Electric two-wheeler sales rise in Nov as Ola Electric scales a new high

• The Indian electric two-wheeler industry has recorded sales of 91,243 vehicles in November 2023.
• November has seen the highest sales since the introduction of reduced FAME subsidy.
• Ola Electric is dominating the electric two-wheeler market with a 30% market share.

Electric two-wheeler sales in India have continued to improve, recording a new high since the reduction in FAME subsidy came into effect from June 1, 2023. November has emerged as the second-best month for electric two-wheelers makers in India, after May 2023.

The electric two-wheeler industry recorded sales of 91,243 vehicles in November 2023, the second highest in the year. This is up from 74,252 vehicles sold in October 2023.

The Indian government has announced a fresh infusion of ₹1,500 crore for FAME-II programme. This will ensure that buyers will continue to receive subsidies on eligible electric vehicle purchases.
Electric two-wheeler sales in November 2023

Company	November	October	Growth
Ola Electric	29,808	23,644	26.1%
TVS Motor	18,935	16,340	15.88%
Bajaj Auto	11,681	8,932	30.78%
Ather Energy	9,171	8,289	10.64%
Greaves Electric	4,691	4,470	4.94%
Hero MotoCorp	3,031	1,914	58.36%

Ola records a new all-time high
Bhavish Aggarwal-led Ola Electric has recorded a new all-time high in sales at 29,808 units, beating the company’s previous high of 28,728 units in May 2023. The company’s sales in October were 23,644 units, putting the company’s month-on-month growth at 26.1%.

Ola Electric had introduced the$4 electric scooter and also pushed the affordable electric scooters, the Ola S1 Air and the Ola S1 X during the festive season.

Ola Electric has sold over 2.36 lakh electric scooters so far in 2023.
TVS Motor reports decent growth
TVS Motor, which sells the iQube electric scooter, has reported decent growth and continues to hold the second position. The company sold 18,935 scooters in November 2023, up from 16,340 scooters in October 2023, recording a 15.88% growth.
Bajaj Auto continues at third spot
Bajaj Auto, which sells the Chetak electric scooter continues on the third spot and has increased its margin against Ather Electric. The company sold 11,681 scooters in November 2023, up from 8,932 scooters in October, recording a 30.78% month-on-month growth.
Hero MotoCorp reports good growth
Hero MotoCorp, which sells the$4 electric scooter, emerged as the fastest growing company in November. The company sold 3,031 scooters in November 2023, up from 1,914 scooters sold in October 2023, recording a month-on-month growth of 58.36%.

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