New Delhi . On the occasion of New Year, EV company Ola Electric has got hit. Bajaj Auto has become the number 1 company in the twowheeler EV segment by defeating Ola Electric.
According to vehicle portal data, Bajaj Auto's market share in the twowheeler EV segment has increased by 3 percent to 25 percent in December 2024, which was 22 percent in November.
At the same time, the market share of Ola Electric has declined by 5 percent to 19 percent on a monthly basis in December. It was 24 percent in November.
The market share of Ather Energy along with Bajaj in the twowheeler EV segment has also increased by 3 percent to 14 percent in December, from 11 percent in November.
There has been no change in the market share of TVS Auto in the last month. It has remained intact at 23 percent.
Hero MotoCorp's market share has fallen from 5 percent to 1 percent in December, which was 6 percent in November.
Companies are facing tough competition in the twowheeler EV vehicle segment. Prices have become very important for companies after subsidies are reduced from March 31, 2024.
Companies like Bajaj and TVS are launching cheaper versions of their EV scooters.
Keeping in mind the increasing competition, Ola Electric has also launched new launches, the price of which has been kept low. The company has recently launched the swappable battery version of the S1 scooter, which is priced at Rs 59,999.
Ola Electric has increased the number of its stores from 800 to 4,000 by December 25, 2024. The company plans to use its own batteries in its electric scooters from April 2025.
At the same time, Bajaj Auto's new platform not only includes the latest features, but the company has claimed that it will save 45 percent, which will increase the margin.
TVS is also continuously increasing the touchpoints for its electric scooter iCube. With the addition of 250 EV outlets, the company has expanded its touchpoint to around 4000 stores. Ather Energy is also expanding touchpoints in North India and is seeing demand in strong EV markets like Gujarat and Maharashtra.
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Image Credit: KhasKhabar.