New Delhi. Alarm bells have now rung for the country’s number-1 electric two-wheeler company Ola Electric. The electric two-wheeler sales figures for September 2024 were quite surprising. There has been a huge decline in the sales of Ola Electric, which was the market leader in the sales of electric scooters, while the sales of Bajaj Auto have increased rapidly and it has come at number-2. Bajaj’s Chetak electric scooter with 21.4% market share has now come close to Ola Electric’s 27.6% market share.
At the same time, along with iQube electric scooter, TVS Motor has also come at third place in the race, giving tough competition to both the companies. Let us know how the sales of electric two-wheelers were in the domestic market in September.
Ola lags behind, Bajaj beats TVS
According to vehicle portal data, between September 1 and September 29, 2024, Ola Electric sold 22,821 units, while Bajaj Auto overtook TVS with sales of 17,507 units. During this period TVS sold 16,351 units. This is the first time that Bajaj has overtaken TVS in monthly sales, and with this Bajaj has established its strong position in the electric two-wheeler market.
Ola’s market share is below 30%
Ola Electric, which was once the dominant player in the sector, has seen a major decline in its market share. The company had 47% market share in September 2023, which has come down to only 27.6% in September 2024.
The company’s year-on-year sales have declined by about one-third. A company that reflects the increasing competition and challenges in customer service. Ola’s September 2024 sales were less than August 2024, when the company had sold more than 27,000 units.
Bajaj improves Chetak’s retail network
The emerging success of Bajaj Auto is being attributed to the company’s competitive pricing strategy and better distribution model. Earlier the Chetak scooter was sold only through Chetak special showrooms and KTM outlets, but now the company is also retailing it through its existing motorcycle dealerships.
Meanwhile, Ather Energy has emerged as the only non-traditional producer to make significant gains in the market. Ather sales have increased by 75% and the company has sold more than 11,000 units in September, increasing the company’s market share to about 14%.
Tag: auto news, electric vehicle
first published : October 6, 2024, 3:56 pm IST
