Electric Vehicle sales, across segments, have fallen short of the promise the sector was witnessing over the last few months. Despite the extension of FAME scheme for two and three wheelers, these verticals managed poor show!
The month of April, also the first month of a fiscal year, is known to be tough for the automobile industry, but numbers sourced from the Vahan portal point towards the strongest verb for ‘bad’ to define what the electric vehicle (EV) industry went through in India during April 2024.
Segments leaders Ola Electric (Electric two-wheelers) and Mahindra Last Mile Mobility (electric three-wheelers) went through 34.83 degrowth month on month (MoM) and 66.21 MoM degrowth, respectively! Tata Motors, the leader in the electric car segment, also saw a decline of around 5% MoM (See chart below).
Apart from Shema E-Vehicle & Solar, and Revolt Intellocorp, every top electric two-wheeler (E2W) brand saw sales decline in April over March. Kinetic Green, having launched the electric avatar of Luna recently had registered 3,965 E2Ws in March but the company only managed to register 442 in April 2024! Its registrations fell 88.85% MoM.
Similarly, Hero Motocorp, which seemed to be coming on the right track for E2W sales, only managed to register 946 E2W units in April 2024, leading to a decline of over 76% MoM. The company had registered close to 4,000 E2Ws during March 2024. Ather Energy’s sales also declined over 76% MoM as the brand’s registrations fell from 17,305 in March 2024 to 4,054 in April 2024.
In the electric three-wheeler space, the biggest downfall among the top players came for Omega Seiki. The company has registered 2,247 E3W units during March 2024, and could only manage to register 309 during April 2024 leading to a over 86% decline MoM.
Bajaj Auto, shuttling between the number two and three ranks durin the last few months, managed to register 1,280 units in April 2024. This resulted in a decline of over 61% MoM. There’s also a new player in the segment. Called E Royce Motors India, it registered 230 E3Ws during April 2024.
In the electric car market in India, registrations for MG Motor India fell over 23% MoM as the brand could only manage to register 819 electric cars during April 2024. Hyundai and Kia registered only 84 and 20 units during the month, respectively, leading to over 44% and 41% MoM decline.
Electric Two-Wheeler OEM |
MAR | APR | MoM Change | |
| 1 | OLA ELECTRIC TECHNOLOGIES PVT LTD | 50,762 | 33,084 | -34.83 |
| 2 | TVS MOTOR COMPANY LTD | 26,606 | 7,655 | -71.23 |
| 3 | BAJAJ AUTO LTD | 18,054 | 7,517 | -58.36 |
| 4 | ATHER ENERGY PVT LTD | 17,305 | 4,054 | -76.57 |
| 5 | GREAVES ELECTRIC MOBILITY PVT LTD | 3,010 | 2,511 | -16.58 |
| 6 | WARDWIZARD INNOVATIONS & MOBILITY LIMITED | 1,021 | 1,205 | 18.02 |
| 7 | HERO MOTOCORP LTD | 4,077 | 946 | -76.80 |
| 8 | SHEMA E- VEHCILE & SOLAR PVT LTD | 749 | 819 | 9.35 |
| 9 | REVOLT INTELLICORP PVT LTD | 594 | 743 | 25.08 |
| 10 | BGAUSS AUTO PRIVATE LIMITED | 3,114 | 711 | -77.17 |
| 11 | OKINAWA AUTOTECH PVT LTD | 681 | 592 | -13.07 |
| 12 | KINETIC GREEN ENERGY & POWER SOLUTIONS LTD | 3,965 | 442 | -88.85 |
Electric Three-Wheeler OEM |
MAR | APR | MoM Change % | |
| 1 | MAHINDRA LAST MILE | 6,088 | 2,057 | -66.21 |
| 2 | BAJAJ AUTO | 3,356 | 1,280 | -61.86 |
| 3 | PIAGGIO VEHICLES PVT | 3,302 | 699 | -78.83 |
| 4 | OMEGA SEIKI | 2,247 | 309 | -86.25 |
| 5 | E ROYCE MOTORS INDIA | 0 | 230 | #DIV/0! |
| 6 | TI CLEAN MOBILITY | 749 | 194 | -74.10 |
| 7 | EULER MOTORS | 554 | 165 | -70.22 |
| 8 | ATUL AUTO | 175 | 164 | -6.29 |
| Electric Car OEM | MAR | APR | MoM Change | |
| 1 | TATA PASSENGER ELECTRIC | 5,276 | 5,013 | -4.98 |
| 2 | MG MOTOR INDIA | 1,077 | 819 | -23.96 |
| 3 | MAHINDRA & MAHINDRA | 645 | 581 | -9.92 |
| 4 | BYD INDIA | 108 | 127 | 17.59 |
| 5 | MERCEDES -BENZ AG | 53 | 119 | 124.53 |
| 6 | HYUNDAI MOTOR INDIA | 152 | 84 | -44.74 |
| 7 | BMW INDIA PVT | 73 | 52 | -28.77 |
| 8 | VOLVO AUTO INDIA PVT | 46 | 36 | -21.74 |
| 9 | PCA AUTOMOBILES INDIA PVT | 31 | 24 | -22.58 |
| 10 | KIA MOTORS INDIA PVT | 34 | 20 | -41.18 |
| 11 | AUDI AG | 8 | 11 | 37.50 |
| 12 | PORSCHE AG GERMANY | 17 | 8 | -52.94 |
