Strong growth in EV sales, Ola Electric leads
EV sales in India are on the rise and FY2023 has registered historic results for the segment in India. The segment has registered cumulative sales 7,20,733 units in FY2023. In comparison, in FY2022, OEMs managed to sell 2,52,539 units. A major part of this growth, almost 80 per cent, has been contributed by just six manufacturers! The top six manufacturers this year are Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, TVS Motorco and Ather Energy.
Ola Electric has topped the post-sales 1,51,344 units and has gathered 21 percent of the market share in India. The company is the only company in this segment to cross the 1 lakh units mark. The second position is held by Okinawa Autotech, which surpasses the Bengaluru-based EV startup with 57,211 units. Okinawa, however, has managed to maintain its position despite the recent cancellation of the FEM subsidy by the Government of India.
Hero Electric, which previously held the top spot, has slipped to the third spot; managed to sell so far 89,165 units. This displacement can be attributed to the withdrawal of FAME subsidy. Ampere Vehicles is on track to sell 83,659 units in FY2023. The company has made strides in the space and launched a suite of new products to get the ball rolling. TVS has managed to sell 80,565 units with its sole iQube premium electric scooter offering and the numbers can only go higher for the company’s lineup of EVs that is planned to arrive in FY2024.
aether energy is found 76,277 buyers in FY2023 and the company has new products in the pipeline that could see it cross the milestone of 1 lakh unit sales soon. Bajaj’s Chetak premium electric scooter was brought home by 28,098 owners. The company hopes to boost these numbers with recent updates and some new experience touchpoints.
