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

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

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

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.

2-wheeler OEMs Sales in February 2024

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.

Hero MotoCorp has launched the updated 2024 Xtreme 160R 4V, priced at ₹1.38 lakh (ex-showroom). The new Xtreme 160R 4V includes significant upgrades such as dual-channel ABS, a redesigned pillion seat, new paint schemes, and enhanced safety features. The 160cc segment has always been lucrative, and the 2024 Xtreme 160R 4V aims to strike a balance between style and substance for buyers.

In June 2023, Hero MotoCorp introduced the Xtreme 160R with features like USD telescopic front forks, a 4V head, and an oil-cooling setup. Despite these improvements, enthusiasts called for dual-channel ABS, which has now been included in the 2024 Xtreme 160R 4V. The new Xtreme 160R 4V also features a refreshed design, with a new Kevlar Brown color option, in addition to the existing Neon Shooting Star and Stealth Black.

The most noticeable design update is the new black and bronze colorway with striking decals. The split seat design has been replaced with a single-piece seat for enhanced comfort. Additionally, there is a new LED tail light that looks more modern and premium. The 2024 model of the Xtreme 160R 4V also introduces a first-in-segment panic brake alert system that enhances safety by flashing the rear lights during emergency braking.

New Features of the 2024 Hero Xtreme 160R 4V:

Dual-channel ABS: Increases safety and completes the bike's feature set.
Panic Brake Alert: First-in-segment feature that flashes rear lights under emergency braking.
Drag Race Timer: New feature for recording 0-60 km/h sprints.
  
The powertrain remains the same, with a 163.2cc single-cylinder oil-cooled SOHC 4V engine delivering 16.6 bhp and 14.6 Nm of torque, paired with a 5-speed gearbox. The primary competitors for the 2024 Hero Xtreme 160R 4V include the TVS Apache RTR 160 4V and Honda Hornet 2.0.

Ather Energy has made a significant entry into the family scooter market with the launch of the Rizta in India. This new electric scooter is available with two battery pack options: 2.9 kWh and 3.7 kWh. While the deliveries of the 2.9 kWh variant have already begun, there was a delay with the 3.7 kWh version. However, Ather has announced that deliveries of the Rizta 3.7 kWh will start by the end of July.

Impressive Range and Charging

The 3.7 kWh battery pack offers a claimed range of up to 159 km. However, in real-world conditions, the range is expected to be around 125 km on a single charge. The scooter comes with Ather's Duo 700W charger, which charges the battery from 0 to 80 percent in 4 hours, and from 0 to 100 percent in 6 hours and 10 minutes. Using the Ather Grid, you can recharge 15 km of range in just 10 minutes. The battery pack is also IP67 dust and water-resistant, ensuring durability in various conditions.

Powerful Motor and Performance

The Rizta is powered by the same electric motor found in the 450X model. This motor delivers a peak power of 4.3 kW and a peak torque output of 22 Nm. It can accelerate from 0 to 40 kmph in just 4.7 seconds. The electric motor is IP66 resistant, providing additional protection against dust and water.

Advanced Features

The 3.7 kWh version of the Rizta comes with several advanced features. One of the highlights is the Magic Twist feature, which allows the rider to increase brake regeneration by twisting the throttle in the opposite direction. Additionally, the scooter includes Skid Control, which functions as a traction control system to enhance safety.

The Rizta S base model is equipped with the DeepView LCD instrument console from the 450S, which includes turn-by-turn navigation. In contrast, the Z variants feature a TFT screen with Google Maps navigation. It's worth noting that the S trim comes with a standard seat and does not include a pillion backrest, while the Z trim offers a standard pillion backrest and a premium seat.

With these features and options, Ather Energy aims to cater to a wide range of customers looking for a reliable and advanced electric scooter. Many eagerly anticipate the upcoming deliveries of the 3.7 kWh version.

Maruti Suzuki has unveiled its latest offering in the hatchback segment, the Ignis Radiance Edition, with prices starting at Rs 5.49 lakh. The Ignis Radiance edition comes as part of the company's strategy to revitalize sales in the mass market segment, which has experienced a slowdown recently.

The Ignis Radiance Edition brings cosmetic enhancements to the popular hatchback, with variations based on the trim level:

• Entry-level Sigma trim: Priced Rs 35,000 lower than the standard model, it includes wheel covers for 15-inch steel wheels, door visors, and chrome accents.
• Higher-spec Zeta and top-spec Alpha trims: Also priced Rs 35,000 lower, these variants feature new seat covers, black cushions, door cladding, and door visors.

Notably, the mid-spec Delta variant is not available in the Radiance Edition line-up.

The Ignis Radiance Edition retains the same mechanical specifications as the standard model. It is powered by an 83hp, 1.2-litre petrol engine, offering both manual and AMT gearbox options to cater to diverse driver preferences.

In the competitive hatchback market, the Ignis Radiance Edition faces off against rivals such as the Hyundai Grand i10 Nios and Citroen C3. It also competes with other Maruti Suzuki models like the Wagon R, Swift, and Baleno.

With its attractive pricing and added features, the Ignis Radiance Edition aims to appeal to budget-conscious buyers looking for a refreshed look in the small car segment. The introduction of this special edition model demonstrates Maruti Suzuki's efforts to maintain its strong position in the Indian automotive market.

Key Highlights:

• Total turnover reaches Rs. 6.14 lakh crore (USD 74.1 billion)

• 9.8% growth over the previous year

• Robust performance in both domestic and export markets

• Sales to OEMs Boosted by Increased Vehicle Production

In FY 2023-24, sales of auto components to Original Equipment Manufacturers (OEMs) in India surged by 8.9%, reaching Rs. 5.18 lakh crore (USD 62.4 billion). This growth was driven by the increased production of vehicles, higher consumption of value-added components, and a market shift towards larger and more powerful vehicles.

Export Performance

Exports of auto components grew by 5.5%, totaling Rs. 21.2 billion (USD) in 2023-24, compared to USD 20.1 billion in the previous year. Key markets included North America, which accounted for 32% of exports, showing a growth of 4.5%. Europe and Asia followed, with Europe growing by 12% and Asia remaining flat. The primary export items were drive transmission & steering, engine components, body & chassis, and suspension & braking systems.

Import Trends

Imports of auto components also saw an increase, rising by 3.0% to USD 20.9 billion from USD 20.3 billion in the previous year. Asia was the largest supplier, accounting for 66% of imports, followed by Europe and North America at 26% and 8%, respectively. Key import items included engine components, body & chassis, suspension & braking systems, and drive transmission & steering.

Aftermarket Growth

The aftermarket sector experienced a significant boost due to the increased movement of vehicles and higher demand for used vehicles. The turnover in this segment reached Rs. 93,886 crore (USD 11.3 billion) in FY 2023-24, up from Rs. 85,333 crore (USD 10.6 billion) in the previous year. This growth was attributed to enhanced e-commerce penetration and the sector's gradual evolution into a more organized structure.

Industry Outlook

Vinnie Mehta, Director General of ACMA, highlighted the positive impact of stable vehicle production and the robust aftermarket on the industry's growth. Shraddha Suri Marwah, President of ACMA and CMD of Subros, emphasized the contribution of higher value addition from component makers and the growth in auto component exports despite global challenges. The industry remains optimistic for FY 2025, expecting continued growth supported by strong macro-economic indicators, government policies, and an anticipated over 7% growth in Indian GDP.

Carbike360 Says

The Indian auto component industry has shown remarkable resilience and growth in FY 2023-24, driven by robust vehicle production, strong export performance, and a thriving aftermarket sector. The outlook for the coming year remains positive, with expectations of sustained growth and further industry consolidation.

Renault has introduced the all-new Duster in Turkey, marking its global debut. The Turkish plant serves as the primary production hub for the new Renault Duster. The new Duster showcases slight styling variations compared to its Dacia counterpart, particularly in the front fascia, featuring a unique radiator grille and bold 'RENAULT' lettering replacing the rhombus logo.

Key features of the new Renault Duster include:

• Length: 4,343 mm
• Wheelbase: 2,658 mm
• Ground clearance: 209 to 217 mm

The Duster SUV is available in two trim levels: Evolution and Techno. Standard features include:

• 17-inch wheels (18-inch optional)
• LED lights
• 10.1-inch touchscreen infotainment system
• 7-inch digital instrument cluster
• Comprehensive safety package

The new Duster offers three powertrain options:

1. 1.0 TCe LPG dual-fuel engine (100 hp)
2. Full hybrid E-Tech powertrain (145 hp)
3. Mild hybrid setup with 1.2 TCe turbo petrol engine (130 hp)

Pricing for the new Renault Duster in Turkey starts at 1,249,000 Liras (approximately Rs 32 lakh) for the base LPG variant. The E-Tech hybrid range begins at 1,530,000 Liras (around Rs 39 lakh), while the mild hybrid all-wheel drive version starts at 1,580,000 Liras (about Rs 40 lakh).

The India launch of the new-gen Duster is anticipated in 2025. However, the Indian version may differ slightly from the international model in terms of styling and powertrain options. Upon its arrival, the Renault Duster 2024 will compete in the popular compact SUV segment in India.

Kia India is enhancing its flexible mobility solutions by adding the EV6 to its popular ‘Kia Lease’ program. This follows the program's successful debut, which has already gained considerable traction within just two months.

Exclusive Lease Plan for Key Professionals

The lease plan for the Kia EV6 is available at a special rate of INR 1.29 Lakhs per month. This comprehensive package includes insurance, maintenance, pick-up and drop services, scheduled and unscheduled services, and 24/7 roadside assistance (RSA).

The EV6 lease program is exclusively offered to:

• Doctors: Registered with the Indian Medical Association (IMA) or a state medical association, and heads of registered medical institutions, hospitals, or clinics.

• Chartered Accountants: Registered with the Institute of Chartered Accountants of India (ICAI) and heads of CA firms or ICAI members.

• Self-employed Professionals: Including a select group of corporates.

Impressive Features of the EV6

The Kia EV6 stands out with its sleek and modern design, impressive performance, and range. It offers a remarkable driving range of up to 708 km and supports fast charging from 0 to 80% in just 18 minutes using a 350kW charger. The vehicle also delivers sporty performance, accelerating from 0 to 100 km/h in just 5.2 seconds.

Safety is a top priority with the EV6, which comes equipped with 8 airbags, an ADAS Level 2 suite, and other advanced safety features such as Electronic Stability Control (ESC), blind spot monitoring, rear cross-traffic alert, and a 360-degree camera system.

Kia's Commitment to Sustainable Mobility

Mr. Myung-Sik Sohn, Chief Sales Officer (CSO), Kia India, commented, “The Kia Lease program has seen significant success in Metro and Tier I cities. Adding the EV6 highlights our dedication to meeting customer demands and providing advanced technology along with sustainable mobility solutions. The positive feedback reassures us of the program's future potential and our goal to make our vehicles more accessible.”

About the Kia Lease Program

In partnership with ORIX Auto Infrastructure Services Limited, Kia India launched the Kia Lease program to offer a new ownership experience. The program is designed for those with extended mobility needs, providing lease terms from 24 to 60 months with various mileage options. Besides the EV6, the program offers lease plans for other Kia models such as the Sonet, Seltos, and Carens at INR 17,999, 23,999, and 24,999 per month, respectively.