India’s electric two-wheeler industry has hit a new high in sales, recording 91,243 vehicles sold in November 2023, marking the highest sales since the reduction of the FAME subsidy. Ola Electric has emerged as the dominant force in the market, with a 30% market share.
The sales mark a significant increase from October 2023, when 74,252 vehicles were sold. The Indian government’s announcement of an additional ₹1,500 crore for the FAME-II program ensures that buyers will continue to receive subsidies on eligible electric vehicle purchases.
Additionally, Ola Electric has broken its own record, achieving an all-time high of 29,808 units sold in November. The company’s month-on-month growth stands at 26.1%. Ola Electric has also introduced new electric scooters, including the S1 Pro Gen 2 and the Ola S1 Air and S1 X models.
TVS Motor and Bajaj Auto have also reported increased sales in November, indicating a positive trend in the electric two-wheeler market. TVS Motor sold 18,935 scooters, while Bajaj Auto sold 11,681 scooters, showing month-on-month growth of 15.88% and 30.78%, respectively.
Furthermore, Hero MotoCorp, with its Vida V1 Pro electric scooter, has reported the highest growth, recording a 58.36% month-on-month increase in sales.
These developments demonstrate the growing popularity and success of electric two-wheelers in India. As the market continues to expand, manufacturers are introducing new models and increasing sales, offering consumers a wider range of options to choose from.