With Ola recording strong sales, the ‘OATS for breakfast’ diet doesn’t seem to have turned out to be a healthy choice after all
Due to the high fuel prices, more and more users are switching to electric two-wheelers. February’s sales figures clearly show that trend, with combined year-over-year growth of Ola, iQube, Ather and Chetak at 672.65%. Compared to 1,203 units sold in February last year, sales were 9,295 units in February 2022. MoM growth is also positive at 38.24%, compared to 6,724 units sold in January 2022.
Sale of electric scooters February 2022 – Ola leads
While Ola Electric has faced multiple issues since it began shipping last year, it seems things have now been streamlined. The company reported sales of 3,905 units in February. The percentage share of the sales of these four scooters is 42.01%. MoM growth has improved by an impressive 254.36%, compared to 1,102 units sold in January 2022.
According to Bhavish Aggarwal, CEO of Ola Electric, sales in February were even higher than reported. The company has a fully online sales and distribution model and there are a significant number of temporary registrations. Currently, the Vahan portal is not programmed to count these. Bhavish has also stated that sales of Ola scooters will be around 15,000 in March, making it the largest manufacturer of electric two-wheelers in the country.
At number two on the list is TVS iQube, which remains a consistent performer. Sales were 2,238 units in February 2022. Year-on-year growth has increased by a staggering 1,002.46%, compared to 203 units sold in February last year. This is the highest percentage in the group. The share of sales is 24.08%. MoM growth is up 46.37%, compared to 1,529 units sold in January 2022.
Ather, Chetak Reports Negative MoM Growth
Ather is number three with sales of 2,042 units in February 2022. Year-on-year growth is up 140.24%, compared to 850 units sold in February last year. Percentage share is 21.97%. MoM growth is down -27.72%, compared to 2,825 units sold in January 2022.
Bajaj Chetak reported sales of 1,110 units in February 2022. YoY growth is 640.00%, compared to 150 units sold in February last year. The share of sales is 11.94%. Sales of Chetak MoM fell -12.46%, compared to 1,268 units sold in January 2022.
While multiple factors could be at play, these numbers provide some clues as to why Ola and iQube are leading the way. An important factor could be the affordable price of these two scooters, compared to Ather and Chetak. Ola has the added benefit of having a fully online sales and service platform.
Compared to other EV manufacturers who work through dealers, Ola can deliver its scooters to any part of India. Sales are therefore not dependent on the number of dealers, as is the case with other OEMs. It remains to be seen whether Ola’s new system can sustain itself when the customer base reaches significant levels.