Record Sales! Electric two-wheelers register 29% month-on-month growth in October 2022 – know details

The electric two-wheeler (e-2W) segment registered record sales in October 2022, a Zee Business research report said on Monday. As many as 68,234 units were sold as of 30 October, an increase of 29 per cent month-on-month (MoM), the report noted.

Among all, Ola Electric witnessed a massive growth of 53 per cent MoM to 15095 units, followed by Okinawa up 38 per cent MoM to 1,1754 units in October 2022.

While Ampere Vehicles, which is a wholly owned subsidiary of Greaves Cotton, witnessed a surge of 36 per cent MoM to 8812 units and TVS Motors registered 31 per cent growth, MoM, with a sale of 5205 units in October. TVS sells e-2W under the brand iQube

Bajaj Auto, which has recently relaunched its Chetak as an electric scooter, saw a growth of 26 per cent MoM to 3265 units, while Hero MotoCorp-backed Ather Energy has sold 6976 units, up 11 per cent MoM in October 2022.

The overall 2Ws demand which was lagging all the while has seen a sharp turnaround, Varun Baxi, Research Analyst, Nirmal Bang said, adding that this was the first normal festive season after 2 years.

According to Baxi, the overall inventories remain at a comfortable level of 25-40 days across the OEMs (original equipment manufacturers) and see 2Ws to continue its growth momentum going ahead, with the Rabi harvest expected to remain good.

Despite erratic monsoons rural market purchases of the 2W segment remained healthy amid improving income levels of the farmers due to better realizations for the agri-produce, the analyst stated.

In 2Ws, the brokerage likes Hero MotoCorp on the back of a recovery in entry-level MCs (Motorcycle Clubs); margin recovery led by softening raw material costs and favourable valuations.

Among listed companies, Hero Moto’s share price closed over 1 per cent higher to Rs 2,676.65 per share, while TVS Motor shares gained over 1.5 per cent to Rs 1,145.9 per share and Bajaj Auto shares closed flat with a positive bias at Rs 3669.25 per share on the BSE.