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Conventional 2W makers take prime spot in EV sales, courtesy Bajaj, TVS

Ola has said it is ramping up its two-wheeler capacity from 500,000 to 2,000,000 with incremental investment

Surajeet Das Gupta New Delhi

Premium

The battlelines are getting drawn more sharply

3 min read Last Updated : May 29 2023 | 11:00 PM IST

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A sharp increase in Bajaj Auto’s sales, together with a 44 per cent jump in TVS’ registrations which touched 13,000, has helped incumbent players (which include TVS and Hero MotoCorp) to become key players in the electric two wheeler sweepstakes, grabbing close to a third of the 71,171 vehicles registered till 29 May. In April, these three incumbent operators had only a 20 per cent share of the market.

It has also helped that in May, registrations went up by 12 per cent over April that had seen a steep fall due to government action against many electric two-wheeler companies for violating various FAME 2 subsidy rules.

The three incumbent players (mostly Bajaj and TVS) registered 20,458 vehicles collectively in May, which is pretty close to the largest player in the market, Ola Electric, which registered 22,201 vehicles — its highest ever in the past 18 months.