November 2023 2-Wheeler EV Sales: OLA Electric Leads, TVS & Bajaj Surge, Okinawa Slips

As India forges towards the cleaner and greener electric mobility, it is the high speed 2-wheelers that are expected to lead the mass market adoption of the EVs in the country. And that can be seen in the sales report of high speed 2 wheeler EVs for the month of November 2023. In November 2023, most of the 2 wheeler EV manufacturers saw a significant year-on-year growth as well as month-on-month growth. On the other hand, some manufacturers like Hero Motocorp & Lectrix EV saw a staggering year-on-year growth of 5728.85% & 1196.91% respectively. However, when it comes to highest number of units sold, OLA electric still leads with an year-on-year growth of 81.98% in November 2023.

Nov 2023 2-Wheeler EV Sales of India's Legacy Brands:

The big 3, i.e. Hero Motocorp, Bajaj & TVS have shown a significant year-on-year growth of 5728.85%, 281.98% and 132.47% respectively. Moreover, when it comes to sales comparison with the previous month of October 2023 (month-on-month), here too all the big 3 legacy brands have shown a growth with Hero Motocorp at 44.14%, Bajaj at 25.36% and TVS at 13.97%. This clearly shows that legacy brands that once used to only make ICE 2-wheelers are now focusing greatly on the EV 2-wheelers.

Nov 2023 2-Wheeler EV Sales of Newer Brands:

Two of the biggest non legacy EV 2 wheeler manufacturers of India are OLA Electric and Ather Energy. Both the brands have seen an year-on-year growth of 81.98% & 17.01% respectively. When it comes to sales comparison with the previous month of October 2023 (month-on-month), Ola has seen a growth of 22.32% and Ather has seen a growth of 8.59%.

Other EV 2 wheeler brands like Ampere/Graves Electric, Okinawa Autotech and Okaya EV have seen a significant year-on-year decline of -62.31%, -82.29% and -27.20% respectively. However, Lectrix EV has seen a staggering year-on-year growth of 1196.91% and month-on-month growth of 9.92%.

Source: Vahan Dashboard - Data as per 1355 RTOs out of 1442 RTOs in 34 out of 36 States/UTs

Also Read: Electric Car Sales in India Sees A Minute Decline of 5% in Nov, Tata Motors Continues To Lead

Verdict: The November sales report of the high speed EV 2 wheelers stands in contrast to the November 2023 EV car sales report. The EV car sales in November saw a minute decline of 5% whereas here we can see that most of the EV 2 wheeler makers have seen substantial to staggering growth numbers. This proves that the EV adoption in India is much higher in the 2 wheeler segment than the 4 wheeler/cars segment. Moreover, this is expected to grow even more with manufacturers like OLA aiming to bring an entire lineup of electric bikes in the months to come.