Indian EV industry sale sores: Dip by approximately 50%

The number of electric two-wheeler registrations in the nation fell to 64,013 in April, nearly eight months below the one lakh level they had crossed in March.

According to Vahan statistics as of May 1, total registrations fell by more than 53% month-over-month (MoM) from more than 1.37 lakh units in March due to reduced EV subsidies and seasonal factors.

The majority of two-wheeler EV companies had to deal with the cooling demand majorly induced by the conclusion FAME-2 subsidy. Even though Ola Electric's car registration fell by about 35% MoM to 33,062 units last month, the company remained at the top of the leaderboard.

March saw the biggest monthly EV registrations for Ola Electric, which is headed for an IPO, totalling more than 50,000 units.

It is important to remember that Ola Electric lowered the cost of its newest line of scooters, the S1 X, last month to boost EV sales. The business led by Bhavish Aggarwal reduced the pricing range of the S1 X portfolio from INR 79,999 to INR 1,09,999 to INR 69,999 to INR 99,999.

However, TVS Motor had a 71% MoM decline to 7,653 units in April, although maintained its second-place ranking in terms of EV registrations. This was the lowest monthly car registration for the heritage automobile player since October 2022.

It is crucial to remember that the Vahan data displays the overall number of vehicle registrations rather than sales, which may exceed the former.

TVS Motor's advantage over Bajaj Auto, which came in third, was reduced by the decline in registrations in April, despite the latter's registrations falling by more than 58% to 7,515 units from over 18,000 units in March.

Meanwhile, it is expected that Bajaj may soon introduce a new, more reasonably priced version of their scooter, the Chetak.