October 2023: Electric Two-Wheeler Sales Hit 71K, 10-Month Total Reaches 688K.

Due to the festive season and exciting offers from top two-wheeler brands, October and November 2023 are anticipated to register record sales for Indian EVs and Auto. During the 42 days of festive season, starting from October 15 to 15 Days after Dhanteras, the ICE and EV segments are continuously seeing incredible sales spikes.

According to the Government of India’s Vahan website, as of November 1, 2023, 71,604 electric two-wheelers were sold in October 2023.

With last month’s two-wheeler sales data, it's clear that even after the FAME subsidy cut, the sales of electric two-wheelers in the Indian market are growing. The cumulative sales for April-October 2023 and January-October 2023 have registered at 471,325 units and 688,442 units, respectively, increased by 27% and 41% YoY.

October 2023 has become the third month to register the highest sales after May 2023, with 105,521 units, and March 2023, with 86,339 sales units. The demand for motorcycles and electric scooters was also high because of the Shradh period, which was from September 29 to October 14; it’s a time when most Indian customers avoid purchasing new vehicles. Though the October retail sales figure of electric two-wheelers indicate a positive growth in sales figure, the sales figures were 7% lower compared to the sales figure of October 2022, recorded at 77,267.

ELECTRIC TWO -WHEELER RETAIL SALES BETWEEN JANUARY AND OCTOBER 2023 & YOY COMPARISON

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Total ||----------|--------|--------|--------|--------|----------|--------|--------|--------|--------|--------|----------|| CY2023 | 64,691 | 66,087 | 86,339 | 66,869 | 1,05,521 | 46,065 | 54,577 | 62,729 | 63,960 | 71,604 | 6,88,442 || CY2022 | 30,121 | 35,738 | 54,403 | 53,287 | 42,408 | 44,392 | 46,603 | 52,223 | 53,284 | 77,267 | 4,89,726 || % change | 115% | 85% | 59% | 25% | 149% | 4% | 17% | 20% | 20% | -7% | 41% |

HOW INDIA EV INC HAS FARED IN THE FIRST 10 MONTHS OF CALENDAR YEAR 2023

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Total ||----------|----------|----------|----------|----------|----------|----------|----------|----------|----------|----------|-----------|| CY2023 | 1,02,871 | 1,07,219 | 1,40,906 | 1,11,350 | 1,58,396 | 1,02,535 | 1,16,450 | 1,27,014 | 1,28,246 | 1,34,193 | 12,29,180 || CY2022 | 51,469 | 58,070 | 83,082 | 77,531 | 69,904 | 75,860 | 80,872 | 89,006 | 94,903 | 1,17,498 | 7,98,195 || % change | 100% | 85% | 70% | 44% | 127% | 35% | 44% | 43% | 35% | 14% | 54% |

The data also indicates that around 298,935 electric two-wheelers have been sold out since June 2023 at higher prices after a reduced FAME subsidy. Moreover, the cumulative sales of the first nine months of CY2023 were recorded at 688,442 units, 41% higher than January-October’s 2023 sales, which was 489,726 units. The India EV sales have even surpassed the entire CY2022 retail sales of 631,174 units, and two months are remaining, showcasing a further increase in CY 2023 two-wheeler sales data.

According to experts, the Diwali and Dhanteras shopping for electric two-wheelers can increase sales to 7,50,000 to 8,00,000 units, translating into 18% YoY growth.

Brand Wise Electric Two-Wheeler Sales Report for October 2023

Around 165 OEMs' two-wheeler sales data for October 2023 was revealed by the Government of India’s Vahan website. The top 9 electric two-wheeler manufacturers sold over 1,000 units while collectively generating 64,478 units, contributing 90% of total sales in October. Ola Electric and TVS Motor Co are two top electric two-wheeler brands in India, according to sales figures.

Ola Electric sold 22,565 units in October 2023, commanding 31% of the market share and registering 21% of MoM growth. The EV maker has already surpassed the 2,00,000 units of sales milestone in the first ten months of CY2023. Along with Ola Electric, the S1 series of e-scooters has already touched 75,000 bookings.

TVS Motor CO sold 15,729 units last month, registering 0.93 MoM growth and a market share of 22%. The two-wheeler manufacturer generated 15,584 sales in September 2023, continuously maintaining a stable sales figure in the domestic market. The data also states that the company TVS sold 134,279 units of iQubes between January and October, while the iQube has achieved the 2,00,000 units of sales milestone in just 45 months since it launched in January 2020. In August 2023, TVS Motor launched its premium and flagship EV, the TVS X, with a starting price of Rs 250,000 at a mega event in Dubai.

Bajaj Auto, a popular two-wheeler brand in India with a large portfolio in the domestic market and flagship offerings like the Chetak scooter, registered 8,519 units of sales in October, 20% up from September’s 7,097 units of sales. October was the second-best month for Bajaj Auto after May 2023, when it sold 9,983 units of electric two-wheeler.

Ather Energy witnessed monthly sales of 8,113 units, accounting for 13.45% of MoM growth when compared to the September 2023 7,151 units of sales figure. In July, Ather announced 100% on-road financing for its on-sale electric two-wheelers and also offered a 60-month loan product with a starting EMI of Rs 2,999. The company partnered with IDFC First Bank, HDFC Bank, Hero FinCorp, Axis Bank, Bajaj Finance, and Cholamandalam Finance to offer its finance services to customers.

Greaves Electric Mobility stood fifth with sales of 4,050 units in October, registering 12% of MoM growth. The sister company of Greaves, Ampere Vehicles, stood at 15th position with sales of 352 units in October. The combined October month sales for this electric two-wheeler brand reached 4,402 units.

Hero MotoCorp, with the flagship offering Vida scooter, got 1,899 sales units in October and witnessed 255% MoM growth. In September 2023, Hero sold out 532 Vida scooters to domestic customers.

Okinawa Autotech secured its ranking in seventh position with October sales of 1,430 units, a 20% MoM decline when compared to September 2023, with sales of 1,790 units. In January 2023, the company got 4,408 units of sales, which has continuously declined in recent months.

Bgauss Auto hit the best monthly sales in CY2023 with 1,147 units and 22% MoM growth. Other OEMs also saw a positive trend in their monthly sales, like Lectrix EV, which sold 1036 units and registered 41% of MoM growth, while Wardiwizard Innovations and Kinetic Green sold 864 units and 385 units of sales and 25% and 64% of MoM growth, respectively.

| EV OEM | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | MoM Change ||------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|------------|| Ola Electric | 18,353 | 17,772 | 21,428 | 22,063 | 28,726 | 17,678 | 19,384 | 18,736 | 18,691 | 22,565 | 20.72% || TVS Motor Co | 10,464 | 12,674 | 16,891 | 8,758 | 20,433 | 7,868 | 10,398 | 15,480 | 15,584 | 15,729 | 0.93% || Bajaj Auto | 2,626 | 1,219 | 2,207 | 3,720 | 9,983 | 3,006 | 4,123 | 6,577 | 7,097 | 8,519 | 20.03% || Ather Energy | 9,227 | 10,071 | 12,183 | 7,800 | 15,427 | 4,600 | 6,679 | 7,139 | 7,151 | 8,113 | 13.45% || Greaves Electric | 87 | 153 | 382 | 551 | 1,155 | 1,440 | 2,159 | 2,925 | 3,612 | 4,050 | 12.12% || Hero MotoCorp | 157 | 304 | 298 | 145 | 751 | 465 | 990 | 914 | 532 | 1,889 | 255.00% || Okinawa Autotech | 4,408 | 3,846 | 4,510 | 3,218 | 2,908 | 2,619 | 2,265 | 2,001 | 1,790 | 1,430 | -20.00% || Bgauss Auto | 716 | 667 | 781 | 771 | 1,814 | 191 | 661 | 923 | 936 | 1,147 | 22.54% || Lectrix EV | 117 | 201 | 188 | 320 | 1,000 | 115 | 150 | 210 | 735 | 1,036 | 40.95% || Wardwizard Innovations | 157 | 215 | 260 | 295 | 364 | 440 | 458 | 527 | 690 | 864 | 25.21% || Okaya EV | 1,265 | 1,232 | 1,764 | 1,563 | 3,877 | 424 | 784 | 1,151 | 885 | 853 | -3.61% || Revolt Intellicorp | 14 | 79 | 1,140 | 526 | 572 | 714 | 484 | 514 | 887 | 676 | -23.78% || Hero Electric | 6,401 | 5,863 | 6,662 | 3,333 | 2,110 | 1,137 | 779 | 783 | 843 | 660 | -21.70% || Pur Energy | 717 | 488 | 584 | 506 | 510 | 819 | 516 | 499 | 532 | 470 | -11.65% || Kinetic Green | 1,028 | 817 | 1,645 | 848 | 897 | 203 | 232 | 384 | 234 | 385 | 64.52% || Ampere Vehicles | 4,370 | 5,851 | 9,348 | 8,324 | 9,621 | 1,602 | 1,414 | 773 | 585 | 352 | -39.82% || KLB Komaki | 307 | 337 | 402 | 346 | 361 | 362 | 363 | 420 | 351 | 297 | -15.38% || Quantum Energy | 38 | 33 | 26 | 72 | 59 | 79 | 218 | 271 | 300 | 255 | -15.00% || Battre Electric | 170 | 129 | 81 | 652 | 1,200 | 83 | 135 | 291 | 257 | 226 | -12.06% || Tork Motors | 62 | 24 | 88 | 84 | 210 | 45 | 66 | 90 | 150 | 168 | -12.00% || Jitendra New EV | 522 | 308 | 350 | 264 | 481 | 41 | 18 | 24 | 165 | 150 | -9.09% || Goreen E - Mobility | 298 | 337 | 324 | 247 | 278 | 316 | 232 | 244 | 236 | 178 | -24.57% || Ivoomi Innovation | 149 | 141 | 194 | 227 | 229 | 188 | 227 | 164 | 144 | 148 | 2.77% || Being India Energy | 571 | 337 | 446 | 340 | 269 | 253 | 195 | 143 | 167 | 103 | -38.32% || Twenty Two Motors | 520 | 416 | 363 | 324 | 720 | 164 | 198 | 132 | 153 | 101 | -33.98% |

Electric Two-Wheeler Sales Projection for November 2023

While October 2023 saw promising sales for electric two-wheelers in India, the sales figures will likely be even higher in November 2023. During the month, particularly on Diwali and Dhanteras, the sales of EVs, including electric scooters and bikes, are likely to increase exponentially. The rise in petrol prices and availability of several budget-friendly and durable electric two-wheelers has attracted Indian customers to prefer EVs over traditional two-wheeler options.

Further, the OEMs offer new product deals, exchange offers, and finance options to make the purchase more convenient for EV buyers. EV sales across the country have touched the 1.2 million mark in the first ten months of CY2023.

Stay tuned with CarBike360 for future updates on electric two-wheeler sales data.