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No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices

No FAME, no gain? India’s electric two-wheeler sales decline after increase in prices
  • The sales of electric two-wheelers have taken a massive hit in June 2023.
  • This comes amid an increase in prices due to reduction of the subsidy offered under the FAME India phase 2 scheme.
  • Top EV makers have reported a decline of up to 70% in sales in June.
The Indian government’s decision to revamp the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India Phase 2 scheme by reducing the subsidy prompted EV makers like Ola, TVS and Ather to significantly increase the prices of their electric two-wheelers.

The increased prices have impacted the sales of electric two wheelers in the month of June as the revised prices came into effect from June 1. Let’s take a look at how the sales have declined for this segment.

June sales decline by up to 70%

All the major electric two-wheeler makers have reported a decline in sales in the month of June.

Company

June 2023

May 2023

Change

Ola Electric

17,572

28,629

-38.62%

TVS Motor

7,791

20,397

-61.80%

Ather Energy

4,543

15,407

-70.51%

Bajaj Auto

2,966

9,965

-70.24%

Okinawa Autotech

2,616

2,907

-10.01%


Source: Vahan

Ola Electric, whose sales have been on a steady increase over the past few months, sold 17,572 scooters in June, down from 28,629 units in May, a decline of 38.62%. The company had increased the prices of its electric scooters by up to ₹15,000 effective June 1.

TVS Motor, the maker of the iQube electric scooters, reported sales of 7,791 scooters in June 2023, down from 20,397 in May. The company’s sales declined by 61.80%. The company increased its prices between ₹17,000 to ₹22,000.

Up next is Ather Energy, which is the worst-hit among the top 5 EV two-wheeler makers. The company sold 4,543 scooters in June, down from 15,407 a month earlier, a decline of 70.51%. The company had increased the prices of its electric scooters by up to ₹30,285.

Bajaj Auto has also taken a big hit, with a decline of 70.24%. The company’s sales decreased from 9,965 in May to 2,966 in June. The company had raised the price of its scooters by ₹22,000.

Okinawa has taken a 10% hit in sales, reporting sales of 2,616 units in June, down from 2,907 units in May.

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