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Electric 2W Sales in February 2024, Ola, TVS, Bajaj, Hero & Ampere, Get Insight

|Updated on:07-Mar-2024 01:31 PM

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In February 2024, 2W sector sales varied. TVS Motors, Bajaj Auto, and OLA Electric saw notable growth, while Hero, Ather Energy, and Ampere faced declines, reflecting market dynamics.

Electric 2W Sales in February 2024, Ola, TVS, Bajaj, Hero & Ampere, Get Insight
Electric 2W February Sales Overview 

Key Highlights:

  • TVS Motors showcased a positive growth of 15.31% YoY.
  • OLA Electric demonstrated an impressive growth rate of 91.21% YoY.
  • Hero witnessed a drastic decline of 70.12% YoY in electric 2-wheeler sales.

In February 2024, the sales performance of various companies in the 2W (Two-Wheeler) sector showed mixed results compared to the same period last year. While some companies experienced substantial growth, others faced significant declines.

Electric 2W: YoY Sales Performance

2W Sales

FEB'24

FEB'23

Difference

Growth% (YoY)

Hero

1,750

5,858

-4,108

-70.12

TVS Motors

14,510

12,583

1,927

15.31

Bajaj Auto

11,668

2,520

9,148

363.01

OLA Electric

33,743

17,647

16,096

91.21

Ather Energy

8,988

9,982

-994

9.95

Ampere

2606

5,839

-3,233

53.9

Hero: We can see that the sales plummeted drastically by 70.12% compared to February 2023. This substantial decline indicates challenges or changes in the market dynamics affecting Hero's performance adversely.

TVS Motors: The company witnessed a positive growth of 15.31% YoY, reflecting a healthy sales performance. This growth suggests successful strategies or favourable market conditions benefiting TVS Motors.

Bajaj Auto: Bajaj experienced an extraordinary growth rate of 363.01% YoY, indicating a remarkable improvement in sales performance. This significant surge could be attributed to effective marketing strategies or product innovations.

OLA Electric: The company demonstrated an impressive growth rate of 91.21% YoY, indicating strong market demand or successful expansion strategies. OLA Electric's substantial increase in sales highlights its competitive edge in the market.

Ather Energy: Ather experienced a decline of 9.95% YoY, indicating a slight setback in sales performance compared to the previous year. This decline may require further investigation into factors affecting Ather Energy's market position.

Ampere: A significant decline of 53.9% YoY, is faced by the company, indicating challenges or changes affecting its sales performance negatively. Further analysis is needed to identify areas for improvement or strategies to mitigate declining sales.

Electric 2W: MoM Sales Performance

2W Sales

Feb'24

JAN'24

Difference

Growth% (MoM)

Hero

1,750

1488

262

17.6

TVS Motors

14,510

16,276

-1,766

-10.8

Bajaj Auto

11,668

16,276

-4,608

-28.31

OLA Electric

33,743

32,160

1,583

4.9

Ather Energy

8,988

9,209

-221

-2.3

Ampere

2606

15,181

-12,575

-82.8

Hero: The company showcased a commendable performance in February, witnessing a substantial growth rate of 17.6% compared to January. This growth indicates positive consumer response and effective marketing strategies by the company.

TVS Motors: The company experienced a decline in sales by 10.8% in February compared to January. This downturn might be attributed to various factors such as market saturation, competitive pressure, or seasonal fluctuations.

Bajaj Auto: Bajaj encountered a significant decrease in sales, with a notable decline of 28.31% in February. This decline could be indicative of internal challenges or external market conditions impacting consumer demand.

OLA Electric: OLA demonstrated a positive sales trend with a growth rate of 4.9% in February. The increase in sales reflects consumer confidence in the brand's offerings and its position in the electric vehicle market.

Ather Energy: Ather experienced a slight decline in sales by 2.3% in February. While the decrease is marginal, it suggests the need for the company to reassess its sales strategies or product offerings to maintain or improve market share.

Ampere: The company witnessed a substantial decline of 82.8% in sales in February compared to January. This drastic decrease could be due to various factors, including supply chain disruptions, product issues, or market dynamics affecting consumer preferences.

Electric 2W Sales in February 2024, Ola, TVS, Bajaj, Hero & Ampere, Get Insight
Pie E2W Sales in February 2024

2-wheeler OEMs Sales in February 2024

Top 2WL OEMs Feb-2024 Sales

Total

ICE

EV

EV%

Hero 

413,284

411,534

1,750

0.42%

TVS Motors

247,719

233,209

14,510

5.86%

Bajaj Auto

171,051

159,383

11,668

6.82%

OLA Electric

33,743

0

33,743

100.00%

Ather Energy

8,988

0

8,988

100.00%

Hero leads the market with a total of 413,284 units sold in February 2024. Hero recorded the highest number of ICE sales at 411,534 units. It has a nominal presence in the EV segment, with only 1,750 EV units sold. The company’s EV sales account for a marginal 0.42% of its total sales, indicating a comparatively slower transition towards electric vehicles.

TVS Motors followed with 247,719 units sold, securing the second position. TVS Motors have made significant strides in the EV market, with 14,510 EV units sold. TVS Motors has notable proportions of EV sales, constituting 5.86% of its total sales.

Bajaj Auto stands at third place with 171,051 units sold, 159,383 ICE units and 11,668 EV units sold. Bajaj Auto has notable proportions of EV sales, constituting 6.82% of their total sales.

OLA Electric and Ather Energy, although comparatively smaller players, have also made notable sales of 33,743 and 8,988 units, respectively. OLA Electric and Ather Energy have indicated their exclusive focus on electric vehicles, for which they are known.

CarBike360 Says

The February 2024 sales report highlights both successes and challenges within the 2W sector. While companies like TVS Motors, Bajaj Auto, and OLA Electric showed remarkable growth, others like Hero, Ather Energy, and Ampere faced declines or slower growth rates. Understanding these trends and their underlying causes is crucial for companies to adapt their strategies and maintain or improve their market positions.

Tata Altroz Racer Teased Again; Showcases Sporty Characteristics and Features; Details

|Updated on:30-May-2024 07:43 AM

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In a recent development, the brand has released a new teaser of the sportier version of the hatchback. The Altroz Racer will hit the ground in mid-June. Check out more details below.

Tata Altroz Racer Teased Again; Showcases Sporty Characteristics and Features; Details

Tata Altroz Racer: Tata Motors has been teasing the upcoming Atroz Racer for some time now. In a recent development, the brand released a new teaser featuring the sportier version of the hatchback. The Altroz Racer will hit the ground in the mid-June. Looking at the newly released teaser, we can get a clear idea of the features and design language of the upcoming hatchback. If you are curious to know more about the sporty hot hatch, get more details below.

Tata Altroz Racer New Teaser: Everything it Shows

The new teaser showcases some major design elements of the upcoming sports hatchback. Some noticeable things include a vibrant orange paint option with a blacked-out roof which looks similar to the one that was showcased at Auto Expo 2023. Additionally, there are black accents which can be seen on the bonnet, shoulder line, rear door handles and pillars which enhances the visual appeal of the hatchback.

Other noticeable design elements include a new dual white stripes that runs along the roof and bonnet. Also, there’s a Racer badging and shark fin antenna which looks simply great and makes it look like a real sports car in all terms.

Tata Altroz Racer: Features

The Atroz hatchback gets most of the modern features which include a 10.25-inch infotainment touchscreen display supporting Apple CarPlay and Android Auto, a 360-degree camera, a digital instrumental console, HuD, voice-controlled sunroof, connected car technology, a rear parking sensor and cruise control.

Tata Altroz Racer: Engine

the Atroz Racer will be powered by a 1.2 litre, 3-cylinder turbo petrol engine which makes 120 bhp of power and 170 Nm of torque. The 1.2-litre turbo petrol unit will be mated with a 6-speed manual and Dual Clutch Automatic gearbox (DCA) gearbox. Despite generating similar power figures, both the Hyundai i20 N Line and Altroz Racer will differ in performance, depending on the tuning.

Tata Altroz Safety Features

As far as safety is concerned, the Altroz Racer follows Tata’s standards with features such as 6 airbags, electronic stability control (ESC), TPMS, ISOFIX mounts, and 3-point seatbelts with reminders for all. Being an improved version of the standard Altroz, which scored 5 stars on Global NCAP crash tests, the Altroz Racer will definitely be safer in all terms.
 

Jawa Launches Yezdi Adventure Mountain Pack As Standard Kit; Check Details

|Updated on:29-May-2024 01:24 PM

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Jawa Yezdi Motorcycles has launched the Mountain Pack for the Yezdi Adventure, adding touring accessories to the standard kit.

Jawa Launches Yezdi Adventure Mountain Pack As Standard Kit; Check Details

Jawa Yezdi: Jawa Yezdi Motorcycles has launched the Mountain Pack for the Yezdi Adventure, adding touring accessories to the standard kit. Priced at ₹2.15 lakh (ex-showroom), the Mountain Pack was previously an optional accessory for ₹17,000 and is now included in the bike's ex-showroom cost. This offer coincides with the start of the mountain riding season and is available for a limited time.
 

Tata Altroz Exhaust Note, Sunroof, Bonnet/Roof Stripes Revealed in Latest Teaser

|Updated on:29-May-2024 01:17 PM

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Tata Altroz Racer exterior design updates has been revealed in the first video teaser by Tata Motors. Here's what's visible.

Tata Altroz Exhaust Note, Sunroof, Bonnet/Roof Stripes Revealed in Latest Teaser

Tata has revealed the exhaust note, sunroof, bonnet/roof stripes, racer badging & shark fin antenna of the Altroz Racer in the latest teaser video. It is expected to launch sometime in the mid June with the 1.2 litre turbo petrol engine borrowed from Nexon, 6 speed manual gearbox & probably 6 speed DCA auto. Also, it is likely to offer a 10.25 inch touchscreen, HUD (Heads Up Display), 360 camera with rear blind view monitor, wireless AA/AP etc.

Source: RushLane

Upcoming FAME 3 Scheme to Offer INR 10,000 Crore for Hybrid Vehicles

|Updated on:29-May-2024 12:35 PM

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Discover the upcoming FAME 3 Scheme offering INR 10,000 Crore to promote hybrid vehicles. Stay informed about the latest developments in the world of sustainable transportation.

Upcoming FAME 3 Scheme to Offer INR 10,000 Crore for Hybrid Vehicles

The third edition of the Modi government's flagship electric vehicle incentive scheme, FAME (Faster Adoption and Manufacturing of Electric Vehicles), is set to focus on electric two-wheelers, three-wheelers, and government buses. With an allocation of INR 10,000 crore, this scheme aims to bolster electric vehicle adoption in India. The inclusion of electric cars for institutional buyers like taxi aggregators remains undecided. 

Launch Timeline and Financial Outlay

The FAME 3 scheme, with a substantial outlay of INR 10,000 crore, is anticipated to be rolled out within the first 100 days of the new government taking charge. According to a senior official, the scheme will provide financial incentives to electric two-wheelers, three-wheelers, and government-owned buses.

Scope and Coverage

Electric Two-Wheelers and Three-Wheelers

The scheme will extend financial incentives to encourage the adoption of electric two-wheelers and three-wheelers. This continuation aims to support local manufacturing and sales of electric vehicles.

Government-Owned Buses

Government-owned buses will also be included in the incentive scheme, reflecting the administration's commitment to promoting sustainable public transportation.

Undecided Inclusion of Electric Cars

A final decision on the inclusion of electric cars, particularly for institutional buyers such as taxi aggregators, is still pending. Hybrid cars might receive support under FAME 3 if passenger cars are included, subject to adhering to the price cap.

Transition from FAME 2 to FAME 3

Temporary EMPS

FAME 3 will follow the Electric Mobility Promotion Scheme (EMPS), which was introduced as a temporary measure after FAME 2 ended on March 31. EMPS, with an allocation of INR 500 crore, supports the sales of electric two-wheelers and three-wheelers for four months until July.

Previous Incentives Under FAME 2

FAME 2 had provided a 15% subsidy on the sale price of electric scooters. Under EMPS, incentives are reduced to INR 10,000 per electric two-wheeler (down from INR 22,500 in FAME 2) and up to INR 50,000 per electric three-wheeler (down from INR 111,505). Both categories receive incentives of INR 5,000 per kilowatt-hour (kWh).

New Guidelines and Certification

Fresh Certification Requirement

As FAME 3 will be a new scheme, all companies seeking incentives on the sale of electric vehicles must apply for fresh certification. This ensures compliance with the latest standards and guidelines. 

Duration and Validity

FAME 3 is initially expected to be valid for sales made over a two-year period, a shorter time frame compared to the five years under FAME 2. This shorter duration aims to accelerate the adoption and transition to electric mobility.

Carbike360 Says

The FAME 3 scheme aims to continue the momentum of electric vehicle adoption in India, focusing on two-wheelers, three-wheelers, and government buses. While the inclusion of electric cars for institutional buyers remains undecided, the scheme's financial incentives and fresh guidelines are poised to drive the growth of the electric vehicle market.

Hyundai Inaugurates 1st 180 kW DC Fast Charging Station in Chennai

|Updated on:29-May-2024 11:59 AM

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Hyundai has opened the first ultra fast DC charging station in Chennai. The company plans to expand it further to 100 stations.

Hyundai Inaugurates 1st 180 kW DC Fast Charging Station in Chennai

Hyundai India has inaugurated its first 180 kW DC fast charging station in Chennai, Tamil Nadu. Located at Spencer Plaza Mall in Anna Salai, Thousand Lights, the EV charging station is open to all EV cars & not just Hyundai cars. Moreover, Hyundai has also stated its plans to further expand the number of these fast charging stations to 100 in the state of Tamil Nadu.

Source: RushLane

More Than 600 Cars Wrecked as Cyclone Remal Creates Chaos in Kolkata

|Updated on:29-May-2024 11:26 AM

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Cyclone Remal wreaked havoc in Kolkata, damaging 600 cars due to the storm and waterlogging. Anandabazar Patrika reports 250 cars were waterlogged. The police mobilized 600 damaged cars.

More Than 600 Cars Wrecked as Cyclone Remal Creates Chaos in Kolkata

Cyclone Remal: Cyclone Remal has caused extensive damage to cars in Kolkata, affecting around 600 vehicles due to the storm and heavy rain-induced waterlogging. According to Anandabazar Patrika, about 250 cars were damaged solely by waterlogging. The Kolkata Traffic Police reported that their department alone mobilized 600 damaged cars in response to the cyclone's impact.