What remained common between Tata Motors & Ola Electric’s electric vehicle sales numbers during December 2023? Their sales registration figures for EVs were unmatched, even for the numbers of their top three competitors put together!
In the electric three-wheeler (E3W) space, Mahindra Last Mile Mobility led the race, but Piaggio and Bajaj Auto seem to be closing in on the brand inch-by-inch.
However, all’s not merry in the electric four-wheeler (E34) space for Tata Motors, as despite being the number one brand there, it posted a decline of 6.54% month-on-month. In the electric two-wheeler (E2W) space, Ola Electric became the first brand to have registered end-consumer sales of over 30,000 electric scooters!
Mahindra Taking Sharp Corners In E4Ws
Mahindra and Mahindra (M&M), with over 650 E4W registrations in December 2023, posted a healthy growth of 28.60% MoM. Though the brand was offering super discounts on its electric offerings in India, the numbers disclose a decent growth of over 507 E4Ws it had sold in the country during November 2023.
| S NO | Electric Passenger Vehicle OEM | NOV | DEC | MoM% |
| 1 | TATA PASSENGER ELECTRIC MOBILITY | 4,585 | 4,285 | -6.54 |
| 2 | MG MOTOR INDIA | 928 | 912 | -1.72 |
| 3 | MAHINDRA & MAHINDRA | 507 | 652 | 28.60 |
| 4 | BMW INDIA | 281 | 161 | -42.70 |
| 5 | BYD INDIA | 118 | 134 | 13.56 |
| 6 | HYUNDAI MOTOR | 163 | 123 | -24.54 |
| 7 | MERCEDES -BENZ AG | 58 | 80 | 37.93 |
| 8 | VOLVO AUTO INDIA PVT LTD | 71 | 54 | -23.94 |
| 9 | PCA AUTOMOBILES INDIA PVT LTD | 113 | 46 | -59.29 |
| 10 | KIA MOTORS INDIA PVT LTD | 37 | 30 | -18.92 |
MG Motor India, recently having tied up with JSW, shows a marginal decline of 1.72% MoM in its E4W registrations. Mercedes Benz and BMW were the only two brands to have witnessed MoM growth during December 2023. The former posted registrations of 80 EVs during December 2024 against 58 EVs in November 2024.
BYD also posted a healthy growth of 13.56% MoM. Volvo, Hyundai, Kia, and PCA saw bumps in E4W registrations.
TI Clean Mobility: The New Contender Around The E3W Track
With 326 E3W registrations and over 17% MoM growth, TI Clean Mobility is now sitting comfortably at the fifth spot in the list of most-selling E3Ws in the country.
However, Euler is now in the fourth spot. The start-up registered 336 E3Ws in December against 255 it had sold in November 2023. This represents a MoM increase of over 31%.
| S No | Electric Three Wheelet OEM | NOV | DEC | MoM% |
| 1 | MAHINDRA LAST MILE MOBILITY | 3,027 | 3,101 | 2.44 |
| 2 | PIAGGIO VEHICLES | 2,222 | 2,056 | -7.47 |
| 3 | BAJAJ AUTO | 1,231 | 1,263 | 2.60 |
| 4 | EULER MOTORS | 255 | 336 | 31.76 |
| 5 | TI CLEAN MOBILITY | 277 | 326 | 17.69 |
| 6 | OMEGA SEIKI | 249 | 302 | 21.29 |
| 7 | ALTIGREEN PROPULSION LABS | 205 | 243 | 18.54 |
| 8 | ATUL AUTO | 109 | 149 | 36.70 |
| 9 | 3EV INDUSTRIES | 0 | 76 | NA |
Apart from Mahindra, Piaggio, and Bajaj, only Euler, Omega Seiki, and TI Clean Mobility registered over 300 E3Ws each. While Altigreen grew over 18% MoM, its registrations remained below 250.
Ola: The Only Growth In the E2W Segment
Though Ola Electric stole the limelight of the E2W segment with over 30,000 electric scooter registrations during December 2023, it was also the only brand to have registered growth in the segment!
TVS Motor’s registrations fell by over 35% MoM as against 19,075 TVS electric scooters registered in November 2023; only 12,227 TVS electric scooters were registered in December 2023.
| S No | OEM | NOV | DEC | MoM% |
| 1 | OLA ELECTRIC | 29,917 | 30,223 | 1.02 |
| 2 | TVS MOTOR | 19,075 | 12,227 | -35.90 |
| 3 | BAJAJ AUTO | 11,812 | 10,340 | -12.46 |
| 4 | ATHER ENERGY | 9,260 | 6,485 | -29.97 |
| 5 | GREAVES ELECTRIC MOBILITY | 4,413 | 2,975 | -32.59 |
| 6 | HERO MOTOCORP | 3,043 | 1,592 | -47.68 |
| 7 | BGAUSS AUTO PRIVATE | 1,608 | 1,214 | -24.50 |
| 8 | OKINAWA AUTOTECH | 1,606 | 965 | -39.91 |
| 9 | OKAYA EV | 1,297 | 706 | -45.57 |
| 10 | LECTRIX EV | 1,258 | 769 | -38.87 |
The story for all the other brands remained quite similar to TVS Motor. Hero Motocorp’s E2W registrations fell over 47% MoM, Baja’s over 12%, Ather’s over 29%, Greaves over 32%, and more.
