Ola Electric, India’s leading electric two-wheeler manufacturer, has set a new benchmark by becoming the first EV company in the country to surpass 3 lakh unit sales within a single calendar year. This milestone was achieved on September 9, coinciding with World EV Day. According to the latest Vahan retail sales data, as of 11 am on September 10, Ola Electric has delivered a total of 3,04,393 units. With four months remaining in the year, the company is on track to exceed 4 lakh unit sales by the end of 2024.
Ola Electric has maintained an average of 37,220 units sold per month between January and August 2024, capturing a dominant 41% market share year-to-date. The company has consistently set sales records, being the first electric two-wheeler OEM to reach the 1 lakh, 2 lakh, and now 3 lakh sales milestones in India. While its retail numbers were modest in late 2021 with just 240 units, Ola’s sales surged to 1,09,396 units in 2022, surpassing the combined sales of its closest competitors, Ather Energy and TVS Motor Co.
In 2023, Ola Electric sold 2,67,365 units, marking a significant 144% year-on-year growth and establishing a substantial lead over its nearest rival, TVS Motor Co, which sold 1,66,579 iQubes. As of early September 2024, Ola has already surpassed its 2023 sales figures by 37,028 units, further cementing its market leadership with a 41% share, far ahead of TVS Motor Co (18% market share with 1,32,078 iQubes), Bajaj Auto (14% market share with 1,05,680 Chetaks), and Ather Energy (10% market share with 76,834 units).
Industry Overview: E-Two-Wheeler Segment Poised for Record Growth
The electric two-wheeler segment remains the largest contributor to EV sales in India, accounting for 57% of the total market. With the segment poised to surpass the 1-million sales mark for the first time in 2024, it currently trails last year’s record of 9,48,444 units by 2,01,181 units. Strong double-digit growth in the remaining months of 2024 will be essential for the industry to achieve the 2 million sales milestone for the first time.
Alongside Ola, TVS Motor Co and Bajaj Auto are also making significant strides in the market, each achieving six-figure sales in the current year. TVS has sold 1,32,078 iQubes, while Bajaj has delivered 1,05,680 Chetaks from January 1 to September 9, 2024. The competition between these legacy manufacturers, both of whom launched their e-scooters in January 2020, has intensified, with the sales gap between TVS and Bajaj narrowing from 94,642 units in 2023 to 26,398 units so far in 2024, with four months remaining in the year.
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