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Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales

Economic TimesEconomic Times · 1y ago
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Medial

In FY24, Ola Electric, TVS Motors, and Bajaj captured larger market shares in the electric scooter market, according to government data. Ola Electric held a 35% share with 3,28,254 registrations, followed by TVS Motors (19%) and Bajaj Auto (12%). The overall non-transport electric two-wheeler market grew by 30% to 9,41,583 registrations. Okinawa and Hero Electric, however, lost market share and face potential legal action for not repaying subsidies. Despite a temporary decline due to reduced subsidies, the market rebounded. Ola Electric extended warranties and introduced plans to set up fast-charging points and expand service centers. Ola Electric's monthly sales reached a record high of 53,184 registrations in March.

Ola Electric’s 2W market share declines to 24.5% in November

EntrackrEntrackr · 7m ago
Ola Electric’s 2W market share declines to 24.5% in November
Medial

India's electric two-wheeler market recorded a 29% year-on-year growth in November, with total sales exceeding 118,000 units. However, on a month-on-month basis, the segment registered a nearly 15% decline compared to October, according to Vahan data. Ola Electric retained its position as the market leader with 29,191 units sold, which accounted for 24.54% of the EV two-wheeler market. The Bhavish Aggarwal-led company’s market share has seen fluctuations over the past six months. In October, its market share rose to 30% from 27% in September. However, this remains lower than its earlier shares, which were 32% in August, 39% in July, and a peak of 49% in June. TVS Motor and Bajaj Auto remained in close competition in November with sales of 28,200 and 27,400 units, respectively. The two companies also closed the gap with Ola Electric, capturing 23% and 22% of the market share, respectively. Ola Electric’s arch rival Ather Energy secured the fourth position with 15,800 units, while Hero MotoCorp's electric division recorded 3,300 units. Ather, which is also on the verge of listing on the stock exchange, controls 11% share in EV two wheelers space. Similar to its performance in the EV two-wheeler market, Ola Electric’s share price has also seen fluctuations in recent months. In November, its shares were trading at Rs 72.72, nearly 54% lower than their peak of Rs 157.53 in mid-August. However, last week, the stock surged by nearly 30% following the announcement of a new scooter range. This new range, designed primarily for commercial use in commerce and deliveries, is expected to boost the company’s sales in the coming months. In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1,214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

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

EntrackrEntrackr · 1m 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.

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

EntrackrEntrackr · 6m 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.

Ola Electric’s two wheeler market share rises to 30% in October

EntrackrEntrackr · 8m ago
Ola Electric’s two wheeler market share rises to 30% in October
Medial

After consecutive declines in market share, electric two-wheeler manufacturer Ola Electric regained traction in October with sales increasing during the festive period. According to Vahan data, Ola Electric sold 41,605 units in October, up from approximately 24,726 units in September—a 68% month-on-month rise. Subsequently, the Bengaluru-based company's market share also climbed to 30% in October, compared to 27% the previous month. However, this figure remains lower than its earlier market shares, which stood at 32% in August, 39% in July, and 49% in June. In October 2024, the Indian electric two-wheeler market recorded total sales of 139,031 units. Ola Electric led the market with 29,890 units sold, followed by TVS Motors with 28,188 units, Bajaj Auto with 15,984 units, Ather Energy with 7,309 units, and Hero MotoCorp with 7,137 units. Ola Electric has been under significant scrutiny recently. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to the company for alleged violations related to consumer rights, misleading advertising, and unfair trade practices. Ola Electric has since addressed almost all after-sales complaints filed with the CCPA, according to a recent clarification. However, the Department of Consumer Affairs is reportedly investigating to confirm these resolutions. Customer complaints and a social media exchange between Ola’s CEO, Bhavish Aggarwal, and comedian Kunal Kamra have kept the company in the public eye. Financially, Ola Electric’s Q1 FY25 results show a modest 2.8% revenue increase, reaching Rs 1,644 crore, compared to Rs 1,598 crore in Q4 FY24, along with a 16.6% reduction in losses to Rs 347 crore. The company’s stock, however, is currently trading at Rs 80, nearly 50% below its peak of Rs 157.53 in mid-August, as the market awaits the Q2 results.

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

EntrackrEntrackr · 5m 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.

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