Ola Electric’s Sales Surge in March

Ola Electric has made a remarkable comeback, reclaiming its position among the top five electric two-wheeler manufacturers in March after slipping out in February. The company more than doubled its sales during this period. The overall electric two-wheeler market experienced a significant increase of nearly 60% month-on-month, driven by heightened concerns regarding fuel availability due to the ongoing conflict in West Asia.

Electric Two-Wheeler Market Trends

According to data from Vahan, the electric two-wheeler market observed 1.78 lakh registrations in March, marking the highest monthly sales figures achieved to date. The previous peak was recorded at 1.43 lakh units in October of the previous year, coinciding with the festive season.

Leading Players in the Market

TVS Motor maintained its dominance as the market leader, holding a 26.23% share. The company sold 46,859 units in March, reflecting a 47% increase month-on-month compared to the 31,870 units recorded in February. Bajaj Auto narrowed the gap with TVS Motor, achieving sales of 42,931 units in March, up from 25,513 units in February, resulting in a market share of 24.03%.

Ather Energy and Other Competitors

Ather Energy secured the third position, witnessing a remarkable increase of over 61% month-on-month, with registrations rising to 33,621 units from 20,835 in February. Ather holds an 18.82% market share, and as of the last trading session, its market capitalization stood at Rs 28,564 crore, approximately $3 billion.

Hero MotoCorp retained its fourth position, recording a significant growth of 57% month-on-month, with 19,764 units sold and an 11.06% market share. Ola Electric, after several months of declining sales that saw its market share fall below 4%, rebounded in March, more than doubling sales to 9,496 units, up from 3,973 units in February, increasing its market share to 5.32%.

Stock Performance and Market Position

Despite the sales rebound, Ola Electric’s share price continued to slide, approaching its all-time low of roughly Rs 22.6, with a market capitalization of Rs 9,970 crore, or about $1.06 billion.

Other Notable Players

Greaves Electric Mobility descended to sixth place, despite achieving a 57% month-on-month sales growth to 7,408 units, maintaining a 4.15% market share during the month. River Mobility, BGauss, and Simple Energy retained their standings at seventh, eighth, and ninth, respectively, with registrations of 3,924, 3,412, and 1,612 units in March.

Revolt Motors has broken into the top ten electric two-wheeler companies, replacing e-sprinto, with a registration surge exceeding 80% during the month.