Sale of Electric Two-Wheelers Surpass 100,000 Units After Four Months

Electric two-wheeler sales in July surpass 100,000 units after four months. Retail sales of electric two-wheelers saw a smart month-on-month rise in July 2024 to 106,949 units. The sales volume has increased by 34% on June’s 79,868 units. Whereas there is an increase of 96% year-on-year (July 2023:54,616 units). This strong growth was expected as the now-extended electric-mobility promotion scheme 2024 (EMPS) was to have ended on July 31 with e-scooter and bike buyers advancing their purchase decisions ahead of that date.

The electric two-wheeler segment accounts for 60% of overall India EV retail sales in July. While Ola Electric sells over 41,500 units for a 39% share of the market, the numbers battle between TVS and Bajaj Auto is getting intense. According to the data published by India’s Vahan website, electric two-wheelers maintained a strong ratio at a 60% share of the total 1,78,948 EVs sold in India in July 2024 and helped drive overall industry numbers by 53% YoY.

Electric two-wheeler OEMs have been impacted by the now-reduced subsidy which saw most EV makers hike product prices. The wallet-friendly long-term USP of an EV remains a big draw when compared to the price of petrol, which currently costs Rs 103.44 a litre in Mumbai.