Bajaj Auto Gets First Rank in Electric Two-WHEELER Market, Ola Electric Drops to Third Spot

Electric two-wheelers’ sales have increased rapidly over the years. There has been a big change in this market in March. The sales of electric scooters of Bajaj Auto, one of the big automobile companies, increased by nearly 93 percent last month. The sales of Ola Electric, which have a large stake in this market for several months, declined by 56 percent in March. Bajaj Auto sold 34,863 units of Chetak Electric Scooter in March. This is an increase of about 93 percent in sales on year-on-year basis. In February, the company’s electric scooters sold 21,537 units. Recently, Bajaj Auto introduced a new version of Chetak Electric Scooter. The managing director of the company, Rajiv Bajaj, had said that Bajaj Auto will launch new products in this segment in the next quarter. The company’s target is to increase its EV sales to about five lakh units in the current financial year.

TVS Motor has finished second in this market. Last month, the company sold 30,454 units of electric scooters. This is an increase of about 14 percent in sales of the company on a year-on-year basis. Bajaj Auto and TVS Motor’s electric scooters’ sales with low -price variants have increased rapidly. The sales of Ola Electric in March have been around 23,430 units. This is a 56 percent decline in sales on year-on-year basis. Ola Electric has been facing difficulties for the last several months. In February, the government has sought information from Ola Electric for not matching the sale and registration data of the company’s vehicles.

Ola Electric had reported that it was sold around 25,000 vehicles in February. However, only about 8,600 registrations of the company’s vehicles were seen on a government portal. The company had said that it is a matter of temporary pending registration. The company canceled its contract with two vendors who handled the process of registration of vehicles. This step was taken to reduce the cost. Ola Electric has formed a team to process the registration of vehicles. The company estimates that this cost will reduce to about 20 percent.