Electric Two-Wheeler Sales Report for May 2023

TVS, Bajaj Auto, Ola, and Ather recorded the highest Sales in May!

According to the Latest data from the government's VAHAN portal, monthly retail sales of electric two-wheelers in May 2023 reached a new high of 1,04,755 units. It represents a 57% increase compared to April 2023, when 66,724 units were sold. It can be inferred from these figures that an average of 3,379 electric two-wheelers were sold per day in May 2023.

The record-breaking retail sales of 1,04,755 units in May 2023 surpassed the previous highest sales figure of 85,452 units in March 2023 by a margin of 19,303 units. On the other hand, sales in April 2023 experienced a decline of 22% in comparison to the previous month.

Electric Two-Wheelers Total Domestic Sales Data for May 2023

This data indicates a positive trend in adopting electric two-wheelers, with a substantial increase in sales in May 2023 compared to the previous months.

The government's decision to revise the FAME II subsidy on May 22, 2023, affected sales in significant numbers. The subsidy was reduced from Rs. 15,000 per kWh to 10,000 kWh. Moreover, the incentive is also reduced to 15% from the earlier benefit of 40%. Therefore, it made the buyer rush and buy the Electric Vehicles before the price hike. As a result, the number of two-wheelers sold between May 23 and May 31, 2023, shows an increase from 46,838 to 57,917 Electric Two-Wheelers sold. It means that 7239 units were sold in just eight days.

Sales Report of Top Electric Two-Wheelers in May 2023

The top three, Ola Electric, TVS Motor Co, and Ather Energy, witnessed substantial increases in demand for their goods. Bajaj Auto climbed to fourth place for the first time, with a 168 per cent month-on-month gain in sales to 9,910 units. All four EV manufacturers also had their best-ever monthly sales.

Market leader Ola Electric registered sales of 28,438 units, including the S1 and S1 Pro e-scooters. It was a 29 per cent increase over its previous sale of 21,991 units in April 2023. 

TVS Motor's iQube also crosses the barrier of 20,000 units with 20,253 units, exceeding its previous high of 17,878 units in March 2023. It also represents an increase of April's 8,751 units.

Ather Energy which was in third place, also observed a growth of 15,256 units, with an increase of 96% from April's sales of 7786 units. Ampere Vehicles finished sixth with 9,618 units, a 15% increase over April's 8,324 units. The combined sales of these five companies comprise 83,475 units out of 1,04,755 EVs sold in May, accounting for 80% of overall sales last month. 

Okaya EV, which has sold almost 2,000 units since the calendar year began, is now among the top EV OEMs for the first time, with sales of 3,875 units. 

The reduction in FAME II subsidy from June 1 is expected to increase the prices of e-scooters and e-motorcycles by an estimated 10 to 15% The price rise can reduce the sale of Electric Two-wheelers in the coming months, which is expected to revive later during the festive season.

Despite the impact of higher prices due to reduced subsidies, the domestic electric two-wheeler industry still holds strong growth prospects. Moreover, the rise in fuel prices and eco-friendly options make Electric Two-wheelers preferable among users.

Make sure to check - Bajaj Auto Sales Report May 2023 Records a 17% YTD Growth

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