Electrical two-wheeler gross sales noticed an about 50% month-on-month drop in total gross sales in April as a seasonal hunch was exacerbated by a shift in subsidies for the business.
Total EV scooter gross sales stood at simply over 64,000 in April, with market chief Ola Electrical contributing about half of that with over 33,000 models.
Nevertheless, Ola itself noticed its gross sales retreat from a document excessive of over 50,000 models in March 2024.
In March, the general market noticed document gross sales of over 136,000 models, in response to knowledge from authorities transportation portal Vahan.
Then again, legacy corporations like Bajaj and TVS Motors additionally noticed a hunch of their gross sales. Bajaj solely offered over 7,500 models in April, in comparison with over 18,000 models within the earlier month. Then again, TVS offered simply over 7,600 models in April, in comparison with gross sales of round 26,000 models in March.
Ather Vitality, which lately entered the big household scooter market with its newest product Rizta, offered over 4,000 models in April, in comparison with gross sales of over 17,000 models in March.
The drop in total gross sales was on account of a variety of elements, a senior govt at an electrical scooter maker mentioned.
April is often a sluggish month, however corporations had been additionally slowing down manufacturing and rethinking their technique because the business shifted from one subsidy to a different, the chief added.
On March 31, the FAME-II subsidy programme ended, giving strategy to the Rs 500-crore Electrical Mobility Promotion Scheme (EMPS) by the ministry of heavy industries.
Underneath EMPS 2024, a assist of as much as Rs 10,000 per two-wheeler will probably be offered for over 3 lakh automobiles.
The brand new subsidy doesn’t cowl unsold automobiles that had been manufactured earlier than April 1, which additionally led to corporations slowing down their manufacturing and gross sales, whereas awaiting additional readability on subsidies.
The general two-wheeler EV market, nonetheless, grew 30% from a yr earlier to over 940,000 gross sales in FY24.
It has additionally continued to garner investor curiosity, as ET has earlier reported.
Ather Vitality is finalising plans to lift USD 75-90 million in major funding, whereas Ola Electrical is awaiting the market regulator’s nod to record on the general public bourse.
