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Two-Wheeler EV Sales Pick Up Pace In October; Ola Electric Regains Some Lost Market Share
- Electric two-wheeler registrations in India increased by almost 73% MoM in October to cross 1.2 Lakh units on the back of festive season sales discounts.
- Led by Ola Electric’s increased registration volume, the two-wheeler EV sales witnessed a significant 64% rise on a YoY basis in October.
- Ola Electric regained some of its lost market share in October (at about 30%) after a steady decline in its registration in the last two months.
- Ola Electric introduced massive festive season discounts on its product during the month; it launched its BOSS campaign, rolled out another ‘72 hours Rush’ offer window with discounts up to INR 25,000 on the S1 portfolio and additional benefits of up to INR 30,000.
- TVS Motor’s escooter registrations rose by over 45% MoM to 26,500 units in October from 18,217 units in September, increasing its market share to 21.4% from 20.2% in the past month.
- TVS Motor introduced discounts up to INR 20,000 across its iQube escooter range.
- Okinawa Autotech, which has lost relevance in the market from being one of the top players, saw its sales rise over 46% MoM to 214 units.
- Annual EV sales in India will touch the 1 Cr mark by 2030: Nitin Gadkari.
- Hero MotoCorp’s EV registrations rose 52% MoM to 6,571 units in October.
- Overall, total EV registrations in India across categories surpassed 2 Lakh units in October growing from 1.67 units in the month before.
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