December Vahan Data: Bajaj Auto Dethrones Ola Electric In EV Race
The new year has brought a new king. December 2024 saw a change of guard in the fast-evolving electric two wheeler space. As per retail sales data from the VAHAN portal, Bajaj Auto has dethroned Ola Electic with the highest market share at 25%. This 3% jump from the previous month has made the Rajiv Bajaj-led auto major grab the top spot in the EV sales race.
For Ola Electric, the story is reverse. The Bhavish Aggarwal led company's market share has fallen by 5% to come in at 19%. TVS retained its number two position at 23% market share.
Is this a blip for Ola Electric? Data seems to suggests otherwise.
Ola Electric: Tough Times Continue
Ola Electric started this fiscal year of FY25 with a bang. Post the reduction of subsidies on March 31st 2024, pricing became a key strategy for cost conscious consumers. But now with the larger acceptance of electric scooters and cheaper variants launched by Bajaj as well as TVS, Ola Electric appeal and pricing strategy seems to be fading off.
With the launch of cheaper variants and feature-rich products, Bajaj and TVS Motors have again established its dominance. While TVS employed a strategy of having multiple battery packs from 2-4 kw/hr helped its sales growth, Bajaj cheaper variants of Chetak brand along with the new platform under 35 series seems to have handsomely paid off.
Another notable data point is the comeback of Ather Energy, which has gained post the launch of their family-style scooter Rizta.
EV Race: Key Monitorable
While Ola has taken cognizant of increased competition, new launches have also been pricing-led. The company recently launched a swappable battery version of the S1 scooter priced very attractively at Rs. 59,999.
In addition to this, the company has expanded its store from 800 to 4,000 stores on 25th December 2024. It also expects to incorporate its own batteries in their electric scooters from April 2025. But all these measures have yet to borne fruit meaningfully.
In terms of competition, Bajaj Auto's new platform not only incorporates latest features with increased premiumization, but the company has claimed it will lead to savings of 45% which will boost margins. TVS has also been steadily increasing touchpoints for its electric scooter I-Qube. Apart from 250 EV specific outlets, the company has increased its footprint to almost 4000 stores. Ather Energy is also increasing footprint in North India and has seen demand from strong EV markets like Gujarat and Maharashtra.
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