Bajaj Auto created a surprise during sales of electric two-wheelers in September. According to the CNBC-TV18 report, Bajaj Chetak Electric had a market share of 21.4% last month. It thus occupies second place in the segment. While Ola Electric’s market share was 27.6%. This means that there was a slight difference between the two. The twist is that Bajaj pushed the runner-up TVS iQube to third place. Ola’s market share continues to decline.
Retail sales data for the period September 1-29 on the vehicle portal shows that Ola Electric sold 22,821 units. While Bajaj Auto sold 17,507 units, surpassing TVS Motor Company. During this period, TVS figures stood at 16,351 units. This is the first time that Bajaj has surpassed TVS in terms of monthly sales. In contrast, Ola Electric had 47% market share in September 2023, now reduced to a quarter.
When it comes to Ola Electric’s sales, there has been a huge decline of around a third in the company’s sales year-on-year. This also shows the growing competition and customer service challenges. Ola’s sales in September 2024 were also lower than in August 2024. The company had sold over 27,000 units then. At the same time, Ather Energy sold more than 11,000 units with an annual growth of 75%. Its market share was around 14%.
According to media reports, Bajaj, which was earlier sold through exclusive Chetak showrooms and KTM outlets, has now started retailing its Chetak scooter through its existing motorcycle dealerships. TVS, on the other hand, has been facing a shortage of models priced below Rs 1 lakh. This will also be a big challenge for the company during the festive season. TVS market share for September 2024 is 19.56%.