India Monitor Commentary

South Asia

May 2023

Strong growth in automotive sales in 2022/23. A snapshot of the

electric vehicle sector.
Key takeaways

Market data ■ The IMF has reduced its GDP forecasts for India to 5.9% in 2023/24 (from
Nifty 50 6.1%). The forecast is materially lower than the Indian central bank, RBI’s
forecast of 6.5%. The IMF is forecasting that inflation is likely to ease to
Close 18,065
4.9% in FY 2024 from 6.9% in FY 2024.
52 wk range 15,183 - 18,887
% chge (1 YR) +3.56%

USD/INR Exchange rate

USD/INR: 81.7

■ Inflation declined to 5.66% in March 2023, primarily driven by a decline in the

rate of food price inflation.

Date: 30/4/2023

As experts on South Asia, we

work with organisations to help
them better understand growth
opportunities in India and its
neighbouring countries.
Contact:
Harjinder Singh-Heer
E: harjinder@cornhillstrategy.com
India Monitor
Cornhill Strategy

■ India is entering a low inflation period according to a paper authored by

leading economists (including Michael Debabrata Patra, deputy governor of
the RBI) as the impact of supply shocks and high energy costs fades.

■ India has experienced a sharp decline in venture capital funding. Some

reports estimate that venture capital funding declined from US D378 billion in
2021 to USD 26 billion in 2022 (Bain & Co.). The latest quarterly data (Q1
2023) indicates a 74% y-on-y decline in funding and a 49% decline in deal
volumes (GlobalData)

■ India’s population is forecast to surpass that of China in April. The

population is estimated to be 1.425 billion, according to the UN.

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Recent deal activity

Reported Acquiror / Acquiror - Investee Value (USD

Investee Sector Investee activities Commentary
Date Investor country - country mn)

Niro enables consumer ecommerce platforms to offer credit products to end customers. The
28-Apr-2023 Innoven capital India Niro India 11.00 Financial services Credit
company secured USD 8.5 million equity and USD 2.5 million debt.

Inflection Point
27-Apr-2023 India Aksum India 1.00 Software services B2B services Aksum TradeMart is a SaaS platform that provides Supply Chain services to businesses.
Ventures

27-Apr-2023 FCB Group USA Kinnect India 36.60 Marketing services Agencies FCB Group acquired a majority stake in the agency, Kinnect. Kinect specialises in digital marketing.

Metamorphosis Edtech firm BrightChamps has acquired Metamorphosis Edu, in a cash and stock deal.
27-Apr-2023 BrightChamps India India N.A. Education Edutech
Edu BrightChamps caters to the K-12 edtech segment, offering coding classes for children.

Thrive
Thrive offers a digital ordering system for restaurants; over 14,000 restaurants across 80 cities in
27-Apr-2023 Coca Cola USA (Hashtag India N.A. Technology Ecommerce
India use Thrive.
Loyalty)

Raymond
27-Apr-2023 Godrej India India 345.00 FMCG Consumer goods Raymond Consumer Care brands include Park Avenue deodorant and Kamasutra condoms.
Consumer Care

26-Apr-2023 Lohia India E-bility Germany Automotive Two wheelers Lohia acquired E-bility, the parent company of EV two wheeler brand, Kumpan.

The brand operates over 130 exclusive brand outlets in over 70 cities in India and is a B2B app that
13-Apr-2023 GetVantage India Barcelona India N.A. Apparel Fashion retail
serves as a single brand to retailer channel, allowing the stock to be sold wholesale.

JSW One JSW One Platform leverages JSW Group’s strength in manufacturing and building materials,
12-Apr-2023 Mitsui & Co Japan India N.A. Technology E-commerce
Platforms tech-enabled logistics and credit to be a platform of choice for MSMEs and enterprises in India.

Office interiors The Gurugram company’s platform brings architects, contractors, designers, material and furniture
11-Apr-2023 Lightspeed India Officebanao India 6.00 Software services
platform suppliers together under one platform, streamlining the procurement process for clients.

Temesek acquired an additional 41% stake in India's Manipal Health Enterprises from investors
Manipal Health
10-Apr-2023 Temasek Singapore India 2,000.00 Healthcare Hospitals including TPG, increasing its stake to 59%. Manipal operates 29 hospitals in 16 cities with 4,000
Enterprises
doctors. TPG will also reinvest through its new fund TPG Asia VIII.

SRL
Lifeline Diagnostics SRL Diagnostics, a subsidiary of Fortis Healthcare, a Mumbai-listed hospital chain, has acquired
11-Apr-2023 India India N.A. Healthcare Diagnostics
Laboratory (Fortis Lifeline Laboratory in order to expand its presence in the Indian pathology market.
Healthcare)

Shravan Shravan Engineering’s product portfolio currently includes Chemours refrigerants, along with
5-Apr-2023 Beijer Ref Sweden India N.A. Industrial Refridgeration
Engineering Danfoss, Emerson, Frescold, Roller and Totaline brands.

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Cornhill Strategy

Reported Acquiror / Acquiror - Investee Value (USD

Investee Sector Investee activities Commentary
Date Investor country - country mn)

Founded in 2015 and backed by investors including Pentathlon Ventures and Incubate Fund,
6-Apr-2023 Navan India Tripeur India N.A. Travel Business Travel
Tripeur provides a platform to book travel and analyse spend.

Morgan Stanley
Magenta Founded in 2018 as a charging solution provider for EVs by Maxson Lewis, over the next year,
5-Apr-2023 India Infra. BP USA, UK India 22.00 Energy EV charging
Mobility Magenta Mobility plans to expand its fleet to 4,000 three- and four-wheel electric vehicles.
Ventures

We maintain a proprietary deal activity database, covering mergers, acquisitions and private equity/venture funding.
For further information, please contact us.

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India Monitor
Cornhill Strategy

Snapshot: Automotive sector

■ The automotive sector released sales data for the full year 2022-23. The
sector saw a strong recovery from the pandemic slowdown, though factors
such as a shortage of electronic components remains an issue.

■ Sales growth in 2023/24 is likely to be more muted as high inflation feeds

through to prices and less attractive promotions. However, the substantial
increase in central government capex announced in the budget should aid
vehicle sales.

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Cornhill Strategy

Electric vehicles landscape

■ Electrification in the two wheeler segment has grown substantially to

approximately 5-6% of sales by volume from 2% in 2021.

■ FAME II subsidies may not be continued beyond March 2024; the scheme was
aimed at facilitating demand in the EV market and creating EV charging
infrastructure. At its initial 2019 launch, FAME II’s objectives were to support
7,000 electric buses, 500,000 electric three wheelers, 55,000 passenger cars
and 1 million two wheelers. Relaunched in 2021, the scheme has been
extended through to March 2024, but it appears unlikely that it will then be
continued as the government suggests that the funding has not been utilised as
required.

■ Incentives such as lower GST rates and waivers for EVs and charging stations
also exist. In addition to this, the automotive (including components) sector can
benefit from the PLI scheme which aims to boost clean energy production in
India.

■ Whilst the government set a target of 46,397 public charging stations (PCS) by
2023, the current figure is 5,254.

Ola Electric charging station

■ The sector has attracted a substantial amount of funding from blue chip
investors such as Temsek, BP Ventures and Morgan Stanley.

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Cornhill Strategy

Major players in the Indian EV space

Company Recent funding rounds Example investors Overview

Series A1 - USD 40 mn Morgan Stanley, India ● Fleet of electric vehicles in Bengaluru, Delhi, Mumbai, Mysuru, Hyderabad, Gurugram and Noida.
debt and equity (USD 22 Infrastructure and BP
Targeting 4,000 vehicles in 2023/24.
mn equity) - Mar 2023 Ventures
● Charging infrastructure, with App for payment and charging station locating services
● Founded in 2018, with seed funding from HPCL. Early investors include LetsVenture, JITO Angel
Magenta Mobility Network and Indian-American businessperson Dr. Kiran Patel

USD 54 million debt and BlueOrchard (Schroders ● roll-out of 286 charging stations serving 1,130 e-buses and e-trucks and over 1,250 e-car fleets
equity (USD 8 mn debt) - Group) - debt
● Founded in 2019, has 3,000 charging points across 1,500 EV charging stations in operation or
Mar 2023
construction in 37 cities
● Early investors include Mumbai Angels, Venture Catalysts
ChargeZone

USD 200 million - Jan Temasek, Tiger Global, ● Initially launched by Ola Cabs with charging stations in Nagpur
2022 Falcon Edge, SoftBank,
● Manufactures two wheeler EVs (acquisition of Dutch manufacturer, Etergo). Building a manufacturing
Tekne Private Ventures,
Alpine Opportunity Fund, facility in Tamil Nadu
Edelweiss
Ola Electric ● Multiple rounds of investment with a recent valuation of USD 5 billion

USD 33 million - Nov Hero MotoCorp, InnoVen ● Manufactures two wheeler EVs at a manufacturing facility in Tamil Nadu
2020 Capital, Tiger Global
● Aether Grid is establishing a charging infrastructure

Ather Energy & Ather Grid

USD 28 million - Jan RedBlue Capital ● Commercial EV manufacturer with close relationship with Amazon
2022
● Designed a 1 tonne commercial vehicle for deliveries
● Building a manufacturing facility near Delhi
Evage

USD 82 million Bajaj Auto, Magna ● Two wheeler EVs including bicycles available on a rental basis
International (Canada)
● Has established a charging and service infrastructure and payment app.
● Focused on major cities including Bengaluru, Pune and Delhi
Yulu

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Cornhill Strategy

Appendix: Automotive sales data

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Sector Data: Automotive sales

Figure 1) Automotive domestic sales - annual volume (2014 - 23)

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

Passenger Vehicles 2,601,236 2,789,208 3,047,582 3,288,581 3,377,389 2,773,519 2,711,457 3,069,499 3,890,114
Commercial Vehicles 614,948 685,704 714,082 856,916 1,007,311 717,593 568,559 716,566 962,468
Three Wheelers 532,626 538,208 511,879 635,698 701,005 637,065 219,446 260,995 488,768
Two Wheelers 15,975,561 16,455,851 17,589,738 20,200,117 21,179,847 17,416,432 15,120,783 13,466,412 15,862,087
Quadricycle 627 942 0 124
Grand Total 19,724,371 20,468,971 21,863,281 24,981,312 26,266,179 21,545,551 18,620,233 17,513,596 21,203,437

% change 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23

Passenger Vehicles Passenger Vehicles 7.2% 9.3% 7.9% 2.7% -17.9% -2.2% 13.2% 26.7%
Commercial Vehicles Commercial Vehicles 11.5% 4.1% 20.0% 17.6% -28.8% -20.8% 26.0% 34.3%
Three Wheelers Three Wheelers 1.0% -4.9% 24.2% 10.3% -9.1% -65.6% 18.9% 87.3%
Two Wheelers Two Wheelers 3.0% 6.9% 14.8% 4.9% -17.8% -13.2% -10.9% 17.8%
Grand Total Grand Total 3.8% 6.8% 14.3% 5.1% -18.0% -13.6% -5.9% 21.1%
Note: Aug 18 -March 2019 data is available for 2018-19
Source: SIAM, Cornhill Strategy Analysis

Figure 2) Automotive domestic sales - monthly volume (Jan - Mar)

Jan 2022 Feb 2022 Mar 2022 Jan-Mar 2022 Jan 2023 Feb 2023 Mar 2023 Jan-Mar 2023
Domestic sales
Passenger vehicles 254,287 262,984 279,501 920,661 298,093 291,928 292,030 1,018,355
Commercial vehicles 249,806 278,878
Three wheelers 24,901 27,039 32,088 83,218 48,903 50,382 54,360 153,645
Two wheelers 1,128,293 1,037,994 1,184,210 3,350,497 1,184,379 1,129,661 1,290,553 3,604,593
Total domestic sales 1,407,481 1,328,017 1,495,799 4,604,182 1,531,375 1,471,971 1,636,943 5,055,471
y-on-y change 8.8% 10.8% 9.4% 9.8%
Total production 1,860,809 1,795,514 1,960,398 6,014,377 1,904,364 1,754,922 2,004,592 6,094,960
y-on-y change 2.3% -2.3% 2.3% 1.3%
Note: SIAM data, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 1

Sector Data: Automotive sales

Figure 3) Automotive retail sales by type - annual volume (2022 - 23)

FY 22 FY 23 % chge
Two wheelers 13,494,214 15,995,968 18.5%
Three wheelers 417,108 767,071 83.9%
- E-Rickshaw (passenger) 160,065 350,247 118.8%
- E-Rickshaw (goods) 14,467 24,224 67.4%
- Three wheeler (goods) 72,668 90,111 24.0%
- Three wheeler (passenger) 169,384 301,877 78.2%
- Three wheeler (personal) 524 612 16.8%
Passenger vehicles 2,942,273 3,620,039 23.0%
Tractors 766,545 827,403 7.9%
Commercial vehicles 707,186 939,741 32.9%
- Light (LCV) 438,802 554,585 26.4%
- Medium (MCV) 48,005 60,818 26.7%
- Heavy (HCV) 197,365 293,796 48.9%
- Others 23,014 30,542 32.7%
Total 18,327,326 22,150,222 20.9%
Note: FADA data, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 2

Sector Data: Automotive sales

Figure 4) Passenger vehicle retail sales by type - annual volume (2022 - 23)

FY 22 FY 23 % chge Market share

Maruti Suzuki India Ltd 1,239,688 1,479,221 19.3% 40.86%
Hyundai Motor India Ltd 479,027 525,088 9.6% 14.51%
Tata Motors Ltd 331,637 484,843 46.2% 13.39%
Mahindra & Mahindra Ltd 199,125 323,691 62.6% 8.94%
Kia Motors India Pvt Ltd 156,021 232,570 49.1% 6.42%
Toyota Kirloskar Motor Pvt Ltd 115,001 157,893 37.3% 4.36%
Skoda Auto Volkswagen Group 52,110 88,001 68.9% 2.43%
- Skoda Auto Volkswagen India Pvt Ltd 48,931 86,383 76.5% 2.39%
- Volkswagen Ag/India Pvt. Ltd. 1,344 228 -83.0% 0.01%
- Audi Ag 1,131 786 -30.5% 0.02%
- Skoda Auto India/As Pvt Ltd 704 604 -14.2% 0.02%
Honda Cars India Ltd 83,559 82,949 -0.7% 2.29%
Renault India Pvt Ltd 87,965 75,390 -14.3% 2.08%
Mg Motor India Pvt Ltd 35,449 41,094 15.9% 1.14%
Nissan Motor India Pvt Ltd 36,509 30,246 -17.2% 0.84%
Mercedes -Benz Group 11,108 14,262 28.4% 0.39%
- Mercedes-Benz India Pvt Ltd 10,571 13,704 29.6% 0.38%
- Mercedes -Benz Ag 433 541 24.9% 0.01%
- Daimler Ag 104 17 -83.7% 0.00%
Fiat India Automobiles Pvt Ltd 10,740 11,684 8.8% 0.32%
Bmw India Pvt Ltd 8,563 10,789 26.0% 0.30%
Pca Automobiles India Pvt Ltd 544 5,975 998.3% 0.17%
Force Motors Ltd 2,225 5,552 149.5% 0.15%
Jaguar Land Rover India Ltd 1,971 2,037 3.3% 0.06%
Volvo Auto India Pvt Ltd 1,393 1,709 22.7% 0.05%
Byd India Private Ltd 40 1,066 2565.0% 0.03%
Isuzu Motors India Pvt Ltd 788 853 8.2% 0.02%
Porsche Ag Germany 414 700 69.1% 0.02%
Automobili Lamborghini S.P.A 66 70 6.1% 0.00%
Bentley Motors Ltd 26 36 38.5% 0.00%
Rolls Royce 18 16 -11.1% 0.00%
Others 88,286 44,304 -49.8% 1.22%
Total 2,942,273 3,620,039 23.0% 100%
Note: FADA data, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 3

Sector Data: Automotive sales

Figure 5) Commercial vehicle retail sales by manufacturer - annual volume (2022 - 23)

FY 22 FY 23 % chge Market share

Tata Motors Ltd 293,158 367,973 25.5% 39.2%
Mahindra & Mahindra Ltd 149,203 225,661 51.2% 24.0%
Ashok Leyland Ltd 101,877 150,138 47.4% 16.0%
Ve Commercial Vehicles Ltd 42,564 62,609 47.1% 6.7%
Maruti Suzuki India Ltd 40,141 40,527 1.0% 4.3%
Daimler India Commercial Vehicles Pvt. Ltd 13,093 17,077 30.4% 1.8%
Force Motors Ltd, A Firodia Enterprise 8,590 12,047 40.2% 1.3%
Sml Isuzu Ltd 5,924 9,136 54.2% 1.0%
Others 52,636 54,573 3.7% 5.8%
Total 707,186 939,741 32.9% 100%
Note: FADA data, Cornhill Strategy Analysis

Figure 6) Tractor retail sales by manufacturer - annual volume (2022 - 23)

FY 22 FY 23 % chge Market share

Mahindra & Mahindra Ltd (Tractor) 145,916 176,736 21.1% 21.4%
Mahindra & Mahindra Ltd (Swaraj Division) 104,674 128,698 23.0% 15.6%
International Tractors Ltd 89,962 97,743 8.6% 11.8%
Tafe Ltd 81,217 92,546 13.9% 11.2%
Escorts Ltd (Agri Machinery Group) 66,543 79,531 19.5% 9.6%
John Deere India Pvt Ltd (Tractor Devision) 52,489 60,450 15.2% 7.3%
Eicher Tractors 51,065 52,870 3.5% 6.4%
Cnh Industrial (India) Pvt Ltd 25,520 30,047 17.7% 3.6%
Kubota Agricultural Machinery India Pvt.Ltd. 16,424 20,753 26.4% 2.5%
V.S.T. Tillers Tractors Ltd 5,993 5,290 -11.7% 0.6%
Force Motors Ltd, A Firodia Enterprise 4,146 4,312 4.0% 0.5%
Preet Tractors Pvt Ltd 4,756 3,605 -24.2% 0.4%
Indo Farm Equipment Ltd 3,601 3,456 -4.0% 0.4%
Captain Tractors Pvt. Ltd. 3,902 3,451 -11.6% 0.4%
Others 110,337 67,915 -38.4% 8.2%
Total 766,545 827,403 7.9% 100%
Note: FADA data, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 4

Sector Data: Automotive sales

Figure 7) Two wheeler retail sales by manufacturer - annual volume (2022 - 23)

FY 22 FY 23 % chge Market share

Hero Motocorp Ltd 4,635,480 5,130,611 10.7% 32.1%
Honda Motorcycle And Scooter India (P) Ltd 2,973,481 3,892,340 30.9% 24.3%
Tvs Motor Company Ltd 1,996,405 2,484,863 24.5% 15.5%
Bajaj Auto Group 1,649,968 1,698,789 3.0% 10.6%
Bajaj Auto Ltd 1,649,968 1,694,513 2.7% 10.6%
Chetak Technology Ltd - 4,276 0.0%
Royal-Enfield (Unit Of Eicher Ltd) 473,970 696,233 46.9% 4.4%
Suzuki Motorcycle India Pvt Ltd 484,070 676,113 39.7% 4.2%
India Yamaha Motor Pvt Ltd 459,278 554,997 20.8% 3.5%
Ola Electric Technologies Pvt Ltd 14,401 152,542 959.2% 1.0%
Okinawa Autotech Pvt Ltd 46,452 94,626 103.7% 0.6%
Hero Electric Vehicles Pvt. Ltd 65,306 88,591 35.7% 0.6%
Ampere Vehicles Private Ltd 24,652 84,551 243.0% 0.5%
Ather Energy Pvt Ltd 19,980 76,833 284.5% 0.5%
Piaggio Vehicles Pvt Ltd 47,470 41,816 -11.9% 0.3%
Classic Legends Pvt Ltd 29,779 40,190 35.0% 0.3%
Others Including EV 573,522 282,873 -50.7% 1.8%
Total 13,494,214 15,995,968 18.5% 100%
Note: FADA data, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 5

Sector Data: Automotive sales

Figure 8) Three wheeler retail sales by manufacturer - annual volume (2022 - 23)

FY 22 FY 23 % chge Market share

Bajaj Auto Ltd 17,320 30,254 74.7% 34.8%
Piaggio Vehicles Pvt Ltd 5,079 7,445 46.6% 8.6%
Mahindra & Mahindra Ltd 1,945 4,469 129.8% 5.1%
YC Electric Vehicles 2,419 3,095 27.9% 3.6%
Atul Auto Ltd 1,535 2,475 61.2% 2.8%
Saera Electric Auto Pvt Ltd 1,289 2,244 74.1% 2.6%
Dilli Electric Auto Pvt Ltd 958 2,061 115.1% 2.4%
TVS Motor Company Ltd 1,233 1,496 21.3% 1.7%
Champion Poly Plast 897 1,310 46.0% 1.5%
Mini Metro Ev LLP 643 1,265 96.7% 1.5%
Unique International 747 1,149 53.8% 1.3%
J. S. Auto (P) Ltd 557 966 73.4% 1.1%
Mahindra Reva Electric Vehicles Pvt Ltd 1,209 937 -22.5% 1.1%
Others (incl. EV) 15,652 27,691 76.9% 31.9%
Total 51,483 86,857 68.7% 100%
Note: FADA data, Cornhill Strategy Analysis

Figure 9) Electric vehicle sales by category - annual volume

2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24

E-2 Wheelers 1,981 27,478 26,512 44,798 252,555 727,176 26,164
E-3 Wheelers 90,411 114,136 140,754 90,901 183,449 401,872 12,944
E-4 Wheelers 2,433 2,460 2,740 5,200 19,802 47,977 2,233
E-Buses 27 53 363 373 1,200 1,916 77
Total 94,852 144,127 170,369 141,272 457,006 1,178,941 41,418
% change 2018-19 2019-20 2020-21 2021-22 2022-23
E-2 Wheelers E-2 Wheelers 1287.1% -3.5% 69.0% 463.8% 187.9%
E-3 Wheelers E-3 Wheelers 26.2% 23.3% -35.4% 101.8% 119.1%
E-4 Wheelers E-4 Wheelers 1.1% 11.4% 89.8% 280.8% 142.3%
E-Buses E-Buses 96.3% 584.9% 2.8% 221.7% 59.7%
Total Total 51.9% 18.2% -17.1% 223.5% 158.0%
Source: VAHAN

Cornhill Strategy 2023 Appendix: 6

Sector Data: Automotive sales

Figure 10) Electric vehicle sales by category - monthly sales

Cumulative
Jan 2023 Feb 2023 Mar 2023 Apr 2023
Total
E-2 Wheelers 64,648 66,003 86,067 26,165 1,106,664
E-3 Wheelers 34,307 35,997 45,222 12,944 1,034,467
E-4 Wheelers 3,485 4,830 8,757 2,233 82,845
E-Buses 98 99 89 77 4,009
Total 102,538 106,929 140,135 41,419 2,227,985
Source: VAHAN, SMEV, Cornhill Strategy Analysis

Figure 11) Electric two wheeler sales by manufacturer - annual volume

Maker 2020-21 2021-22 2022-23 % Market Share

Ola Electric 0 14,399 152,567 21.0%
Okinawa 6,972 46,454 94,631 13.0%
Hero Electric 15,956 68,936 89,862 12.3%
Ampere 6,089 25,517 86,351 11.9%
TVS 4,401 19,979 81,900 11.2%
Ather 837 9,736 76,837 10.6%
Bajaj 1,470 7,111 32,559 4.5%
Okaya EV 1,793 7,641 13,173 1.8%
Revolt 2,080 14,870 12,924 1.8%
Pure EV 0 0 11,555 1.6%
Being India 1,108 7,085 10,733 1.5%
Jitendra New EV 619 3,788 8,459 1.2%
Others 2,969 24,105 56,539 7.8%
Total 44,294 249,621 728,090 100%
Source: VAHAN, SMEV, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 7

Sector Data: Automotive sales

Figure 12) Electric two wheeler sales by manufacturer - monthly volume

Maker Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Ola Electric 12,708 9,268 5,898 3,864 3,476 9,896 16,353 16,385 17,362 18,338 17,720 21,299
Okinawa 11,012 9,307 6,984 8,098 8,679 8,498 14,945 9,065 5,282 4,408 3,846 4,507
Hero Electric 6,804 2,971 6,837 9,306 10,820 8,210 8,869 9,027 8,101 6,399 5,865 6,653
Ampere 6,865 6,179 6,920 6,813 6,773 6,478 10,077 12,260 4,422 4,371 5,850 9,343
TVS 1,498 480 1,980 4,347 6,412 3,994 5,811 8,132 9,358 10,460 12,649 16,779
Ather 2,451 3,338 3,830 1,289 5,380 6,281 7,359 7,840 7,693 9,229 10,068 12,079
Bajaj 1,223 1,810 1,824 2,484 2,615 2,608 3,466 3,031 3,229 3,247 2,536 4,486
Okaya EV 0 19 760 1,076 905 954 1,968 1,783 1,448 1,265 1,232 1,763
Revolt 1,241 1,586 2,424 2,319 1,662 865 1,041 524 37 14 79 1,132
Pure EV 1,756 1,464 1,125 1,000 880 790 1,047 925 780 716 488 584
Being India 820 792 959 1,167 1,063 976 1,422 1,216 966 571 337 444
Jitendra New EV 915 626 549 847 647 661 1,111 1,255 668 522 308 350
Others 5,967 4,563 4,278 3,990 2,867 3,019 3,625 5,241 5,233 5,111 5,083 7,562
Total 53,260 42,430 44,368 46,600 52,179 53,230 77,094 76,684 64,579 64,651 66,061 86,981
Source: VAHAN, SMEV, Cornhill Strategy Analysis

Cornhill Strategy 2023 Appendix: 8