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Bajaj overtakes TVS to lead October 2W EV sales, Ather remains third

EntrackrEntrackr · 2m ago
Bajaj overtakes TVS to lead October 2W EV sales, Ather remains third
Medial

Bajaj overtakes TVS to lead October 2W EV sales, Ather remains third Bajaj Auto overtook TVS Motor to lead October 2025 E2W sales with a 21.69% market share, as festive demand drove a 37% month-on-month rise to 1.43 lakh units. Bajaj Auto surpassed TVS Motor to emerge as the top electric two-wheeler (E2W) seller in October 2025, commanding a 21.69% market share. Driven by festive demand, overall E2W sales rose over 37% month-on-month to 1.43 lakh units, compared to 1.05 lakh units in September. According to Vahan data, Bajaj Auto recorded a nearly 60% month-on-month surge in electric two-wheeler registrations, rising to 31,168 units in October from 19,689 units in September. TVS Motor slipped to the second position in October with 29,484 registrations, accounting for a 20.52% market share. Boosted by festive demand, the company still recorded a strong 30% month-on-month growth. Ather Energy retained its third position in October, rebounding from flat growth in September to post a robust 53% increase with 28,061 registrations, capturing a strong 19.53% market share. At the end of Friday’s trading session, Ather’s shares closed at Rs 688.75, giving it a total market capitalization of Rs 26,194.83 crore (approximately $2.97 billion). The company also surpassed Ola Electric in terms of market capitalization. After a 30% month-on-month decline in September, Ola Electric rebounded in October amid festive demand, posting nearly 20% growth with 16,034 registrations and capturing an 11.16% market share. However, its market share dropped sharply from around 30% a year ago. Ola Electric’s shares on Friday closed at Rs 50.24, giving it a market capitalization of Rs 22,160 crore ($2.51 billion). Hero MotoCorp held its fifth position with 11.09% market share, registering 15,934 units in October. Greaves Electric Mobility, which ranked sixth in October, recorded a strong 78.5% month-on-month growth, expanding its market share to 5.31%. BGAUSS also witnessed healthy demand for its electric scooters, posting a 29% month-on-month increase in sales. IPO-bound Pure EV and River Mobility secured the 8th and 9th positions, holding market shares of 1.19% and 1.11%, respectively. Meanwhile, Revolt Motors surpassed Kinetic Green to enter the top 10, registering a strong 92% month-on-month growth in October.

TVS retains top spot in August 2W EV sales; Ola Electric overtakes Bajaj, Ather rises to third

EntrackrEntrackr · 4m ago
TVS retains top spot in August 2W EV sales; Ola Electric overtakes Bajaj, Ather rises to third
Medial

TVS retains top spot in August 2W EV sales; Ola Electric overtakes Bajaj, Ather rises to third TVS Motor retained its leadership in the electric two-wheeler (E2W) segment in August, securing a 23.09% market share, as overall industry volumes grew 1.4% month-on-month to 1,04,306 registered units. According to Vahan data, TVS registered 24,087 units in August, an 8.38% month-on-month increase over July. Ola Electric jumped to the second position, overtaking Bajaj, with an 18.19% market share after registering 18,972 units in August, up 6.3% from last month. Following this development, its share price surged over 11% today to around Rs 60.2 with a market cap of Rs 26,464.98 crore ($3 billion). Ather Energy moved up to the third position with a 17.12% market share, narrowing the gap with Ola Electric by registering 17,856 units in August, a 10% rise from last month. On a year-on-year basis, it recorded over 60% growth in registrations. Ather, which became the second EV startup after Ola Electric to list on the Indian stock exchange, is currently trading at Rs 475, up over 5% today, with a market capitalization of Rs 17,654.59 crore ($2 billion). Hero MotoCorp climbed one spot to fourth position with a 12.76% market share, registering 13,313 units in August, a strong 26.92% month-on-month growth over July, showing momentum in demand for its electric two-wheelers. Bajaj Auto slipped to fifth position in August from second, posting a sharp 40.3% month-on-month drop with 11,730 units. Its market share fell to 11.25% from 19.10% in July. Greaves Electric Mobility and IPO-bound Pure EV held their sixth and seventh positions in the market, posting month-on-month growth of 7.17% and 5.39%, respectively. BGauss, River Mobility, and Kinetic Green also reported solid month-on-month growth of 7.97%, 9.23%, and 23.51%, respectively.

TVS leads December E2W sales, Ather falls 20%, Ola Electric improves

EntrackrEntrackr · 12d ago
TVS leads December E2W sales, Ather falls 20%, Ola Electric improves
Medial

TVS leads December E2W sales, Ather falls 20%, Ola Electric improves TVS Motor closed 2025 as the leader in India’s electric two-wheeler market, with a 26.14% market share in December. However, the overall E2W market declined 19% month-on-month. According to Vahan data, after a 20% decline in November, electric two-wheeler sales fell another 19% month-on-month to 93,000 units. Despite a drop of over 20% in TVS Motor’s sales, its market share rose marginally to 26.14%, with registrations of 24,317 units. Bajaj Auto’s sales fell 29% to 18,197 units in December, from 25,700 units in November, with its market share declining to 19.56%. Ather Energy retained its third position in December, though registrations declined 20% month-on-month to 16,391 units from 20,488 in November. The company held a 17.62% market share. Ather’s current market capitalization stands at Rs 28,870.6 crore ($3.2 billion). Hero MotoCorp maintained the fourth spot after overtaking Ola Electric last month, despite a 15.76% month-on-month decline in sales. The company registered 10,340 units and held an 11.12% market share. Ola Electric’s sales remained largely flat at 8,402 units in December, even as rivals saw sharp declines. Its market share rose by 2% to 9.03%, placing the company fifth. Ola Electric’s shares closed at Rs 36.2 on Wednesday. The company’s market capitalization now stands at Rs 15,967 crore ($1.8 billion). Greaves Electric Mobility, BGauss, and River Mobility retained their positions at sixth, seventh, and eighth, respectively. However, their sales declined sharply in December by 24.87%, 31.96%, and 6.15% month-on-month. e-Sprinto entered the top 10 electric two-wheeler companies, replacing Kinetic Green. The company nearly doubled its sales in December to 1,324 units, capturing a 1.42% market share. On an annual basis, the electric two-wheeler industry recorded 12.75 lakh units in 2025, an 11% year-on-year increase from 11.5 lakh units in 2024. TVS Motor led the market with 2.98 lakh units, followed by Bajaj Auto with 2.69 lakh units. Ather Energy ranked third at 2 lakh units, followed by Ola Electric at 1.98 lakh units, while Hero MotoCorp stood fifth with 1.09 lakh units.

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

EntrackrEntrackr · 7m 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.

Ola Electric market share drops more than 30% in last two months

EntrackrEntrackr · 1y ago
Ola Electric market share drops more than 30% in last two months
Medial

Electric scooter manufacturer Ola Electric, which recently went public, has registered a major downfall in its market share among the electric two wheelers segment in the past two months. Ola Electric market share subsequently slipped to 39% in July and further down to 33% in August (month-to-date), according to investment banking and capital markets firm Jefferies. At the same time, TVS regained market share at 19% at August (MTD) against 15% in Q1 FY25. Ola Electric has emerged as the dominant OEM in India’s electric two-wheelers market as its market share rose from 21% in FY23 to 35% in FY24 and further to 49% in Q1 FY25, the report added. Jefferies attributes expansion of product portfolio and aggressive pricing to the rise in Ola Electric’s market share. During FY24, Ola Electric sold 3,29,618 scooters, almost 2X as compared to FY23. This also reflected in the company’s scale which grew nearly two-fold to Rs 5,010 crore in FY24 from Rs 2,631 crore in FY23. As per the report, Bajaj’s market share has also risen from 11% in FY24 and 12% in Q1 FY25 to 18% in August MTD. Hero is still lagging among incumbents with 5% market share in August while Honda has no-play in the electric space. Meanwhile, the Bhavish Aggarwal-led company has announced plans to launch affordable electric motorcycles Roadster which will be ready for delivery by Diwali next year. Despite the fall in volume, the electric two wheeler space continues to be dominated by Ola Electric followed by TVS, Bajaj Auto, Ather Energy and Hero MotoCorp. Interestingly, Jefferies’ report has not mentioned anything on Ather, which recently turned unicorn and is on the verge of becoming the second public company from the EV startup ecosystem. Currently, Ola Electric’s shares are trading at Rs 128, up from the initial public offering price of Rs 76 per share.

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