Joy e-bike has released its September 2022 sales figure. For the given period, the EV sold 4,261 units of electric two-wheelers. This results in a growth of 70 per cent. Joy mentioned that this is almost double the growth as compared to September 2021, when the company sold 2,500 units of electric two-wheelers.
With positive customer sentiments and lesser supply chain issues, Joy sold 8,448 units in Q2 of FY23. This means a growth of 55 per cent over the second quarter of FY’22. The company had posted a total sales of 5,446 units of electric two-wheelers in Q2 FY’22. With the onset of the festive season, Joy expects more electric mobility demand. In fact, the company observed a month-on-month growth of 146 per cent as compared to August ’22.
With festive cheer all around and positive customer sentiments, there has been a robust demand in the market. The electric mobility infrastructure continues to improve along with a better supply chain. There’s a high demand for EV products across the country.
Furthermore, backed by the festive season and the continuous need for personal mobility, Joy e-bike is further expecting strong retail for the coming days. Joy has already begun sales of electric two-wheelers in Nepal in September to solidify its presence in both domestic and global markets. And the company confirmed that they are further looking and exploring new opportunities in other global markets. Looking at the current market potential, Joy believes that the market will sustain the momentum for some time to come.
The company has announced its plans to set up its first Global R&D headquarters in Singapore. The company will then establish the Centre and Global sales office under its wholly owned subsidiary Ward Wizard Global Pte Ltd, in Singapore. The company has also taken this decision, keeping into consideration the continuous rise in demand for EVs, thus the need to develop products holistically for enhanced safety.
Recently, the company also announced its partnership with Mangalam Industrial Finance Ltd, which is an RBI-registered NBFC. Under this partnership, it will support the buyers with quick finance to make EV purchases easier. Under this setup, Mangalam will provide auto loans for the high and low-speed electric two-wheelers of Joy e-bike.
Also Read: Joy e-bike brand sold 1,729 units in August 2022.