- The Indian electric two-wheeler industry has reported a significant decline in sales.
- The decline comes amid an increase in prices due to the end of the FAME
subsidy scheme . Ola Electric has emerged as the market leader with over 50% market share.
While the boost in sales in March 2024 was fueled by an expected increase in prices and push by companies to sell more scooters before the end of FY, the significant decline might be a concern for EV makers.
Bhavish Aggarwal-led Ola Electric, which did not announce a price hike despite the reduction in subsidy recorded its highest ever market share at 51%.
Ola Electric sold 33,062 vehicles in April 2024, up from 21,882 scooters sold in April 2023. While this is significantly lower than the 50,545 vehicles it sold in March 2024.
The company sold 3,26,428 vehicles in FY24 with a market share of 35%.
TVS Motor continued to occupy the second position with 7,653 vehicles sold in April 2024, down from 8,728 vehicles sold in April 2023. The company had increased the prices of its electric scooters by up to ₹6,000 with the end of the FAME subsidy.
The company had recorded its best-ever monthly sales of 26,478 vehicles in March 2024. The company sold 1,82,933 electric two-wheelers in FY24 and recorded a market share of 20%.
Bajaj Auto has taken over the third position from
The company had announced a price hike of up to ₹12,000 after the end of the FAME subsidy scheme. In March 2024, the company sold 17,933 scooters, taking the total number of scooters sold in FY24 to 1,06,431.
Ather Energy sold 4,052 vehicles in April 2024, down from 7,746 vehicles sold in April 2023. The company’s month-on-month performance also took a hit due as it increased the prices of its scooters by up to ₹16,000.
The company had sold 17,221 vehicles in March 2024, registering its best-ever monthly numbers. The company sold 1,08,870 vehicles in FY24 and recorded a 12% market share.
The popular FAME subsidy scheme, which offered subsidies to electric vehicles to boost their adoption has come to an end. This has been replaced by the new Electric Mobility Promotion Scheme (EMPS) 2024, which was announced during the interim budget in February and is valid for four months from April 2024.
The EMPS 2024 scheme, which kicked off on April 1, 2024, is valid till July 31, 2024. As part of the scheme, the subsidy on electric two-wheelers has been set at ₹5,000 per kilowatt-hour of battery capacity with a capping of ₹10,000 per vehicle. This is lower than what was earlier offered with the FAME scheme.
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