The rebound in electric two-wheeler registrations continued in November in the post-FAME II subsidy reduction period, supported by festival season sales.

Electric two-wheeler registrations stood at 91,182 units in November 2023, an increase of 22 per cent over October 2023 volumes of 74,930 units. The growth was 19 per cent when compared to November 2022 volumes of 76,794 units, according to information on Vahan Dashboard.

Last month saw the E2W industry clock the second-highest monthly volumes in this calendar year. The previous monthly peak was reported in May (at 105,554 units), mainly due to pre-buying ahead of the expected price increases of vehicles, on account of a reduction in the FAME II subsidy from June 1.

Amid a recovery in registrations, two-third of the volumes in the E2W segment last month, was contributed by Ola and two leading 2W majors – TVS and Bajaj Auto.

E2W market leader Ola Electric’s registrations stood at 29,764 units in November when compared to 23,821 units in October this year, an increase of 25 per cent.

Bhavish Aggarwal, Founder and CEO of Ola Electric, said the company volumes in November were the highest ever. Ola expects the trend to continue in December, closing the year on a new high.

The second largest player, TVS Motor, also reported growth in its electric scooter sales, which rose 15 per cent at 18,931 units, when compared to 16,462 units in October 2023. “The booking pipeline for TVS iQube continues to be healthy,” said the company.

Baja Auto snatched the third position from Ather Energy as the leading two-wheeler maker, and saw its electric scooter sales surge 29 per cent in November at 11,668 units against 9052 units in the previous month.

Ather Energy’s E2W registrations grew to 9166 units during the last month, up from 8410 units in October 2023. “The electric 2-wheeler market is approaching volumes seen before subsidy revisions, and we anticipate a positive end to 2023,” said Ravneet Singh Phokela, Chief Business Officer, Ather Energy

Greaves Electric sold 4410 units in November (4172 units in October), HeroMotoCorp and Okinawa sold 3030 (1935) units and 1604 units (1474) respectively. Some of the other players who sold more than 1000 units of E2Ws in November month include Bgauss Auto (1606 units), Okaya EV (1298 units), Lectrix EV (1258 units), WardWizard Innovations (1185 units)

Total electric three-wheeler volumes stood at 53,762 in November when compared with 56,836 units units in October.

In November, the total electric passenger vehicle registrations grew to 7007 units, down from 7390 units in October. Tata Motor remained the leader with sales of more than 4600 units, followed by MG Motor (885 units), Mahindra & Mahindra (492 units), BMW (259 units) and Hyundai (160 units), among others.

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