The festival month of October delivered a significant boost to green mobility, setting a new milestone in electric vehicle (EV) sales. The total monthly EV registrations (including all categories) surpassed a record-breaking 200,000 units. Diwali celebrations and other festivities during the month propelled sales across segments.
, During the month, total EV registrations reached an all-time high of 2.18 lakh units, marking the highest monthly volume recorded to date. This represents a significant increase from 1.6 lakh registrations in September 2024 and 1.4 lakh units in October 2023. The previous peak was set in March this year at 2.13 lakh units, driven by pre-buying activity ahead of changes in the subsidy scheme..
The electric two-wheeler market set a new record with 1.39 lakh units sold in October, surpassing the previous peak of 1.08 lakh units in July 2024, according to Vahan data.
Ola Electric tops
Ola Electric maintained its leadership position, registering sales of nearly 42,000 units in October — a significant increase from 24,700 units in September and 23,900 units in October 2023. The company attributed the growth to its expanding product line-up and ramp-up in sales network, especially in Tier-2 and Tier-3 cities.
A recent report by HSBC Securities and Capital Markets noted improvements in Ola’s service quality, with a 20-30 per cent month-on-month reduction in service backlogs. However, backlogs remain above optimal levels due to challenges in hiring skilled technicians despite increases in service staff at both large and small service centres.
TVS Motor regained its No. 2 position in the electric two-wheeler segment with nearly 30,000 units sold in October, up from 18,218 units in September. The company’s launch of a competitively priced iQube 2.2 kWh variant contributed to this growth. KN Radhakrishnan, Director & CEO of TVS, said the company is focusing on value-driven pricing strategies without relying on discounts.
Bajaj Auto occupied the third place, having sold about 28,190 units, up from about 19,200 units last month and 9,070 units in October 2023. It also introduced a low-cost variant Chetak 2903 to drive volumes.
Ather Energy, which has filed for a ₹4,500-crore IPO, recorded nearly 16,000 registrations in October, up from 12,850 units in September.
Other players such as Hero MotoCorp and Greaves Electric Mobility also witnessed an increase in electric two-wheeler sales at 7,310 units (up from 4,320 units in September) and 3,990 units respectively (2,780 units in September).
Electric car market
The festive month also brought cheer to the electric car market as battery-powered car sales crossed the 10,000-unit mark for the first time, reaching about 10,520 units, compared to 6,071 units in September. Tata Motors led this category with over 6,100 units sold in October, followed by JSW MG Motor, which reported a little over 2,500 units.
The electric three-wheeler segment also saw a rise in demand, with registrations increasing to 67,170 units, up from 62,900 units in September, an increase of 7 per cent.
With major players expanding their sales and service networks and focusing on competitive pricing for their products, the EV market is likely to maintain growth in the coming months.