The most significant decline was seen at Ola Electric, which recorded a 34% drop in sales. Ola Electric sold 41,624 scooters in August, compared to 27,517 units in July.
Apart from Ather Energy, which saw a 7% increase with 10,830 units sold in August, all major OEMs reported a decline in sales.
Ola Electric, TVS Motor Company, Bajaj Auto and Ather Energy are the top four electric two-wheeler manufacturers by sales and market share. TVS Motor Company sold 17,543 units, a 10% drop from 19,486 units sold in July. Bajaj Auto’s sales saw a marginal 5% MoM decline, totalling 16,706 units.
Industry sources expect Bajaj Auto, TVS and Ather to significantly increase production and sales in September.
Ola Electric, which recently launched its initial public offering, has lost market share to TVS Motor Company, Bajaj Auto, Ather Energy and Hero MotoCorp. Ola had reached an all-time market share of 52% in April 2024 with over 34,000 scooters sold. By August, its market share had fallen to 32%, with TVS and Bajaj each holding a 19% share.
Ola Electric is facing increased competition as TVS, Bajaj, Ather and Hero MotoCorp gear up to ramp up sales and production. The company has launched a special Ganesh Chaturthi offer, offering a discount of ₹5,000 on the Ola S1 scooter and additional benefits of up to ₹23,000.
Ola Electric shares have fallen 30% from their recent highs. A Jefferies report attributes this fall to increasing competition from established players.
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