Domestic wholesale (dispatches to dealers) of high-speed electric two-wheelers between April 2022 and February 2023 grew multifold to 2,82,297 units, as compared with 91,860 units in the corresponding period in the previous year. The top players in the segment include Okinawa Autotech, TVS Motor and Ather Energy.

Gurugram-based Okinawa reported 58 per cent growth in sales to 86,856 units in the last 11-month period, as compared with 55,071 units in the corresponding previous period, monthly data shared by the Society of Indian Automobile Manufacturers (SIAM) said.

According to data shared by the industry body, these high-speed vehicles come under the AE2 segment (more than 250 W electric).

“We are aiming to achieve 1.20-1.25 lakh units this fiscal year. Overall, the demand has come from tier-II and tier-III cities, especially tier-II cities, though demand is also growing in the metros ... brand awareness is better now, as compared to the past,,” Jeetender Sharma, Managing Director and Founder, Okinawa Autotech, told businessline.

Okinawa, with a 550-dealer network across India, has six products in the high-speed segment, including the Okhi-90, IPraise+, PraisePro and Dual 100, with pricing starting at around Rs 70,000 and going up to Rs 1.86 lakh (ex-showroom).

Similarly, Tamil Nadu-based TVS Motor with just one brand – iQube – has sold 81,290 units during the period, 800 per cent higher than the 8,974 units sold in April-February 2021-22.

Ather Energy’s domestic sales also grew 291 per cent to 80,658 units, as compared with 20,634 units in the period under review.

Bajaj Auto, which has re-entered the scooter market with the electric Chetak, sold 28,359 units in April-February 2022-23, as against 7,181 units in the same period of the previous financial year.

According to analysts, FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) has been impactful in driving electric two-wheeler sales in the last two years, and despite a blip in trends due to incidents of electric two-wheelers catching fire, timely policy action has helped EV sales recover. According to them , the highest EV sales are reported in states such as Uttar Pradesh, Maharashtra and Karnataka.

Also read: Electric vehicles incentivised under FAME II to touch 2 lakh mark for 2021

Many manufacturers who are not SIAM members are selling much more than some of the member companies. For instance, Ola Electric sold around 1.31 lakh units between April-February 2022-23.

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