What will give you an Edge?
With E2W tech getting commoditised and a funding winter across the globe for manufacturers, we are in tough times where new entrants need to find an edge, fast.
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India: Pecking Order Stabilises
In June, TVS stays the market leader in sales, followed by Bajaj Auto, with Ola Electric, Ather Energy, Hero-Vida, and Greaves-Ampere bringing up the next four slots. The pecking order has stabilised in a market that is beginning to strengthen amidst a quest for profitability.
Where is the E2W Tesla?
Electric mobility for the masses would be driven by two-wheelers. The real success of the E2W revolution would be if it managed to create a Tesla-scale global success story in two-wheelers. Unfortunately, even the most significant players are regional and small. Would that change?
Vmoto-Uber Tie-up
Vmoto has been executing a strategic plan to spread into multiple fleet markets across the globe. As part of the plan, the company has tied up with fleet deployers in markets like Singapore, South Africa, the UK, Thailand, and Indonesia.
InsightEV Weekender: Week 25
The Infinite Machine Olto has us mesmerized; the Honda eQuad is a sign from the future; Roam has a new Air; and we launch our first syndicated research on the Indian market in July.
The Indian Market Quicksand
The Indian electric two-wheeler market is not growing. Data reveals that it has been stagnant over the last 29 months despite numerous launches and nearly every brand now having a presence. Even as more E2Ws are now visible on Indian roads, the penetration levels remain dismally low.
The Perfect Motorcycle?
We are in good times. After years of promises and numerous vaporware, this is now an era where multiple startups are ready with competent electric street-sports motorcycles. Soon, every dominant two-wheeler geography would have multiple options to choose from.
Should You Vertically Integrate?
When electric vehicle start-ups write their business plans, they inadvertently run into two questions. First, what should I make in-house (and what should I outsource)? Second, what level of vertical integration would make one profitable faster and provide an unassailable edge?
InsightEV Weekender: Week 22
We love the Lime Glider; TVS Consolidates Lead in Indian E2W Market; Bajaj now controls KTM; Ola Electric just reported its worst financials yet; Cooltra is on a roll
Ola Electric Bleeds Profusely
The India-based Ola Electric, the world's most funded electric two-wheeler manufacturer, announced its Q4 and Full Year FY 2025 financial results yesterday. Every meaningful metric has dipped, the most important being a 61% drop in revenues and a -101% consolidated EBITDA margin.
Bajaj Will Ride KTM
India-based Bajaj Auto, the world's most profitable two-wheeler manufacturer and KTM's long-term partner, has pitched in with EUR 800m to save KTM. We look at the what, why, and what now of the deal.
InsightEV Weekender: Week 21
Bajaj is now controlling KTM; MV Agusta's aftermath; Ducati updates the V21L; GM has an electric motorcycle patent; Fiat has a cute three-wheeler; Niu results continue to improve; and we spoke to polar-opposite startups in Brazil
LATAM is a Motorcycle Form Factor First Market
Vammo is one the leading names in electric mobility in Brazil. While they started with Vmoto scooters and batteries in a vehicle-lease and battery-swap business model, Vammo sees a more vibrant future and would explore multi-dimensional business models when the time is right
Brazil: Rentals are a More Feasible Alternative for Fleet Operators...
Not all B2B fleets in Brazil are the same. The requirements of a delivery rider are very different from those of a security agency patrol. Mileto believes it does not need to target the entire market, and its play of fixed battery motorcycles with fast charging is the more elegant solution.
Niu Q1: Sacrificing Margins for Volumes is Working for Now
Niu announced its Q1 2025 and reported a big bump in revenues, riding on a 57% jump in retail sales. gross profit also improved even though Gross Margins took a modest hit.
Sales and Financials
Ola Electric Bleeds Profusely
The India-based Ola Electric, the world's most funded electric two-wheeler manufacturer, announced its Q4 and Full Year FY 2025 financial results yesterday. Every meaningful metric has dipped, the most important being a 61% drop in revenues and a -101% consolidated EBITDA margin.
Ola Electric Bleeds Profusely
The India-based Ola Electric, the world's most funded electric two-wheeler manufacturer, announced its Q4 and Full Year FY 2025 financial results yesterday. Every meaningful metric has dipped, the most important being a 61% drop in revenues and a -101% consolidated EBITDA margin.
Niu Q1: Sacrificing Margins for Volumes is Working for Now
Niu announced its Q1 2025 and reported a big bump in revenues, riding on a 57% jump in retail sales. gross profit also improved even though Gross Margins took a modest hit.
Ather Reverses the Trend
We are always sceptical about financials immediately after an IPO. Companies are at their best behaviour, are prudent, and the numbers are unbelievably good. In some cases, they start deteriorating right after. With that skepticism, mixed with some cynicism, we analyse Ather's latest numbers
Gogoro is Running Against Time
As the Taiwanese energy company and scooter manufacturer delivered its Q1 2025 results, key metrics continue deteriorating without any recovery in sight. The biggest worry is that Gogoro is also depleting its cash reserves and eroding its market cap.
Yadea has a disappointing 2024
The world's largest electric two-wheeler manufacturer saw a double digit decline in both sales and profits., However, it continues to be the world's largest producer of electric two-wheelers bu a comfortable margin.
Bajaj Will Ride KTM
India-based Bajaj Auto, the world's most profitable two-wheeler manufacturer and KTM's long-term partner, has pitched in with EUR 800m to save KTM. We look at the what, why, and what now of the deal.
Alt-Mobility Raises
India-based EV as a service company Alt-Mobility has raised an undisclosed amount from Beyond Capital Ventures.
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Vmoto Remains Under Stress
The company's full-year sales numbers for 2024 are down 33% over 2023. Sales continue to fall in China and the rest of the world, even as the company stresses its positive cash flows and strong balance sheet and sales recovering in the near term horizon.
Hero Separates Electric Business in Top Deck Upheaval
India-based Hero MotoCorp, the second-largest two-wheeler manufacturer in the world, announced a management reshuffle yesterday evening. The CEO and CBO have been replaced. Most importantly, Hero is separating its EV & Emerging Mobility Business Unit (EMBU) into a fully independent entity.
Ola Electric Updates its Scooter Portfolio
The company launched what it says is the Gen-3 of its hardware and software platform that underpins the Ola S1 scooter range. However, it seems that the company has changed the definition of Gen-3 from the one that it had shared during its quarterly results on Nov 08, 2024
Wk 5 2025 - Does Honda have a Strategy for India?
Honda's 50% market share of the Indian scooter market is handy as it enters electric mobility with the Activa e: and QC1 scooters. But the prices and the subscription plans leave everyone puzzled. They don't want to disrupt the market. Instead, Honda wants to take it apart, brick-by-brick.
What is Honda's electric play in India?
Late-entrant Honda shows no urgency in its India E2W play. Its Go-To-Market is linked with its battery-swapping network rollout. The problem is that three years after the start of the pilot, the Honda e-swap has reached only 1% of the population. Are they serious about India's E2W market?
The Circularity of Sustainability
For electric mobility to be truly sustainable, battery recycling has to be a core requirement for participants. Honda and Spiro are at least making the right moves, figuring out in the early days how their batteries would be redeployed and recycled once their charge drops to below usable.
Pierer Mobility reports preliminary figures for 2024; Stefan Pierer exits as CEO
Pierer Mobility has reported preliminary key figures for 2024. As expected, revenues are down 29%, and dispatches to dealers declined by 21% even though the company says that inventory reduction is on. Importantly, Stefan Pierer has handed over the CEO responsibility to Gottfried Neumeister.
Pierer Mobility Finds Funding
At this time, it's not much.
Wk 4 2025 - Talking to Terra Bikes; Hyundai-TVS Surprises Everyone
This week, we spoke to Dylan Brown, the enthusiastic motorcyclist behind New Castle, Colorado-based motorcycle startup Terra Bikes. Also, Hyundai-TVS Micro Mobility Concepts stunned everyone at the Bharat Mobility Global Expo in Delhi last week.
Terra Bikes: The Grounds Up Scrambler
Electric mobility allows hundreds of brands to serve different flavors. After all, the joy of motorcycling should drive the industry. Last week, we sat down with Dylan Brown, the founder of Terra Bikes to check how the New Castle, CO-based startup plans to carve its niche.
Hyundai-TVS Micro Mobility Concepts
Hyundai and TVS surprised everyone at the Bharat Mobility Global Expo by unveiling two electric micro-mobility concepts - a E3W and a E4W. Both are exploring a formal joint venture for the Indian market.
Wk 3 2025 - Welcome to the new InsightEV
We transitioned to Ghost (Thank you and bye-bye Substack). Here is what we published in the last few days.