October gross sales have been 631,174 items, up 41% YoY to 688,442, leading to 750,000-80,000 items bought
It’s predicted that October and November of 2023 shall be groundbreaking months for each India EV Inc and India Auto Inc. The festive interval, which lasts for 42 days starting on October 15 and ending 15 days after Dhanteras, is driving a rise in shopper spending on new automobile purchases, benefiting each the ICE and EV segments. As of 5 a.m. on November 1, the federal government of India’s Vahan web site reported {that a} complete of 71,604 electrical two-wheelers have been bought in October 2023, in accordance with retail gross sales information.
October 2023 marked the third highest gross sales month with a complete of 82,416 items bought, trailing behind Could 2023 (105,521 items) and March 2023 (86,339 items). March is normally a excessive gross sales month as a result of fiscal yr end-year-end whereas Could’s record-breaking gross sales have been attributed to prospects speeding to buy e-two-wheelers earlier than the 25% FAME subsidy discount that got here into impact on June 1, 2023.
It may be inferred that gross sales figures for October 2023 would have been larger if we took into consideration the shraddh interval (September 29-October 14) when many individuals in India are likely to postpone new purchases. Nevertheless, it’s value noting that regardless of this, demand was very sturdy within the second half of final month.
In October 2023, gross sales within the retail sector have been down by 7% as compared to the earlier yr, with 77,267 items bought. Regardless of a gradual begin within the first half of the month, gross sales picked up within the second half. The demand for electrical autos has grown, and it has now exceeded month-to-month gross sales achieved earlier than the FAME subsidy was lowered by 25% in June 2023. This displays the rising maturity of the market, as shoppers at the moment are keen to purchase EVs at larger costs.
It has been reported that since June 2023, a complete of 298,935 electrical autos (EVs) have been bought at larger costs because of the lowered FAME subsidy. It could be remembered that the gross sales of e-two-wheelers sharply declined to 46,064 items in June 2023 after the FAME subsidy was lower by a fourth, reaching an 11-month low.
Over the primary 9 months of CY2023, gross sales have reached a formidable 688,442 items, which is a 41% enhance in comparison with the 489,726 items bought between January and October of 2022. Which means that India EV Inc. has already surpassed all the retail gross sales of CY2022, which noticed 631,174 items bought over the yr. There are nonetheless two months left within the calendar yr, and with the festive season ongoing, together with Diwali and Dhanteras in November, it’s anticipated that the Indian electrical two-wheeler business will shut out CY2023 with complete gross sales within the vary of 750,000 to 800,000 items, leading to 18% to 25% year-over-year progress.
India’s prime 25 electrical two-wheeler OEMs in October 2023
EV OEM
September
October
Ola Electrical
18691
22565
TVS Motor Co
15584
15729
Bajaj Auto
7097
8519
Ather Power
7151
8113
Greaves Electrical
3612
4050
Hero MotoCorp
532
1889
Okinawa Autotech
1790
1430
BGauss Auto
936
1147
Lectrix EV
735
1036
Wardwizard Improvements
690
864
Okaya EV
885
853
Revolt Intellicorp
887
676
Hero Electrical
843
660
Pure Power
532
470
Kinetic Inexperienced
234
385
Ampere Automobiles
585
352
KLB Komaki
351
297
Quantum Power
300
255
Battre Electrical
257
226
Tork Motors
150
168
Jitendra New EV
165
150
Goreen E-Mobility
236
178
Ivoomi Innovation
144
148
Being India Power
167
103
Twenty Two Motors
153
101
Bajaj Auto now holds 30% of the market, whereas Ola holds 31%
After analyzing the Vahan retail gross sales information, it’s evident that out of the 165 OEMs in India’s extremely aggressive e-two-wheeler market, the highest 9 EV producers have managed to promote greater than 1,000 items every. Collectively, they bought 64,478 items, which accounts for 90% of the full gross sales in October. Ola Electrical and TVS Motor Co are the highest two EV OEMs with retails in 5 figures, whereas the others have bought much less.
As predicted final month, the market chief in electrical autos, Ola Electrical, bought greater than 20,000 items in October. With 22,565 items bought, the corporate has grown its already vital market share to 31%. It has additionally achieved sturdy month-on-month (MoM) progress of 21%. Moreover, the corporate has surpassed the 200,000 gross sales milestone within the first 10 months of 2023. With the current launch of its refreshed S1 collection of e-scooters, which has already obtained over 75,000 bookings, we will anticipate Ola Electrical to proceed with its sturdy momentum within the coming months.
TVS Motor Co bought 15,729 items in October, which is simply 0.93% MoM progress from September’s 15,584 items. This provides the corporate a market share of twenty-two%, which is three proportion factors larger than its July share of 19%. From January to October, TVS bought 134,279 iQubes. The iQube mannequin achieved a cumulative gross sales milestone of 200,000 in September, simply 45 months after its launch in January 2020. In August, the corporate launched its new premium EV flagship, the TVS X, at a mega occasion in Dubai. The TVS X is priced at Rs 250,000.
It’s fascinating to notice that Bajaj Auto has considerably elevated the manufacturing of the Chetak scooter and can be increasing its community. In October, they bought 8,519 Chetaks which is a 20% enhance from September’s 7,097 items. This marks Bajaj Auto’s second-best month-to-month efficiency, with the finest efficiency being 9,983 items bought in Could 2023. This places them forward of Ather Power, though Ather stays a powerful No. 3 with cumulative gross sales of over 88,390 items within the final 10 months, in comparison with Bajaj’s 49,077 items.
Throughout October, Ather Power skilled 13.45% progress in retail gross sales, promoting 8,113 items, in comparison with September after they bought 7,151 items. Ather Power is likely one of the electrical automobile authentic gear producers that’s working in direction of offering simpler financing choices for potential prospects. In July, the corporate introduced 100% on-road financing for its e-two-wheelers, only a month after introducing a 60-month mortgage product. This initiative resulted in month-to-month EMIs as little as Rs 2,999, in partnership with IDFC First Financial institution, HDFC Financial institution, Hero FinCorp, Bajaj Finance, Axis Financial institution, and Cholamandalam Finance.
Greaves Electrical Mobility ranked fifth, and recorded its finest month-to-month gross sales efficiency of 4,050 items in October, representing a 12% enhance in progress in comparison with the earlier month. Its sister firm, Ampere Automobiles, ranked fifteenth with gross sales of 352 items in October. Mixed, the 2 EV divisions bought 4,402 items, sustaining their place in fifth place.
Within the meantime, Hero MotoCorp has taken the sixth place forward of Okinawa Autotech with its Vida scooter. The corporate bought a complete of 1,899 Vida Scooters in October which is 255% MoM progress in comparison with September 2023 the place solely 532 items have been bought. The spectacular efficiency could be attributed to the aggressive advertising and marketing methods that Hero MotoCorp has employed.
Okinawa Autotech has dropped to the seventh place with 1,430 items, which is a 20% decline in gross sales in comparison with the earlier month (September 2023: 1,790 items). The corporate launched CY2023 in January with 4,408 items, however now it appears to be struggling as a result of elevated competitors and decreased gross sales.
A document variety of 1,147 items have been bought by BGauss Auto for October, a 22% MoM enhance, and the corporate is constant to take care of a gradual progress charge.
In addition to Lectrix EV, Wardwizard Improvements, and Kinetic Inexperienced, a number of different OEMs reported sturdy gross sales progress MoM, together with Lectrix EV (1,036 items / up 41%), Wardwizard Improvements (864 items / up 25%), and Kinetic Inexperienced (385 items / up 64%).
November shall be a month of accelerated gross sales
The electrical two-wheeler business witnessed strong gross sales momentum in October, which is anticipated to additional enhance in November 2023 because of the festive season of Diwali and Dhanteras falling within the first fortnight itself.
Rising petrol costs throughout the nation have prompted an growing variety of private two-wheeler customers to modify to electrical mobility because it proves to be extra cost-effective in the long term.
The last-mile supply demand for electrical cargo two-wheelers in city, rural, and suburban areas is a catalyst for the gross sales and growth of a number of producers.
Group orders are helpful to electrical automobile producers. India EV Inc. is anticipated to take care of a stable progress trajectory within the coming months as a result of improved financial situations, rising shopper confidence, and OEMs providing enhanced new merchandise to capitalize on the rising shopper shift towards electrical autos.
On the identical time, the full variety of electrical autos bought within the first ten months of this yr surpassed 1.2 million, which requires a distinct sort of research.
Knowledge supply: Vahan Dashboard & Autocar Skilled
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