06 November 2023 India | Automobiles | Sector Report
16 January 202
DEEP-DIVE
 E2W penetration has risen from 1% to
~5% in the last 2 years led by
favourable TCO and rising consumer
interest. Four brands – Ather, Bajaj
Auto, Ola and TVS account for over
3/4th of E2W sales in India.
 Some E2W companies have decided to
take an aggressive ‘fix-on-the-go’
approach; others have adopted a
slower but steady ramp-up approach.
 We believe, in a growing market, initial
breakthrough is no barometer of
eventual success. Traditional wisdom
suggests long-term winners can be
created by ticking all the right boxes:
Technology & R&D + Right product +
Right pricing + Sales & Service network
+ Resale value + Local vendor base.
Vivek Kumar
vivek.kumar@jmfl.com | Tel: (91 22) 66303019
Ronak Mehta
ronak.mehta@jmfl.com | Tel: (91 22) 66303125
We acknowledged the support service of Sahil Malik in
preparation of this report
JM Financial Research is also available on:
Bloomberg - JMFR <GO>,
Thomson Publisher & Reuters,
S&P Capital IQ, FactSet and Visible Alpha
Please see Appendix I at the end of this report for
Important Disclosures and Disclaimers and
Research Analyst Certification.
JM Financial Institutional Securities Limited
Automobiles
Quick and Cool vs Slow but Sturdy
Since the introduction of electric two-wheelers (E2W) in India, multiple companies
have entered into the segment driven by consumer interest and Total Cost of
Ownership benefit (TCO) vis-à-vis an ICE counterpart. During the last 2 years, E2W
sales have expanded from 13k units on average per month to 60k units. E2W
penetration has risen from ~1% in 2021 to ~5% YTDCY23. We believe, E2W industry
is in a nascent stage as companies are still tweaking their offerings to fix issues. Four
brands account for over 3/4th of E2W sales in India. These include Ather, Bajaj Auto,
Ola and TVS. To gauge the feedback on some of these brands, we visited 30+ outlets
in various cities. This note is an effort to understand the segment and also learn about
key issues/challenges faced by some of these OEMs. During this initial phase, where
the technology is still maturing, we believe, rather than focusing on market share, one
should focus on OEMs’ approach-to-market, thoroughness of product development
process (as reflected in product quality) and attention towards both, sales and service,
to think about long-term winners.
 Feedback on key players: While E2W penetration in India has reached ~5%; the industry is
at a nascent stage. Companies are still testing the technology, tweaking their offerings and
introducing new generation products to fix issues. Leading E2W companies like Ather, Bajaj
th
Auto, Ola and TVS together form 3/4 of E2W sales in India, with product offerings priced
between INR 120k-150k. To understand the drivers of demand buoyancy and
issues/challenges faced by customers, we visited 30+ outlets (incl. sales and service stations)
covering these four OEMs across three EV hubs - Bengaluru, Pune, and Mumbai
rd
(Maharashtra and Karnataka form ~1/3 of E2W sales). Our interactions with dealers and
service workshops indicate that build quality, service reliability, styling & features and TCO
are some of the key drivers of customer decision making (refer exh.12-13). However,
customers are also facing numerous issues related to software glitches, product quality
(features not working, uneven panel gaps, etc.), delays in delivery and long wait for service
attention (due to inadequate manpower at service stations) etc. (refer exh.12,14). While
OEMs have acted upon some of the issues (for instance: Suspension design flaw, battery
overheating, etc.), issues still remain with new generation models (refer exh.15-16). Dealers
indicated that distribution is also one of the drivers of higher sales for players like Ola (800+
touch points vs. 650+ for TVS, Bajaj and Ather combined) (refer exh.18-19).
 Fastest finger first? Who can steal the show?: During our study, we came across two kinds
of approaches adopted by E2W companies. While some companies have decided to take an
aggressive ‘fix-on-the-go’ approach, others have adopted a slow but steady ramp-up
approach (refer exh.10-11). The traditional 2W companies are focusing on R&D, after-sales
service and test marketing products in limited regions before expanding to pan-India
presence. Setting up local vendor ecosystem and manufacturing at scale, will eventually
come in place. The ‘fast’ approach reminds us of Tesla’s initial days with some calling it -
‘deliver now, fix later’. Tesla, despite a breakthrough product launch, initially faced multiple
issues around product quality, thermal management, etc. Over a period of time, focus and
investment in R&D, vendor base expansion, thorough product testing, and service/charging
ecosystem helped it overcome product and software-related challenges. However, we
believe, Tesla had enough time to fix the issues as competition was limited. In the Indian
context, incumbents / start-ups with slow but thorough approach are rapidly catching-up
and may leave some ‘fast’ start-ups squeezed eventually.
 Learning from the past: Renault Kwid is a classic case study. The model was introduced in
India in 2015. Basis its styling and pricing, it created significant consumer interest. However,
Renault had extremely limited sales and service network. Hence, as an industry-first, the
company opened the bookings on an app. The strategy worked and Kwid raced to ~10k
units/month giving healthy competition to the Suzuki Alto. However, an engine related issue
(as per media reports) and subpar after-sales network dealt a severe blow to the model
(refer exh.17 for Kwid’s sales performance over the years). Similarly, in our view, looking at
current EV market share has no meaning. In a growing market, initial breakthrough is no
barometer or pointer of eventual success. Traditional wisdom suggests long-term winners
can be created by ticking all the right boxes: Technology & R&D + Right product + Right
pricing + Sales & Service network + Resale value + Local vendor base.
Automobiles 06 November 2023

Focus charts: Overview

Exhibit 1. EV launch timeline of OEMs

Bajaj launched Hero Motocorp

Hero Electric Founded in 2013,
Chetak Urbane. launched its first in-
launched its first Li- Ather launched its
& house developed
ion battery scooter first electric scooters
TVS launched electric scooter
Opitma DX. Ather 340 & 450.
iQube. Vida V1.

2017 2019 2021

2016 2018 2020 2022

Founded in 2015, OLA acquired

Founded in 2017,
Okinawa launched Etergo in 2020.
Revolt Motors
its key electric Within 1 year, it
launched its first
scooter Okinawa launched its electric
electric bike RV400.
iPraise. scooters S1 / S1 Pro.

Source: Industry, JM Financial

Exhibit 2. Price-Range plotting of key E2W offerings - OEM-wise

170 There are ~25 companies (incl.
incumbents, new-age startups, importer
160 Vida V1 Pro & traders) selling on an avg. ~100+
Ather 450S E2Ws per month. Large part of these
150 Bajaj Chetak
companies are just importing CKD/Semi-
Price (INR '000)

140 TVS iQube CKD units and selling E2Ws in India.

Ola S1 Air
130 Even though initial acquisition price is
higher, incumbents like TVS and Bajaj
120
Hero Electric Optima
Chetak sell more E2Ws than some of the
EV companies who have been present
110 Okinawa Praise Pro
for many years. This is owing to their
Ampere Zeal focus on developing quality products,
100
70 80 90 100 110 120 130 better performance, sales and service
R ange (kms per charge) network, etc.

Source: Industry, JM Financial *Note; Base model for all OEMs. Prices are on-road for Bangalore.

Exhibit 3. TCO of an E2W is lower than an ICE 2W even if we consider battery replacement cost
ICE ICE EV EV EV EV
TCO calculation on 5 year basis Activa 110cc Jupiter 125cc Ola S1 Air TVS iQube Ather 450 X Bajaj Chetak
Average usage per year assumed at 10k kms 50,000 50,000 50,000 50,000 50,000 50,000
On-road price (INR) (Pune) 98,085 107,194 131,679 143,607 162,776 143,088
Battery size (Kwh) 3.0 3.4 2.9 2.9
Electricity cost (INR/kwh) / Fuel cost (INR/ltr) 105 105 9 9 9 9
Range at full charge (km)/ Mileage 40 40 113 90 81 81
Electricity cost (INR/km)/ Fuel (INR/km) 2.6 2.6 0.2 0.3 0.3 0.3
Electricity cost (INR) - - 12,000 17,000 16,111 16,111
Fuel cost (INR) 131,250 131,250 - - - -
Maintenance cost (INR) 15,000 15,000 10,000 10,000 10,000 10,000
TCO of vehicle over 50,000 kms (INR) (w/o battery replacement) 244,335 253,444 153,679 170,607 188,887 169,199
Cost of ownership/ year (INR) 48,867 50,689 30,736 34,121 37,777 33,840
Cost relative to Honda Activa 110cc 4% -37% -30% -23% -31%
Cost relative to Jupiter 125cc -39% -33% -25% -33%
Source: Industry, JM Financial. Note: Range considered is 10% lower than claimed real-world range.

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Automobiles 06 November 2023

Exhibit 4. Lower TCO has driven rising penetration of E2Ws

900 4.6% 4.7% 5%

800 Reduction in FAME-II subsidy has
~820 impacted E2W sales in recent months.
- 4%
700
600
3%
500
400 1.9%
727 2%
300
-
200 1%
100 0.3% 253
45
- 0%
FY21 FY22 FY23 FY24E

E2W sales ('000 units) Estimated for 2HFY24 % penetration

Source: SMEV, SIAM, JM Financial

Exhibit 5. State-wise E2W penetration trend: High income states leading

Jan-Sept'23 Jan-Sept'23
S.No. State/UT
E2W registration Total 2W registration
E2W penetration % We conducted our checks in 3 key
1 Maharashtra 114,930 1,205,880 9.5% cities of Maharashtra and Karnataka.
2 Karnataka 93,740 887,968 10.6% These two states together form ~35%
3 Gujarat 56,683 822,269 6.9%
of E2W registrations.
4 Tamil Nadu 55,181 1,067,116 5.2%
~80% of market is held by the
5 Kerala 46,336 380,768 12.2%
following four players:
6 Rajasthan 40,598 667,600 6.1%
1. Ola Electric
7 Delhi 25,570 281,692 9.1%

8 Uttar Pradesh 25,125 1,737,732 1.4% 2. TVS iQube

9 Odisha 24,841 401,772 6.2%
3. Ather
10 Madhya Pradesh 24,687 718,711 3.4%
4. Bajaj Chetak
11 Total (all states/UT) 591,437 11,854,820 5.0%
Source: Industry, JM Financial

Exhibit 6. E2W sales of key OEMs: YTDCY23

('000 units)
3 .1 x 5 .0x 2 .8x 3x

200 183
180
160
140 119
120
100 80
80 59
60 45
40 24 29
15
20
0
OLA TVSiQube Ather Bajaj Chetak

Jan-Sept'22 Jan-Sept'23

Source: Industry, JM Financial

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Automobiles 06 November 2023

Exhibit 7. Ola, Ather, TVS iQube and Bajaj Chetak have quickly ramped-up volumes over last few qtrs
('000 units)
80
70
60
57
50 41
TVS iQube and Bajaj Chetak
40
volumes are consistently
30 21 ramping-up.
20 18
10
0
4QCY21

1QCY22

2QCY22

3QCY22

4QCY22

1QCY23

2QCY23

3QCY23
OLA TVS Ather Bajaj

Source: Industry, JM Financial

Exhibit 8. Market share trend of key E2W players We believe focusing on market share
100% may be misleading at this stage as the
90%
26.3 25.1 22.9 21.3 20.7 market is still evolving and the
33.1 31.9 33.2 33.0
80% incumbents are quickly catching-up by
6.8 7.8 10.8 11.6
70% 10.0 expanding sales and service presence in
5.3 4.0 5.5 6.4 10.4 12.7
60% 11.7 11.7 multiple cities.
14.9 15.9 14.8 12.2 15.2
50% 17.8 19.7 Change in market share:
13.7 25.4 25.5
40% 16.9 20.0 20.2
20.5
30% Ola: 
20% 39.9 36.8
29.7 28.1 26.0
34.6 28.3 30.8 30.6 TVS iQube: 
10%
0% Bajaj Chetak: 
Feb-23

May-23

Aug-23
Jun-23

Jul-23
Jan-23

Mar-23

Apr-23

Sep-23

Ather: 

Ola Electric TVS iQube Ather Energy Bajaj Chetak Others Others: 
Source: Vahaan, JM Financial

Exhibit 9. Key electric two-wheeler models

Ola S1 Air Ather 450X TVS iQube S Bajaj Chetak

Ex-Showroom: INR120k Ex-Showroom: INR138k Ex-Showroom: INR134k Ex-Showroom: INR141k
Source: Industry, JM Financial

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Automobiles 06 November 2023

Exhibit 10. Ola’s fast ramp-up approach: ‘Deliver now, Fix-on-the-go’ approach
Ola acquired Etergo OLA S1 & S1 Pro OLA S1 re-launched Product delay
(incl. prototype). Co- launched within 1.25 & S1 Air launched. continues. S1 Air
founder Ankit Jain years of acquiring deliveries delayed by
resigns within 3 mths three months to
Etergo
July’23
of acq.

Commenced S1 Production OLA S1 PRO fork arm OLA S1 Pro

construction of the Suspended. Deliveries design reworked due Generation 2
‘World’s biggest 2W of S1 Pro delayed to multiple incidents launched
factory.’ (At full scale, from Oct to Dec.
capacity to be~10mn
units/year)
Source: Industry, JM Financial

Exhibit 11. Ather’s ‘slow-and-steady’ ramp-up approach is similar to traditional OEMs

Ather began its Dec’19 – Signed Currently has 200

In Feb’16, Ather
journey in Oct’13 MOU with Tamil experience stores &
unveiled its first e-
at IIT Madras Nadu Govt. to 150 workshops
scooter S340
research park setup a new plant across 100+ cities

2 0 14/15 2 0 18 2 0 21

2 0 23
2 0 13 2 0 16 2 0 19

Fund raising from Launched first e- Began operations

marquee investors scooters-Ather 340 at its production
like Tiger Global, & 450; Fundraise facility in Hosur, in
Sachin Bansal etc. from HMCL Jan’21.

Source: Industry, JM Financial

Excerpts from TVS investor call
“When we came up with our iQube, I think we started seven
years back, iQube development. I think it was costly, it was
expensive, it was negative margin, but I can tell you today it is
positive margins.
That is the learning curve, okay, the learning curve comes
through optimum design. Initially people don't look at
optimum design, company like ours we look at Zero customer
issues. We never compromise. I was sharing with an engineer,
even if I make huge losses, I don't care about it, customer
should smile.
If the customer smile is not there, there is no future for
anybody. Once customers’ smiles then you look at next version,
look at what all things I can optimize without compromising
the customer requirements.”
- K N Radhakrishnan / K Gopala Desikan, TVS Motor
Excerpts from Bajaj Auto investor call
“We consider our EV initiative, as I've been saying to you, as a
marathon. We need to be ready for the long run. And also for
different scenarios of exacting quality standards, as you know
that the government is mandating a new quality standard from
1st of April, and also be prepared for possibly a lower subsidy
scenario in the next two, three, four years.”
“The way to mitigate that is not to act at that point of time
when it occurs, but to start preparing for it now. And that is
the work which R&D and all have been doing. And we feel that
we are in a very good position now to start to expand our
portfolio. There was no reason for us to go helter-skelter and
just grab some market share.”
“Our model is that we think that it is important to have touch
and feel in the network and dealerships and service centers.
And we don't want to go and establish them before we have
the ability to service that network with volume”
- Rakesh Sharma, Bajaj Auto

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Automobiles 06 November 2023

Exhibit 12. Channel check summary

Companies Dealer feedback
 S1 Air is the key selling model. Real-world range is ~125kms per full charge. Delivery time ranges between 15-20 days.
 Customers choose Ola because of better range, higher no. of features and product styling.
 Fork arm issue is now corrected in newer variants. However, customers continue to face software glitches (sometimes it
Ola Electric
happens with non tech-savvy customers who buy online without visiting experience centres). Uneven panel gaps and brake
pad noise continues in newer variants. Few customers have also witnessed scooter running without acceleration.
 Service delay – Lot of workshop employees have left and new hiring is on-going. Also spare parts come from distant places,
and their deliveries happen in batches.
 450X is the key selling model. Real-world range is ~90-110kms per full charge. Delivery time ranges between 7-10 days.
 Customers prefer Ather because of better build quality (Aluminium chassis), suspension, better BMS, styling and features.
Ather Energy
 Ather has fixed most of the issues (related to belt breakdown, small mudguard, kill switch error and side stand sensors.
 Only issue that customers now have is that the battery drainage is >=4% on standby and this is mainly because Ather bikes
have more no. of sensors causing battery drain.
 iQube S is the key selling model. Real-world range is ~100kms per full charge. Delivery time ranges between 7-10 days.
 Customers prefer TVS iQube because of its better build quality, servicing reliability, no case of breakdown.
TVS iQube
 While most dealers are mapped to service stations, sometimes there is a challenge in availability of spares parts (EV specific
parts – many parts are common to ICE vehicle so those are easily available). There are 4-5% cases where charger
malfunctions when exposed to water. Scooter buttons are also sometimes unresponsive due to rain.

 Chetak premium is the key (& only) offering. Range is ~90kms per full charge. Delivery time ranges between 3-7 days.
Bajaj Chetak
 Customers prefer Bajaj Chetak iQube for its strong build quality (80% metal), service reliability and comfortable ride position.
 Very few instances of vehicle suddenly coming to a halt. Sometimes, availability of EV specific spare parts is a challenge.

Source: JM Financial

Exhibit 13. Channel check summary: Positive feedback reported by customers/dealers

OLA Ather Energy TVS iQube Bajaj Chetak

1. Pricing 1. Build quality 1. Build quality 1. Build quality

2. Features 2. Reliability 2. Reliability 2. Reliability

Positives 3. Styling 3. Styling 3. Suspension 3. Suspension

4. Range 4. Features 4. Service availability 4. Service availability

5. Thermal management 5. Features

Source: JM Financial

Exhibit 14. Channel check summary: Issues/challenges reported by customers/dealers

OLA Ather Energy TVS iQube Bajaj Chetak
1. Software glitches
(Unresponsive features /
navigation, trunk lock
issue, running without
acceleration)

2. Brake pad noise / Brakes 1. Lower than expected

1. % battery drain: ~3-4% 1. Buttons sometimes
range
handle not moving back unresponsive due to rain.
per day when scooter is
to original position 2. Rare cases of sudden
Issues / Challenges on standby 2. Charger not waterproof
3. Wire connectors getting vehicle halt
detached

4. Lack of thorough service

support

5. Uneven panel gaps

Delayed spare parts availability

Source: JM Financial

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Automobiles 06 November 2023

Exhibit 15. Still loads of issues remain unresolved in new generation Exhibit 16. Ather has largely resolved most of the product related
models of Ola issues with newer generation models
Ola Electric Then Now Ather Then Now
Resolved Issues
Resolved Issues
Delayed product deliveries   Faster battery drain: ~3-4% per day. Response -
higher no of sensors is the cause.
 
Workshop/Service issues  
Delayed spare parts availability  
Uneven Panel Gaps / Brake pad Noise  
Running without acceleration   Resolved Issues

Software / Navigation / Speaker / DRLs   Breakdown of belt  

Breakdown / Unresponsive Buttons   Side stand sensor  
Resolved Issues
Kill switch error  
Fork arm/Wheel Dislodging  
Navigation  
Overheating / Catching Fire / Range  
Source: JM Financial
Source: JM Financial

Exhibit 17. Renault Kwid’s sales trend

120 109

100 When Renault Kwid was launched, it was

83 perceived as a breakthrough product, due
to its pricing and styling in the entry
80 segment. Suzuki Alto had become
65
L a u nched unexciting with lack of refreshes.
60 i n Sept'15
47
41 41
40 Renault had extremely limited distribution
27 network. Bookings were taken on an app.

20 12 After initial success, it witnessed a constant

5 decline in sales volume due to product
- quality issues and subpar dealer & service
network to handle those issues.
FY16

FY19

FY20

FY21

FY22
FY17

FY18

FY23

FY24

Renault Kwid sales ('000 units)

Source: Industry, JM Financial

Exhibit 18. Sales and service network across India Exhibit 19. Avg. volume per dealer across Mumbai, Pune & Bangalore
Serv ice / Sales
network ratio 0 .3 0 .8 1 .0 1 .0 Monthly volume per dealership
900
800
800 Ather 100 350

700
600
TVS 80 250
500
400 330 330
300 250 OLA
200 70 180
200 150
115 115
100
0 Bajaj Chetak 50 160
OLA Ather TVS Bajaj Chetak

Dealership / Experience stores Service workshop 0 100 200 300 400

Source: Industry, Media articles, JM Financial Source: JM Financial

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Automobiles 06 November 2023

Annexure
Exhibit 20. Detailed dealer / service workshop feedback…
OLA OLA OLA OLA OLA OLA TVS TVS
OLA Mumbai 1
Mumbai 1 Pune 1 Pune 2 Pune 3 Bangalore 1 Bangalore 2 Mumbai 1 Mumbai 2
Monthly volume 100 110-120 70 120 110 150-180 100 110 NA

Highest selling model S1 AIR S1 AIR S1 AIR S1 AIR S1 AIR S1 AIR S1 AIR iQube S iQube S

Delivery time 20 days 20 days 15 days 15 days 15 days 15-20 days 15-20 days 10-15 days 7 days

On road range 125 Km 125 Km 125 Km 125 Km 125 Km 125 Km 110 Km 100 Km 100 Km

% Battery drain per day 2% 2% 2% 2% 2% 2% 2% 2% 2%

Fast charging points Yes Yes Yes Yes Yes Yes Yes No No

Positives 1. Range 1. Range 1. Range 1. Features 1. Range 1. Features 1. Features 1. Strong build 1. Strong build
2. Looks 2. Colours 2. Looks 2. Design 2. Key less start-stop 2. Range 2. Range 2. No issues of burning 2. Fair pricing, not very
3. Price 3. Features 3. Price 3. Price or breakdown high/low
4. Touch screen 3. Features 3. OLA app can be
4. Space to keep phone used by 5 family 3. No range issues 3. Fairly large form-
members factor
5. Touch screen

Issues 1. Running without 1. Spare parts delay 1. S1 Air spare parts 1. Service delay due to 1. Software glitches 1. Brakes not working 1. Software wire gets 1. Spare parts delay 1. Slight spare parts
acceleration 2. S1 Pro gen 1 brake delay of 15-20 days spare parts 2. Trunk lock/unlock 2. Delay in acceleration detached on huge 2. Charger ceases to delay
2. Software/Buttons pad noise 2. Software glitch, 2. Software glitches portholes function when
glitches/Navigation/ including trunk because new OS testing 3. Uneven panel gaps 3. Uneven panel gaps
2. Brakes not moving exposed to water (4
DRL not working lock/unlock issue is going on 4. Slight delay in spare back to their normal in 100)
properly parts position
3. Uneven panel gaps 3. Unresponsive button
3. Delayed deliveries 3. Delay in acceleration due to rainwater
due to OLA app 4. Software glitch
glitches
4. Vehicle breakdown
5. Witnessed uneven
panel gaps
6. Spare parts
delay/Lack of
manpower in service
centres

Issues corrected 1. Fork arm/Wheel 1. Fork arm 1. Fork arm 1. Fork arm 1. Fork arm 1. Fork arm 1. Fork arm No other issues were No other issues were
dislodging 2. Flat footboard 2. S1 Pro Gen 2 will 2. Flat footboard 2. Flat footboard 2. Flat footboard 2. Flat footboard there there
2. S1 Pro Gen 2 will 3. Range vs claimed have dual front
have dual front suspension
suspension 3. Flat footboard
3. Flat footboard
4. Overheating
Source: Company, JM Financial

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Exhibit 20. (Contd.)…detailed dealer / service workshop feedback…

TVS Pune 1 TVS Pune 2 TVS Pune 3 TVS Bangalore 1 TVS Bangalore 2 TVS Bangalore 3 TVS Bangalore 4 Ather Mumbai 1 Ather Mumbai 2

Monthly volume 95 NA 80 80 250 7 7 NA NA

Highest selling model iQube UG iQube UG iQube UG iQube S iQube S iQube S iQube S 450X (2.9) 450X (2.9)

Delivery time 7 days 8 days 7 days 7 days 7-10 days 7-10 days 7 days 7-10 days 7 days
450S/X(2.9): 90 Km 450S/X(2.9): 90 Km
On road range 100 Km 100 Km 100 Km 100 Km 100 Km 100 Km 100 Km
450 X (3.7): 110 km 450 X (3.7): 110 km
% Battery drain per day 2% 2% 2% 2% 2% 2% 2% 4% 4%

Fast charging points No No No No No No No Yes Yes

Positives 1. Vehicle tracking 1. Sturdy build 1. Strong build quality 1. Build quality 1. Strong build quality 1. Strong build quality 1. Strong build quality 1. Strong build quality 1. Proper R&D and

2. Restrict the area 2. Strong suspension 2. Reliability 2. Reliability 2. Tracking Feature 2. Looks like a proper 2. Sport design testing

within which 3. Fixed battery so no scooter 3. Heat management 2. Aluminium chassis

movement is possible problems arising due
3. Strong suspension, to battery
works great in replacement
portholes 4. Looks like a proper
4. Good pickup scooter

Issues No issues 1.Slight spare parts No issues No issues 1. Software glitches No issues No issues 1. Spare parts delay 1. Spare parts delay
delay 2. Side stand sensor 2. Battery drain
error

3. Battery drain on idle

due to continuous
internet usage

Issues corrected 1. Charger issue No other issues were No other issues were No other issues were No other issues were No other issues were No other issues were 1. Belt breakdown 1. Belt breakdown

2. Buttons not working there there there there there there 2. Small mudguard 2. Small mudguard
Source: Company, JM Financial

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Exhibit 20. (Contd.)…detailed dealer / service workshop feedback

Ather Pune 1 Ather Pune 2 Ather Bangalore 1 Ather Bangalore 2 Bajaj Pune 1 Bajaj Pune 2 Bajaj Bangalore 1 Bajaj Bangalore 2

Monthly volume 100 110 240-250 350 160 100 60-70 50

Highest selling model 450X (2.9) 450X (2.9) 450X (3.7) 450X (3.7) Premium Premium Premium Premium
450S/X (2.9): 7-10 days
Delivery time 7 days 10 days 7-10 days 4 days 3 days 7 days 7 days
450X (3.7) : 15-20 days
450S/X(2.9): 450S/X(2.9):
450S/X(2.9): 90 Km 450S/X(2.9): 90 Km
On road range 90 Km 90 Km 90 Km 90 Km 90 Km 90 Km
450 X (3.7): 110 km 450 X (3.7): 110 km
450 X (3.7): 110 km 450 X (3.7): 110 km
% Battery drain per day 4% 4% 4% 4% 2% 2% 2% 2%

Fast charging points Yes Yes Yes Yes No No No No

Positives 1. Build Quality 1. Build Quality & testing 1. Mono shock 1. Telescopic suspension 1. Build 80% metal 1. Strong build 1. Build 80% metal 1. Strong build

2. Aluminium chassis 2. Aluminium chassis suspension 2. Fast pickup 2. Strong suspension

3. Mono shock 3. Mono shock 2. Aluminium chassis 3. Reliability 3. Good motor placement
suspension suspension 3. Battery management 4. Cooling system
4. PCM cooling system 4. PCM cooling system & system

front openings for 4. Google maps and not

cooling third party maps

Issues 1. Battery drain (5% of 1. Battery drain No issues No issues 1. Range/Vehicle coming No issues No issues 1. Spare parts delay
the vehicles) to halt (2 in 100)
Issues corrected 1. Belt breakdown 1. Belt breakdown 1. Belt breakdown 1. Lack of service stations No other issues were there No other issues were there No other issues were there No other issues were there

2. Small mudguard 2. Small mudguard 2. Small mudguard issue rectified

3. Side stand rubber 3. Side stand sensor

added 4. Kill switch error

5. Navigation (OS
updated)
Source: Company, JM Financial

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Automobiles 06 November 2023

APPENDIX I

JM Financial Inst itut ional Secur ities Lim ited

Corporate Identity Number: U67100MH2017PLC296081
Member of BSE Ltd. and National Stock Exchange of India Ltd.
SEBI Registration Nos.: Stock Broker - INZ000163434, Research Analyst - INH000000610
Registered Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, India.
Board: +91 22 6630 3030 | Fax: +91 22 6630 3488 | Email: jmfinancial.research@jmfl.com | www.jmfl.com
Compliance Officer: Mr. Sahil Salastekar | Tel: +91 22 6224 1073 | Email: sahil.salastekar@jmfl.com
Grievance officer: Mr. Sahil Salastekar | Tel: +91 22 6224 1073 | Email: instcompliance@jmfl.com

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Definition of ratings
Rating Meaning
Buy Total expected returns of more than 10% for stocks with market capitalisation in excess of INR 200 billion and REITs* and more than
15% for all other stocks, over the next twelve months. Total expected return includes dividend yields.
Hold Price expected to move in the range of 10% downside to 10% upside from the current market price for stocks with market
capitalisation in excess of INR 200 billion and REITs* and in the range of 10% downside to 15% upside from the current market price
for all other stocks, over the next twelve months.
Sell Price expected to move downwards by more than 10% from the current market price over the next twelve months.
* REITs refers to Real Estate Investment Trusts.
Research Analyst(s) Certification
The Research Analyst(s), with respect to each issuer and its securities covered by them in this research report, certify that:
All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and
No part of his or her or their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research
report.
Important Disclosures
This research report has been prepared by JM Financial Institutional Securities Limited (JM Financial Institutional Securities) to provide information about the
company(ies) and sector(s), if any, covered in the report and may be distributed by it and/or its associates solely for the purpose of information of the select
recipient of this report. This report and/or any part thereof, may not be duplicated in any form and/or reproduced or redistributed without the prior written
consent of JM Financial Institutional Securities. This report has been prepared independent of the companies covered herein.
JM Financial Institutional Securities is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst and a Stock Broker having trading
memberships of the BSE Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE). No material disciplinary action has been taken by SEBI against JM Financial
Institutional Securities in the past two financial years which may impact the investment decision making of the investor. Registration granted by SEBI and
certification from the National Institute of Securities Market (NISM) in no way guarantee performance of JM Financial Institutional Securities or provide any
assurance of returns to investors.
JM Financial Institutional Securities renders stock broking services primarily to institutional investors and provides the research services to its institutional
clients/investors. JM Financial Institutional Securities and its associates are part of a multi-service, integrated investment banking, investment management,
brokerage and financing group. JM Financial Institutional Securities and/or its associates might have provided or may provide services in respect of managing
offerings of securities, corporate finance, investment banking, mergers & acquisitions, broking, financing or any other advisory services to the company(ies)
covered herein. JM Financial Institutional Securities and/or its associates might have received during the past twelve months or may receive compensation from
the company(ies) mentioned in this report for rendering any of the above services.
JM Financial Institutional Securities and/or its associates, their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell
the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) covered under this report or (c) act as an advisor or lender/borrower to,
or may have any financial interest in, such company(ies) or (d) considering the nature of business/activities that JM Financial Institutional Securities is engaged in,
it may have potential conflict of interest at the time of publication of this report on the subject company(ies).
Neither JM Financial Institutional Securities nor its associates or the Research Analyst(s) named in this report or his/her relatives individually own one per cent or
more securities of the company(ies) covered under this report, at the relevant date as specified in the SEBI (Research Analysts) Regulations, 2014.
The Research Analyst(s) principally responsible for the preparation of this research report and their immediate relatives are prohibited from buying or selling debt
or equity securities, including but not limited to any option, right, warrant, future, long or short position issued by company(ies) covered under this report. The
Research Analyst(s) principally responsible for the preparation of this research report or their immediate relatives (as defined under SEBI (Research Analysts)
Regulations, 2014); (a) do not have any financial interest in the company(ies) covered under this report or (b) did not receive any compensation from the
company(ies) covered under this report, or from any third party, in connection with this report or (c) do not have any other material conflict of interest at the time
of publication of this report. Research Analyst(s) are not serving as an officer, director or employee of the company(ies) covered under this report.

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Automobiles 06 November 2023

While reasonable care has been taken in the preparation of this report, it does not purport to be a complete description of the securities, markets or
developments referred to herein, and JM Financial Institutional Securities does not warrant its accuracy or completeness. JM Financial Institutional Securities may
not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This
report is provided for information only and is not an investment advice and must not alone be taken as the basis for an investment decision.
This research report is based on the fundamental research/analysis conducted by the Research Analyst(s) named herein. Accordingly, this report has been
prepared by studying/focusing on the fundamentals of the company(ies) covered in this report and other macro‐economic factors. JM Financial Institutional
Securities may have also issued or may issue, research reports and/or recommendations based on the technical/quantitative analysis of the company(ies) covered
in this report by studying and using charts of the stock's price movement, trading volume and/or other volatility parameters. As a result, the
views/recommendations expressed in such technical research reports could be inconsistent or even contrary to the views contained in this report.
The investment discussed or views expressed or recommendations/opinions given herein may not be suitable for all investors. The user assumes the entire risk of
any use made of this information. The information contained herein may be changed without notice and JM Financial Institutional Securities reserves the right to
make modifications and alterations to this statement as they may deem fit from time to time.
This report is neither an offer nor solicitation of an offer to buy and/or sell any securities mentioned herein and/or not an official confirmation of any transaction.
This report is not directed or intended for distribution to, or use by any person or entity who is a citizen or resident of or located in any locality, state, country or
other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject JM Financial Institutional
Securities and/or its affiliated company(ies) to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be
eligible for sale in all jurisdictions or to a certain category of investors. Persons in whose possession this report may come, are required to inform themselves of
and to observe such restrictions.
Additional disclosure only for U.S. persons: JM Financial Institutional Securities has entered into an agreement with JM Financial Securities, Inc. ("JM Financial
Securities"), a U.S. registered broker-dealer and member of the Financial Industry Regulatory Authority ("FINRA") in order to conduct certain business in the
United States in reliance on the exemption from U.S. broker-dealer registration provided by Rule 15a-6, promulgated under the U.S. Securities Exchange Act of
1934 (the "Exchange Act"), as amended, and as interpreted by the staff of the U.S. Securities and Exchange Commission ("SEC") (together "Rule 15a-6").
This research report is distributed in the United States by JM Financial Securities in compliance with Rule 15a-6, and as a "third party research report" for
purposes of FINRA Rule 2241. In compliance with Rule 15a-6(a)(3) this research report is distributed only to "major U.S. institutional investors" as defined in Rule
15a-6 and is not intended for use by any person or entity that is not a major U.S. institutional investor. If you have received a copy of this research report and are
not a major U.S. institutional investor, you are instructed not to read, rely on, or reproduce the contents hereof, and to destroy this research or return it to JM
Financial Institutional Securities or to JM Financial Securities.
This research report is a product of JM Financial Institutional Securities, which is the employer of the research analyst(s) solely responsible for its content. The
research analyst(s) preparing this research report is/are resident outside the United States and are not associated persons or employees of any U.S. registered
broker-dealer. Therefore, the analyst(s) are not subject to supervision by a U.S. broker-dealer, or otherwise required to satisfy the regulatory licensing
requirements of FINRA and may not be subject to the Rule 2241 restrictions on communications with a subject company, public appearances and trading
securities held by a research analyst account.
Any U.S. person who is recipient of this report that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this
report, must contact, and deal directly through a U.S. registered representative affiliated with a broker-dealer registered with the SEC and a member of FINRA. In
the U.S., JM Financial Institutional Securities has an affiliate, JM Financial Securities, Inc. located at 1325 Avenue of the Americas, 28th Floor, Office No. 2821,
New York, New York 10019. Telephone +1 (332) 900 4958 which is registered with the SEC and is a member of FINRA and SIPC.
Additional disclosure only for U.K. persons: Neither JM Financial Institutional Securities nor any of its affiliates is authorised in the United Kingdom (U.K.) by the
Financial Conduct Authority. As a result, this report is for distribution only to persons who (i) have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii)
are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iii) are outside
the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial
Services and Markets Act 2000) in connection with the matters to which this report relates may otherwise lawfully be communicated or caused to be
communicated (all such persons together being referred to as "relevant persons"). This report is directed only at relevant persons and must not be acted on or
relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will
be engaged in only with relevant persons.
Additional disclosure only for Canadian persons: This report is not, and under no circumstances is to be construed as, an advertisement or a public offering of the
securities described herein in Canada or any province or territory thereof. Under no circumstances is this report to be construed as an offer to sell securities or as
a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an
exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable
securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or
sale is made. This report is not, and under no circumstances is it to be construed as, a prospectus or an offering memorandum. No securities commission or
similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities
described herein and any representation to the contrary is an offence. If you are located in Canada, this report has been made available to you based on your
representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as
such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the
information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the
needs of the recipient. Canadian recipients are advised that JM Financial Securities, Inc., JM Financial Institutional Securities Limited, their affiliates and authorized
agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research report or the
information contained herein.

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