Ola Electric and TVS E2W Sales Boost in March
The electric two-wheeler (E2W) market in India has hit a new high, with total registrations crossing 85,000 units in March 2023, a 100% year-on-year increase. According to Vahan data, the EV industry registered a total of 7,26,551 units in FY 2022-23, a 2.8X jump over the last fiscal.
The March E2W sales were 60% higher than March 2022 and 30% higher than February 2023, with Ola Electric and TVS leading the sales surge. Ola Electric sold over 21,274 EVs in March, while TVS sold 16,779 units, and Ather Energy sold 12,079 units, securing the top three positions.
The sustained demand for electric two-wheelers is expected to fuel market expansion, with new players entering the space and driving growth in the sector.
Ola Electric claims to have recorded its best month ever in March, with sales of over 27,000 units (registered sales + bookings), while Ather Energy sold 11,754 units (registered sales + bookings) in March ’23, recording a 353% YoY growth.
TVS Motors witnessed a huge increase in sales of its iQube electric scooter last month, selling 15,364 units (sales + bookings). The sustained demand for electric two-wheelers is expected to fuel market expansion, with analysts predicting continuous innovation, improved products, and new-age startups entering the space, driving growth and increasing competition in the sector.
In March 2023, Hero Electric launched its latest range of smart, connected electric scooters, while TVS will begin deliveries of its flagship e-scooter, the iQube ST, later this year. Ola has also expanded its S1 portfolio to six models, launching three new variants of the Ola S1 Air and the newest variant for the Ola S1 family, which uses a 2 KWh battery. River, another Bengaluru-based EV startup, has recently launched its electric scooter, Indie, which is now open for pre-order for just Rs 1,250.
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