In the history of EV adoption, 2022 will no doubt be written in gold. More than one million electric vehicles were registered in the year for the first time. Though the registrations are across vehicle categories, it is primarily being driven by the two- and three-wheeler segment.
As per an analysis done by Financial Express, the top 9 EV makers in the country sold a total of 54,559 electric two-wheelers in December 2022, compared to 20,475 units in the same month, a year ago.
And when it comes to the electric two-wheeler segment, Ola Electric occupies the top slot in the high-speed electric two-wheeler category with sales of 17,293 units in December 2022. The company had sold 240 units for the same period last year.
TVS Motor Co, with sales of 11,071 units was the second highest seller (albeit wholesales), compared to 1,212 units for the same period last year.
Hero Electric, which for long was the top-selling electric two-wheeler company saw its sales drop to 8,092 units, compared to 6,398 units a year earlier.
Ather Energy, with 7,651 units saw three-times jump in sales, albeit on a lower base.
It is important to mention that, Okinawa Autotech was the sold electric two-wheeler maker in the list to have registered a negative growth of 13 percent. The company retailed 5,279 units in December 2022, versus 6,101 units for the same period a year ago.
| Company | Dec-22 | Dec-21 | Change (in %) | Market share (2022) |
| Ola Electric | 17,293 | 240 | 7105% | 31.70% |
| TVS Motor Co | 11,071 | 1,212 | 813% | 20.29% |
| Hero Electric | 8,092 | 6,398 | 26% | 14.83% |
| Ather Energy | 7,651 | 1,813 | 322% | 14.02% |
| Okinawa Autotech | 5,279 | 6,101 | -13% | 9.68% |
| Ampere | 4,408 | 3,373 | 31% | 8.08% |
| Jitendra EV Tech | 670 | 503 | 33% | 1.23% |
| Tork Motors | 58 | NA | NA | 0.11% |
| Revolt Intellicorp | 37 | 835 | -96% | 0.07% |
| Total | 54,559 | 20,475 | 166% | 100% |
While, the number of EV makers and retail sales are showing a steady sign of growth, the ongoing tussle between 12 EV makers and the Ministry of Heavy Industries for alleged ‘misappropriation of funds’ by the OEMs, has the potential to disrupt the dream run for the EV industry. On the other hand, the hike in prices of raw materials, batteries, could lead to further price hikes for EVs.
