EV Sales Report February 2024 Ola & Tata at all Time High
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
This month’s EV sales report blew the market amid numerous EV discounts and price drops. The market is now at an all-time high. The growth was noticed in both the 2-wheeler and 4-wheeler markets, but the companies that did join the bandwagon of discounting prices didn’t show any significant growth rate.
One interesting takeaway from the February sales report is the growth in electric car sales. As a 2-Wheeler-heavy country, India has a significantly smaller scope of car sales, and electric cars being the costliest of all; they are expected to have a nominal growth rate. But with the grace of auto giants like Tata Motors and its price drop, the EV 2-wheeler market saw significant growth in FEB.
In this article, we’ll look at the sales numbers of electric 2W and 4W, compare them with the previous month’s sales numbers and decode what the reports say.
Electric 2 Wheelers Sales Report Feb 2024:
Brand | February | January | Feb vs Jan % Change |
Ola Electric | 33,722 | 32,160 | 4.86% |
TVS Motors | 14,500 | 15,181 | -4.48% |
BAJAJ AUTO | 12,997 | 10,742 | 21.20% |
ATHER ENERGY | 8,983 | 9,209 | -2.47% |
GREAVES ELECTRIC | 2,484 | 2,351 | 5.70% |
HERO MOTOCORP | 1,750 | 1,487 | 17.71% |
BGAUSS AUTO | 1,349 | 1,485 | -9.09% |
LECTRIX EV | 923 | 2004 | – |
KINETIC GREEN | 867 | 820 | 5.73% |
Joy E Bike | 841 | 975 | -13.75% |
Market Leaders and Their Achievements
- Ola Electric: Dominating the Market
Ola Electric continues to dominate the electric two-wheeler market in India. In February 2024, Ola Electric sold almost 34,000 units, showing a 4.85% MOM increase compared to JAN 2024.
Comprising 41% of all the electric scooters sold in Feb 2024 and a total market share of 36%, Ola Electric continued its domination in the EV market.
Ola Electric’s success can be attributed to its price drop under the Valentine’s Month offer.
Here’s the price drop in the month of February:
E-Scooter | Old Price | New Price | Price Cut |
Ola S1 Pro | 1,47,499 | 1,29,999 | 17,500 |
Ola S1 Air | 1,19,999 | 1,04,999 | 15,000 |
Ola S1X+ | 1,09,999 | 84,999 | 25,000 |
2. TVS Motor
Shockingly, the TVS motors sales have decreased by 4.5% from last month, and not releasing more updates or launching any new scooter could be a potential reason for the dipping sales report. Despite showing a negative sales growth, it stayed at the second position, showing the intense and deep connection TVS holds among the audience. A potential reason for TVS’s current position could be its strong dealership network in different states and cities.
3. Bajaj Auto:
Bajaj Auto has shown a great jump by growing 1/5th times of the last month’s sales. Being a legacy player in the industry, it’s doing great and, for the EV market, has great plans for upcoming launches.
The Bajaj Chetak, the company’s sole electric scooter, experienced rising demand and accounted for a 13% market share in February, a significant jump from the 4% market share held in January 2023.
Factors Driving Electric Two-Wheeler Sales
Greater Availability of New Products
One of the factors contributing to the growth of electric two-wheeler sales in India is the increasing availability of new products. Manufacturers have launched refreshed and improved models, attracting a wider audience. Ola Electric’s revived S1 series and TVS Motor Co’s iQube show how product innovation has driven sales.
Expansion of Electric Charging Infrastructure
The expansion of the electric charging infrastructure in the private and public sectors has also played a crucial role in promoting the adoption of electric two-wheelers. The availability of charging stations across cities has alleviated range anxiety and increased consumer confidence in electric mobility.
Long-Term Cost Savings
While the initial cost of an electric scooter or motorcycle may be higher than their petrol-powered counterparts, the long-term cost savings associated with EVs have attracted growing riders. Lower maintenance and operating costs and government incentives make electric two-wheelers a more economical choice in the long run.
Demand for Last-Mile Deliveries
The demand for last-mile deliveries in urban and rural areas has catalysed the sales of cargo-transporting electric two-wheelers. With the rise of e-commerce and increased focus on sustainable logistics, businesses opt for electric vehicles to fulfil their delivery needs. This trend has led to bulk orders and increased sales for electric two-wheeler manufacturers.
Early Adoption of EVs
In anticipation of the FAME subsidy potentially ending in April 2024, personal EV and fleet buyers may advance their purchases. This anticipation has created strong demand in the first three months of CY2024. The uncertainty surrounding the future of the subsidy has prompted buyers to transition to electric mobility sooner rather than later.
Featured Articles
Bounce Infinity E1 Price, Range, Specs, & Features – 2024
H. Karan Kumar
Updated on Sept 19, 2023 | 6 min read
Bounce Infinity at a glance:
The Bounce Infinity E1 electric scooter is a compelling choice for eco-conscious commuters seeking a blend of style, performance, and affordability. With its sleek design, impressive range, and a host of smart features, the E1 promises a delightful riding experience in the urban jungle.
At the heart of the E1 lies a robust 2 kW motor that delivers a spirited 55 kmph top speed, ensuring you easily navigate city streets. The scooter’s 2.5kWh Li-ion battery boasts a remarkable range of up to 100 km, keeping you on the move without range anxiety. Moreover, the E1 features regenerative braking, which intelligently converts braking energy back into battery power, extending your range further.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
Bounce infinity specifications:
Bounce Infinity Dimensions:
| Kerb weight | 94kg |
| Load Capacity | – |
| Seat height | 780mm |
| Wheel-base | 1260mm |
| Ground clearance | 155mm |
Bounce Infinity Dimensions:
Kerb weight | 94kg |
Load Capacity | – |
Seat height | 780mm |
Wheel-base | 1260mm |
Ground clearance | 155mm |
Bounce infinity features
- Drive Modes: Eco, Power and Turbo,
- Cruise Control
- Turbo Mode with Hill Assist
- Over Temperature Audio Alarm
- Digital Console
- Smartphone app support
- Combi Brake System
- 12 L boot space.
- Regenerative Braking system
Bounce Infinity price and warranty:
With a 100km range and 55km/h top speed, this scooter comes among the average segment electric scooters. The Bounce Infinity E1 is priced at ₹1,12,999/- ex-showroom, but you don’t need to pay all upfront.
Now, Lease the Bounce E1 electric scooter for an easy monthly fee and enjoy perks like free maintenance, charging support, insurance, and much more.
Bounce Infinity E1 Warranty:
Bounce Infinity comes with the best-in-class warranty for both vehicle and battery. Vehicle alone comes with 3 yrs/40000* Kms, whichever comes first. Battery alone comes with 3yrs/45000* Kms, whichever comes first.
Planning to set up a Charging station?
Connect with 1C for expert advice on EV chargers
How to book bounce infinity:
You can book the scooter by pre-booking it on the website and get it delivered by visiting the nearest Bounce Infinity showroom, but paying the full upfront cost is unnecessary. Now lease the Bounce Infinity electric scooter from Zecat and own the scooter for an easy monthly fee.
Here’s how to lease Bounce E1:
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