March EV Sales: OSM Enters Big Boy Club, Kinetic Steals Limelight

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While both the E2W and the E3W markets grew Month on Month during March 2024, the electric car registrations seem to have hit a roadblock

FAME, no FAME, or more FAME, has not affected the electric vehicle sales in India, as the sector broke all records from the past during March 2024. With 50,538 registered electric two wheelers (E2Ws) Ola Electric lead from the front in the E2W segment, while Mahindra was number one in the electric three wheeler (E3W) space, and Tata on the top in the electric cars segment.

Delhi-headquartered Omega Seiki Mobility (OSM) has become the highlight of the month. The company registered 2,247 E3Ws in March 2024, up from 498 the previous month. The start-up has joined the league of legacy companies Mahindra, Bajaj, and Piaggio. These are the only E3W OEMs to have registered over 2,000 units in March 2024.

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Electric Car OEM JAN FEB MAR Total
1 TATA PASSENGER ELECTRIC MOBILITY LTD 4,266 4,456 5,018 13,740
2 MG MOTOR INDIA PVT LTD 1,125 1,068 1,022 3,215
3 MAHINDRA & MAHINDRA LIMITED 746 624 612 1,982
4 HYUNDAI MOTOR INDIA LTD 169 122 145 436
5 BYD INDIA PRIVATE LIMITED 141 108 101 350
6 BMW INDIA PVT LTD 151 95 68 314
7 VOLVO AUTO INDIA PVT LTD 54 45 40 139
8 MERCEDES -BENZ AG + Mercedes India 62 46 50 156
9 KIA MOTORS INDIA PVT LTD 37 23 33 93
10 PCA AUTOMOBILES INDIA PVT LTD 26 55 31 112

Electric Cars Seem To Have Hit A Roadblock

While both the E2W and the E3W markets grew Month on Month during March 2024, the electric car registrations seem to have hit a roadblock. Tata Passenger Electric Mobility continues to lead the electric car registrations in India.

As a matter of fact, it was among only a few which registered month-on-month growth during March 2024. The company registered 5,018 electric car units during the month. It had registered 4,266 units in January, and 4,456 units in February 2024.

Hyundai and Kia were the only two other car OEMs, among the top 10, to post growth during the month. Against 122 Hyundai electric cars being registered in February 2024, a total of 145 were registered in March 2024. Kia registered 33 electric cars during march 2024. It had registered 23 in February 2024.

MG Motor India, against 1,068 electric cars in February 2024, registered 1,022 in March 2024. Similarly, against 624 electric cars in February 2024, Mahindra and Mahindra registered 612 units.

S No E3W OEM Jan Feb Mar Total
1 MAHINDRA LAST MILE MOBILITY LTD 3,235 3,780 6,088 13,104
2 BAJAJ AUTO LTD 1,579 1,379 3,354 6,312
3 PIAGGIO VEHICLES PVT LTD 2,133 1,992 3,299 7,424
4 OMEGA SEIKI PVT LTD 370 498 2,247 3,115
5 TI CLEAN MOBILITY PVT LTD 366 462 748 1,576
6 EULER MOTORS PVT LTD 321 373 554 1,248
7 ALTIGREEN PROPULSION LABS PVT LTD 145 149 460 754
8 DILLI ELECTRIC AUTO PVT LTD 58 109 378 549
9 ATUL AUTO LTD 102 102 175 379
10 MAHINDRA & MAHINDRA LIMITED 239 183 149 571

E3W OEMs Double Their Sales

E3Ws continue to be the poster boy of electric vehicle revolution in India. Almost each OEM, in the top 10 list, doubled its E3W registrations month on month.

However, with a jump from 498 E3W units to 2,247 in March 2024, it is OSM that stole the limelight. The start-up is now the only one to have joined the likes of Mahindra, Bajaj, and Piaggio in retailing over 2,000 E3W units in a month.

With 6,088 units registered in March 2024, Mahindra Last Mile Mobility continued to lead the segment. Bajaj clinched the second spot from Piaggio as it registered 3,354 units in March 2024, against the 3,299 units of Piaggio.

E2W OEM JAN FEB MAR Total
1 OLA ELECTRIC TECHNOLOGIES PVT LTD 32,349 33,923 50,538 1,16,811
2 TVS MOTOR COMPANY LTD 15,339 14,607 26,465 56,411
3 BAJAJ AUTO LTD 10,885 11,745 17,900 40,533
4 ATHER ENERGY PVT LTD 9,357 9,066 17,204 35,627
5 HERO MOTOCORP LTD 1,495 1,755 4,060 7,310
6 KINETIC GREEN ENERGY & POWER SOLUTIONS LTD 820 632 3,964 5,417
7 BGAUSS AUTO PRIVATE LIMITED 1,487 1,350 3,107 5,944
8 GREAVES ELECTRIC MOBILITY PVT LTD 2,358 2,487 3,007 7,852
9 OKAYA EV PVT LTD 581 657 1,233 2,471
10 WARDWIZARD INNOVATIONS & MOBILITY LIMITED 978 841 1,019 2,838

In the two wheeler segment, Ola registered over 50K E2W units. The start-up had registered 33,923 units in February 2024. TVS registered 26,465 units in March 2024.

Kinetic Green, in the E2W segment, stole the limelight as it registered 3,964 units in March 2024, against the 632 it had registered in February 2024.

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