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Legacy firms wrest 51% of EV 2W pie
Financial Express Mumbai
|December 11, 2024
LEGACY BRANDS, WHICH have been trailing startups in the electric two-wheeler space, have finally reversed the trend after pocketing more than half of the market share in November.
TVS Motor Company, Bajaj Auto and Hero MotoCorp together accounted for 51% of the retail sales during the month, according to data shared by the Federation of Automobile Dealers Association (FADA). In May 2024, their combined share stood at 31%.
With a 22% market share, Bajaj Auto led the growth for the legacy players by more than doubling its volumes in November, riding on the Chetak brand. It now trails market leader Ola Electric by 3,000 units from 18,230 units in November 2023.
TVS Motor Company saw a 41% growth in volumes in November and has a 23% market share.
Bajaj had overtaken TVS in September for the second position but TVS has since recaptured the spot, pushing Bajaj to third.
This story is from the December 11, 2024 edition of Financial Express Mumbai.
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