleged to have been involved in misappropriation of FAME-II subsidy continue to shed market share, they saw improvement in registrations in March.

Okinawa Autotech’s EV registrations stood at 660 units, rising over 3% MoM. Electric bike maker Revolt’s vehicle registrations grew over 23% MoM to 591 units. Ampere Vehicle’s escooter registrations also grew 13% MoM to 138 units in March. 

However, Pure EV and Hero Electric continued to face a decline in sales volume.

Meanwhile, Bengaulru-based two-wheeler OEM River saw a rise in its registrations for another month. Its escooter registrations increased to 165 units in March from 84 units in February and 43 in January.

Recently, it also raised $40 Mn in its Series B funding round, led by Japan’s Yamaha Motor Corporation, to strengthen its product offering and distribution channel.

There were doubts in the EV industry about continuation of subsidies for electric two-wheelers following the controversies related to the FAME-II scheme, which came to an end on March 31. However, the Centre has launched an INR 500 Cr scheme, Electric Mobility Promotion Scheme 2024, to promote emobility from April 1. The new scheme will be in place till the end of July this year. 

The new scheme aims to support 3.33 Lakh electric two-wheelers, with a demand subsidy of up to INR 10,000 per vehicle.

Any decision about launching the third phase of the FAME scheme is expected to be taken post the general elections.

Meanwhile, the total EV registrations in the country, across categories, crossed the 2 Lakh units mark in March and stood at 2.08 Lakh units against 1.4 Lakh units in February.