For customers who prefer established brands, choices are fairly limited to Bajaj Chetak and TVS iQube
Electric two-wheeler segment in India has been witnessing frantic activity in recent times, as more than a dozen startups have launched their products in the market. However, trusting an entirely new player can be a bit tough for consumers. This is why many people prefer to go with established brands. In that case, one can choose either Chetak or iQube.
Chetak vs. iQube February 2021 sales
In February 2021, Bajaj Chetak sales stood at 150 units. In comparison, TVS iQube sold a total of 203 units. If we look at YoY growth, Chetak has gained 50%, as compared to 100 units sold in February last year. iQube has much higher percentage YoY growth at 434.21%. iQube sales in February last year were just 38 units.
This is the second consecutive month when iQube sales are higher than Chetak. It’s not due to any reduction in demand for Chetak, but only because Bajaj has been facing problems on the supply side. As reported earlier, there is currently a global shortage of semiconductors. Chetak utilizes a number of imported components and their short supply has resulted in production constraints.
Bajaj Chetak has quite a healthy order book of more than 1,500 units. Also, Chetak still leads in cumulative sales. From April 2020 to February 2021, Chetak’s cumulative sales are at 1305 units. In comparison, iQube cumulative sales are 755 units during the same period.
It is likely that the supply situation has improved for Bajaj since last month. That’s why we can see a big jump in MoM sales in February, as compared to 30 units sold in January.
TVS iQube on the other hand has negative MoM growth, as compared to 211 units sold in January. However, it’s good to see that the number is still above the 200 mark.
EV plans of other two-wheeler manufacturers
Other two wheeler manufacturers such as Hero MotoCorp, Honda, Suzuki, and Yamaha are yet to enter this space. Most of these companies are planning to enter the electric two-wheeler segment, but a definitive timeline is not available as of now. Surprisingly, newcomers like Ola Electric are moving much faster in this segment.
As may be recalled, Ola is currently building the world’s largest electric two-wheeler manufacturing facility in Tamil Nadu. When complete, the state-of-the-art facility will have production capacity of 10 million units per annum. It is possible that Ola’s ambitious move may provide the right motivation to other two-wheeler manufacturers to speed up their EV plans.