The month of March is key for automakers as they focus on ‘one last hurrah' at the end the financial year. Retail sales of electric two-wheelers painted a positive picture, even as there are expectations of a subdued month on the wholesale side.
Bajaj Auto has registered 93% growth in sales for March 2025, compared to same time last year. While, Ola Electric Mobility Ltd. has registered a 56% fall in EV sales. Lets take a look at what led to this discrepancy and how a lesser known EV maker gave tough competition to Hero MotoCorp in March in the segment.
Bajaj Auto Benefitted From Gudi Padwa Sales
While on an overall basis, sales for Bajaj Auto are expected to be lower this month, its EV business has been ramping up significantly this year. The two-wheeler maker got a boost due to Gudi Padwa falling in the month of March this year versus in April in 2024. Customers plan their purchases around auspicious days and hence the pivot was strong this month.
The newly launched Chetak on the 3S platform will lead to cost savings and margin growth as well.
Ola Electric Sales Fall
Ola Electric sales have been a point of contention. March sales saw 56% fall year-on year. In February, sales fell over 190% month-on-month.
Ola Electric benefited from pre-buy under FAME 2 scheme in March 2024.
Last month, Ola had informed exchanges that its February monthly VAHAN registration may have been impacted due to renegotiation of contracts with Rosmerta Digital Services Pvt. and Shimnit India Pvt., which carry out the vehicle registrations for the electric two-wheeler maker.
But it has nearly cleared February registration backlog, it said in a filing.
TVS Continues To Grow; Greaves Vs Hero Playing Out
TVS Motor has been consistently showing a double-digit growth and ended March with a 14% growth in EV sales. The I-Qube, launched with smaller battery packs, has been accepted well.
On the other hand, Ather Energy reported a fall in YoY sales, due to a higher sales share in March 2024. The company had benefited from pre-buy under FAME 2 scheme.
There has also been a strong revival for Greaves Electric, which sells its two wheelers under the Ampere brand. Their recently launched Magnus scooter has been leading the growth for the company and has been giving tough competition to Hero Vida.
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