Bajaj Auto ends TVS Motor’s six-month lead with festive surge in October EV sales
October saw EV makers enjoy a sales boost, propelled by festive season demand, with OEMs like Ather Energy recording highest-ever monthly sales.
With the festive season ending, electric vehicle (EV) makers saw a jump in sales during October as consumers rushed in to cash in on attractive discounts and offers. This led to a 29.8% jump in total sales of electric two-wheelers during this period.
In October, Chetak-maker Bajaj Auto toppled TVS Motor Company’s market lead position—a spot the firm held on for six months this year—to sell 29,567 units, grabbing a 21.7% of the E2W market share.
This is a shot in the arm for the company that saw its sales dip in the months following the rare earth magnet supply constraint. The company had, on multiple occasions, flagged that it would be hit by thinning supplies of these critical components.
Bajaj Auto had previously been the market leader in February and March this year, capitalising on the widening consumer base and thinning market share of Bhavish Aggarwal-led Ola Electric, which was the E2W market leader until November last year.
On the other hand, TVS Motor, in October, sold 28,008 units, capturing 20.6% of the E2W market share. The sales data comes two days after the firm reported a constraint in its EV business due to the ongoing rare earth magnet crisis.
The company, during its second-quarter earnings call, flagged that it believes the magnet availability will continue to pose challenges to its ability to satisfy EV demand in the short to medium term.
However, the tide is reportedly turning. A Mint report on Friday said that four Indian companies have won Beijing’s approval to import rare earth magnets, signalling an easing of the import restrictions China had imposed earlier this year.
Despite challenges persisting in the ecosystem, Ather Energy reported its highest-ever monthly sales data in October owing to the festive demand. The firm sold 26,713 units this month, holding a 19.6% market share in the segment and maintaining its position as the third-largest E2W manufacturer in India in terms of sales.
Ather Energy overtook Ola Electric from the position for the first time last month, as the Bhavish Aggarwal-led company continues to experience a demand slowdown. The firm sold 15,481 units in October, recording a slower month-on-month growth compared to its peers. It currently holds a mere 11.4% of the market share.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Suman Singh