Ola’s Market Share Dips To 24% As Electric 2W Registrations Slip In November

After a blockbuster October due to the festive season boost, most electric two-wheeler manufacturers witnessed a dip in their monthly vehicle registrations in November.

Total registrations declined over 18% month-on-month (MoM) to 1.14 Lakh units last month, as per Vahan data on November 30. On a year-on-year (YoY) basis, registrations rose 23.5%.

Ola Electric, which crossed the 40,000 mark in October, saw its registrations slump 33% MoM to 27,746 units in November. 

The Bhavish Aggarwal-led company has been seeing severe volatility in its vehicle sales in recent months amid rising competition and customer complaints about its after-sales service. 

Ola Electric’s registrations in November were almost at par with August, when the number stood at 27,613 units. However, the registrations last month were higher than 24,736 units in September.

Meanwhile, despite a 13% dip in its sales volume, TVS Motor almost touched Ola Electric’s registration numbers last month. The legacy automotive player’s escooter registrations stood at 26,036 units in November.

While Ola Electric managed to maintain its top position, its market share in the electric two-wheeler market dipped to 24% from about 30% in October. On the other hand, TVS Motor’s market share increased to about 23% in November from 21.5% in the preceding month. 

Bajaj Auto also continued to give tough competition to Ola Electric, with its total vehicle registrations at 24,978 units in November. Even as its monthly sales dipped about 12% MoM, Bajaj posted its second-highest monthly vehicle registrations in November. 

The automotive player claimed almost a 22% market share in November as against about 20% market share in the previous few months.

Meanwhile, IPO-bound Ather Energy saw a little over 24% decline in registrations to 12,217 units last month from 16,148 units in October. Its monthly sales volume was almost close to 12,908 units posted in September this year.

While most electric two-wheeler players’ sales volume dipped last month, electric motorcycle maker Revolt’s vehicle registrations more than doubled, albeit at a much smaller base. Revolt’s registrations stood at 1,918 units in November as against 952 units in the preceding month.

Earlier this year, Revolt also forayed into the Sri Lankan market. In September this year, the EV maker also launched a new bike model Revolt RV1, which it claims to be India’s first electric motorcycle designed for the commuter segment. With price starting at INR 84,990, the ebike poses significant competition to the escooters players.

On the other hand, Greaves and Ampere together posted 4,391 units in vehicle registrations in November, an increase of 9% MoM. Earlier this year, Greaves Electric Mobility launched its first family escooter, Ampere Nexus, marking an important shift in its EV strategy.

However, other electric motorcycle players, including Oben Electric and Ultraviolette saw a major dip in their vehicle registrations in November. While Oben’s volume fell to 50 units from 139 units in October, Ultraviolette’s registrations fell to 27 units in November from 50 units the month before.

Despite the volatility, the size of the electric two-wheeler market is rising steadily. With an eye on giving a further boost to the ecosystem, the Centre is said to be planning to expand incentives to electric automakers building models at existing factories. 

Overall EV registrations, across categories, stood at 1.67 Lakh units in November, increasing 30% year-on-year.

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