May 2023 Electric two wheeler sales; More than 1 lakh sales in a month for the first time.

Electric two wheeler sales in India crossed the one lakh mark in a single month for the first time. The month of May 2023 witnessed an astounding surge, with electric two-wheeler sales soaring by over 57% compared to April, making it the best month for EV sales in the country so far. Companies like Ather, Ola Electric, TVS, and Bajaj registered their best monthly sales in May.

One of the reasons for the high sales is the fact that May was the last month with the old FAME II subsidy. Under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme, the Indian government had been providing a subsidy of Rs 15,000 per kilowatt-hour (kWh) with a maximum cap of 40 percent of the vehicle cost. However, effective from 1st June 2023, the government has revised the subsidy policy, reducing the subsidy amount to Rs 10,000 per kWh and capping it at 15 percent of the vehicle cost. This policy change will inevitably lead to increased prices for electric two-wheelers, as manufacturers will have to compensate for the reduced subsidy.

Several prominent companies in the electric two-wheeler sector, including Ola and Ather, have already adjusted their pricing to reflect the subsidy reduction. Both companies have announced price increases for their electric scooters.

In May 2023, 1,04,771 electric two-wheelers were sold in India.

Ola Electric has maintained its top position on the sales list. The company reached its best monthly sales figure in May 2023 by selling 28,438 electric scooters.

Ola Electric is the only EV maker to consistently sell over 20,000 electric scooters per month.The company is now focusing on expanding its offline retail network across India. The company has launched 600 stores across the country, and by August 15, 2023, it plans to have a total of 1,000 stores in operation. Ola will begin the deliveries of S1 Air from July 2023.

TVS has secured the second spot in the retail sales list by delivering 20,254 iQube electric scooters in May (its highest monthly sales). Furthermore, TVS is all set to commence deliveries of its flagship e-scooter, the iQube ST, later this year. The sales of TVS’ electric scooters have also shown significant growth in 2023. So far the company has sold over 1 lakh iQube e-scooters in India.

With 15,256 sales, Ather Energy is at number 3 in the sales list in May, followed by Bajaj with 9,911 sales.

May 2023 Electric two wheeler sales list:

• OLA ELECTRIC TECHNOLOGIES PVT LTD – 28,438
• TVS MOTOR COMPANY LTD – 20,254
• ATHER ENERGY PVT LTD - 15,256
• BAJAJ AUTO LTD - 9,911
• AMPERE VEHICLES PRIVATE LIMITED - 9,632
• OKAYA EV PVT LTD - 3,875
• OKINAWA AUTOTECH PVT LTD - 2,905
• HERO ELECTRIC VEHICLES PVT. LTD - 2,109
• BGAUSS AUTO PRIVATE LIMITED - 1,811
• BATTRE ELECTRIC MOBLITY PVT LTD - 1,199
• GREAVES ELECTRIC MOBILITY PVT LTD - 1,155
• LECTRIX EV PVT LTD - 1,000
• KINETIC GREEN ENERGY & POWER SOLUTIONS LTD - 892
• HERO MOTOCORP LTD (VIDA) - 748
• TWENTY TWO MOTORS PVT LTD (Bounce Infinity) - 716
• REVOLT INTELLICORP PVT LTD - 563
• PUR ENERGY PVT LTD - 510
• JITENDRA NEW EV-TECH PVT. LTD - 481
• WARDWIZARD INNOVATIONS & MOBILITY LIMITED (Joy E-bike) - 362
• KLB KOMAKI PVT LTD - 361
• GOREEN E-MOBILITY PVT LTD - 278
• BEING INDIA ENERGY AND TECHNOLOGY PVT LTD - 269
• IVOOMI INNOVATION PVT LTD - 229
• TORK MOTORS PVT LTD - 210
• OTHERS - 1,607
• TOTAL - 1,04,771