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Ola Electric back on top with 25% EV 2W market share in January

EntrackrEntrackr · 10m ago
Ola Electric back on top with 25% EV 2W market share in January
Medial

Ola Electric has reclaimed its leading position in the electric two-wheeler (EV 2W) segment, capturing a 24.91% market share in January. According to Vahan data, the company sold 24,330 units during the month. TVS Motors took the second spot, selling 23,788 units, just slightly behind Ola. Bajaj Auto, another prominent player in the Indian automobile sector, secured a 21.80% market share with 21,294 units sold in January. This marks a significant turnaround for Ola Electric, as both Bajaj and TVS Motor had surpassed the company by a considerable margin in December. Ola attributes its strong performance to its robust S1 portfolio and the recent expansion of its sales and service network, which now spans 4,000 stores nationwide. An Ola Electric spokesperson commented, “It has been an impressive start to the year for us as we emerged as a clear leader in the EV 2W industry yet again. While we are committed to further cementing our position in the segment, our recently launched Gen-3 portfolio has set new benchmarks in performance and reliability across the 2W industry in India. With our diverse EV propositions across premium and mass-market segments and expansion of our sales network beyond tier-1 and tier-2 cities, Ola Electric will continue to lead India’s transition towards #EndICEAge.” Ather Energy, a Bengaluru-based startup, recorded sales of 12,895 units, capturing a 13.20% market share. The company, led by Tarun Mehta, is also nearing its initial public offering (IPO) after receiving approval from the Securities and Exchange Board of India (SEBI). Beyond the top four players, companies like Greaves Electric Mobility (3,611 units) and PURE EV (1,650 units) were making efforts to carve out their niche in the competitive market. Hero Motocorp, despite its stronghold in the petrol two-wheeler segment, continued to face challenges in the EV space, selling only 1,615 units. Bgauss Auto (1,451 units) and Revolt Intellicorp (1,060 units) maintained their dedicated customer bases, while Kinetic Green Energy trailed with just 806 units sold.

Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales

EntrackrEntrackr · 11m ago
Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales
Medial

Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales The electric two-wheeler market in India fell to 73,316 units in December from 1,19,654 units in November. Despite the slowdown, competition stayed strong as manufacturers aimed to lead the expanding EV market. As per Vahan data, Bajaj Auto led the market with 24.93% of total sales and delivered 18,276 units. Bajaj’s dominance can be attributed to the popularity of the Chetak series. TVS Motor followed with 23.48% market share and sold 17,212 units in December. After a long time, Bajaj and TVS surpassed Ola Electric in monthly sales. Ola Electric held 18.78% of the market in December with 13,769 units sold but saw a noticeable decline from the previous month. In November, the company held a 24.54% market share. Under Bhavish Aggarwal’s leadership, Ola’s market share shifted over the past six months. It rose to 30% in October from 27% in September but remained below earlier levels – 32% in August, 39% in July, and a peak of 49% in June. Despite the dip, Ola Electric retained the highest market share of 35.5% for the entire calendar year 2024. It became the first new-age tech company from India to list on the stock exchange. Currently, its shares trade at Rs 85.94, after peaking at Rs 157 on August 20, 2024. Ather Energy, which recently received the green signal from the market regulator for its initial public offering, held 14.2% of the market and sold 10,421 units. Meanwhile, Hero MotoCorp secured 1.4% of the market with 1,020 units sold. Greaves Electric Mobility, which operates Ampere scooters, held 3.8% of the market in December with 2,795 units sold.

TVS leads May EV 2W sales, Bajaj narrows gap as Ola Electric slips to third

EntrackrEntrackr · 6m ago
TVS leads May EV 2W sales, Bajaj narrows gap as Ola Electric slips to third
Medial

In May 2025, the electric two-wheeler (E2W) segment achieved retail sales of 100,266 units, the second-highest monthly figure of the year. TVS Motor led the market with 24,560 units sold, a 107% year-on-year (YoY) growth, securing a 24% market share. Bajaj Auto followed closely with 21,770 units, a 135% YoY growth, holding a 22% market share. Ola Electric experienced a 51% YoY sales decline to 18,499 units but maintained an 18% market share. Ola slipped to third position behind Bajaj. Ather Energy sold 12,840 units, representing a 109% increase, gaining a 13% market share and surpassing Ola Electric in Q4 FY25 revenue with Rs 676 crore compared to Ola's Rs 611 crore. Hero MotoCorp re-entered the EV market with a 191% sales increase to 7,164 units.

Joy E-bike posts flat scale in FY25; profit falls 53%

EntrackrEntrackr · 15d ago
Joy E-bike posts flat scale in FY25; profit falls 53%
Medial

Joy E-bike, the electric two-wheeler brand under Wardwizard Innovations & Mobility, saw a modest revenue decline in the fiscal year ending March 2025. Moreover, profits for the Vadodara-based company fell by 53% in the same period. Joy E-bike’s revenue from operations slipped 5% to Rs 305 crore in FY25 from Rs 321 crore in FY24, as per its financial statements sourced from the Registrar of Companies (RoC). The company generates its revenue primarily from product sales and after-sales/service income. Revenue from product sales declined 21.4% to Rs 204.8 crore in FY25, contributing to 67% of the operating revenue. In contrast, revenue from services surged 66% to Rs 99 crore, strengthening its share to 32.5% of total revenue. On the spending side, the cost of materials was its largest expense head, accounting for 66% of the total expense. To the tune of scale, this cost decreased by 15% to Rs 195 crore in FY25 from Rs 229 crore in FY24. Employee benefit expenses remained stable at Rs 13 crore, while advertising costs jumped 37% to Rs 37 crore. Finance cost, legal charges and other overheads added another Rs 245 crore to the total cost. Overall, Joy E-bike reported a 2.3% reduction in total expense, which dropped to Rs 295 crore in FY25 from Rs 302 crore in the previous year. The decline in scale led its profits to fall by 53% to Rs 6.3 crore in FY25 from Rs 13.4 crore in FY24. Its EBITDA margin stood at 11.89% while its ROCE improved to 26.63% in FY25 from 21.16% in FY24. On a per-unit basis, the firm spent Rs 0.97 to earn a rupee of operating revenue during the year. The company recorded cash and bank balances of Rs 9.5 crore, while current assets expanded significantly to Rs 331 crore from Rs 211 crore. According to Vahan data, the company sold 276 electric two-wheelers in November 2025, an 8% decline from 301 units in October. The gap with market leaders remains significant. TVS Motor, for instance, sold 29,756 EV units in November, underscoring the scale difference Joy E-bike continues to contend with. During the 11 months from January to November, the company sold a total of 4,288 units, highlighting the modest pace of its retail traction in an increasingly competitive EV landscape.

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