Electric two-wheeler sales in India have continued to improve, recording a new high since the reduction in FAME subsidy came into effect from June 1, 2023. November has emerged as the second-best month for electric two-wheelers makers in India, after May 2023.
The electric two-wheeler industry recorded sales of 91,243 vehicles in November 2023, the second highest in the year. This is up from 74,252 vehicles sold in October 2023.
The Indian government has announced a fresh infusion of ?1,500 crore for FAME-II programme. This will ensure that buyers will continue to receive subsidies on eligible electric vehicle purchases.
Electric two-wheeler sales in November 2023
| COMPANY | NOVEMBER | OCTOBER | GROWTH |
| Ola Electric | 29,808 | 23,644 | 26.1% |
| TVS Motor | 18,935 | 16,340 | 15.88% |
| Bajaj Auto | 11,681 | 8,932 | 30.78% |
| Ather Energy | 9,171 | 8,289 | 10.64% |
| Greaves Electric | 4,691 | 4,470 | 4.94% |
| Hero MotoCorp | 3,031 | 1,914 | 58.36% |
Ola records a new all-time high
Bhavish Aggarwal-led Ola Electric has recorded a new all-time high in sales at 29,808 units, beating the company’s previous high of 28,728 units in May 2023. The company’s sales in October were 23,644 units, putting the company’s month-on-month growth at 26.1%.
Ola Electric had introduced the S1 Pro Gen 2 electric scooter and also pushed the affordable electric scooters, the Ola S1 Air and the Ola S1 X during the festive season.
Ola Electric has sold over 2.36 lakh electric scooters so far in 2023.
TVS Motor reports decent growth
TVS Motor, which sells the iQube electric scooter, has reported decent growth and continues to hold the second position. The company sold 18,935 scooters in November 2023, up from 16,340 scooters in October 2023, recording a 15.88% growth.
Bajaj Auto continues at third spot
Bajaj Auto, which sells the Chetak electric scooter continues on the third spot and has increased its margin against Ather Electric. The company sold 11,681 scooters in November 2023, up from 8,932 scooters in October, recording a 30.78% month-on-month growth.
Hero MotoCorp reports good growth
Hero MotoCorp, which sells the Vida V1 Pro electric scooter, emerged as the fastest growing company in November. The company sold 3,031 scooters in November 2023, up from 1,914 scooters sold in October 2023, recording a month-on-month growth of 58.36%.
