Latest retail sales data on the government’s Vahan portal reveals that Bajaj Auto, with 21,335 units, is the No. 1 electric 2W OEM in February, ahead of TVS Motor Co (18,746 units) and Ather Energy (11,788 units). Also, with 10,18,300 electric scooters, bikes and mopeds sold between April 2024 and February 2025, the e2W segment has clocked over a million units for the first time in a fiscal year, 7% up on FY2024’s 948,511 units and with March 2025 sales yet to be counted.
01 Mar 2025 | 1922 Views | By Ajit Dalvi
Bajaj Auto, which has outsold the e-two-wheeler competition in each of the four weeks of February 2025, has topped the charts for the shortest month of the year. As per the latest retail sales data available on the government’s Vahan portal (as of March 1, 7am), with retail sales of ...
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Bajaj Auto, which has outsold the e-two-wheeler competition in each of the four weeks of February 2025, has topped the charts for the shortest month of the year. As per the latest retail sales data available on the government’s Vahan portal (as of March 1, 7am), with retail sales of 21,335 units, Bajaj Auto and its Chetak have registered strong 81% YoY growth (February 2024: 11,763 units). This performance sees Bajaj Auto win the No. 1 e2W OEM title for the second time in three months, having topped the segment for the first time in December 2024.
Overall e2W industry sales though in February 2025 at 75,995 units are down 8% YoY (February 2024: 82,744 units) and 22% on January 2025’s 98,259 units. Nevertheless, despite the month being the third-lowest monthly sales – after April 2024: 65,554 units and December 2024: 73,721 units – in the 11 months of the current fiscal year, they have helped overall numbers ride past the million-units milestone for the first time in a fiscal year, with March 2025 still to be counted.
With cumulative retail sales of 10,18,300 electric scooters, bikes and mopeds between April 2024 and February 2025, the e2W segment has clocked over a million units for the first time in a fiscal year, 26% up YoY (April 2023-February 2024: 808,162 units) and 7% up on entire FY2024’s 948,511 units, with March 2025 sales yet to be factored in.
In FY2024, India e2W Inc sold a total of 948,511 units, up 30% YoY (FY2023: 728,213 units). With March 2025 being the last month of FY2025 and likely to see strong demand, this segment of the EV industry could be expected to achieve total sales in the region of 1.1 million units, up 17% YoY.
Of the total 75,995 electric scooters, motorcycles and mopeds sold in February, Vahan stats reveal that only three OEMs have registered sales in excess of 10,000 units (see Top 10 data above). The Top 10 EV OEMs’ combined sales at 71,202 units constitute 93% of total industry sales, with the top four – Bajaj Auto, TVS, Ather and Ola – accounting for 60,516 EVs or 80% of monthly sales. Let’s take a closer look at the top six e2W OEMs.
February 2025: 21,335 units, up 81% YoY / Market share: 28%
FY2025 (first 11 months): 195,651 units, up 121% / Market share: 19%
In CY2024, Bajaj Auto clocked best-ever annual retail sales of 193,439 Chetaks and 169% YoY growth (CY2023: 71,941 units). Given the current momentum it is witnessing, expect the Chetak to sell another 25,000 units in March 2025, which would mean total FY2025 sales in the region of 220,000 units and a new fiscal-year high.
On December 20, 2024, Bajaj Auto expanded its Chetak model portfolio with the launch of the new 35 Series which comprises three variants: 3501 (Rs 127,000), 3502 (Rs 120,000) and 3503 and offers a higher range of 153km.
Bajaj Auto’s speedy rate of growth is helping it to close the gap annually with TVS, which is the longstanding No. 2 OEM. This is a result of strong consumer demand for the Chetak, ramped-up production and an expanded Chetak retail sales network.
In CY2025, like Ola which is targeted the gig-worker market with its affordable Gig e-scooter, Bajaj Auto has plans to introduce specially designed EVs for gig workers. "Gig workers don't want a vehicle that shows them as gig workers – they want a family vehicle. We will have Chetak models which will be used for delivery but they will be designed recognising the fact that gig workers need a family vehicle," said Rakesh Sharma, executive director, Bajaj Auto, at a round table in Pune after the unveiling of the Chetak 35 series.
February 2025: 18,746 units, up 28% YoY / Market share: 24%
FY2025 (first 11 months): 206,885 units, up 32% / Market share: 20%
With 11-month retails of 206,885 units, TVS is also the No. 2 in FY2025, up 32% YoY. With this, the iQube manufacturer has gone past 200,000 sales, marking the first time that it has surpassed the 200,000-units retail milestone in a fiscal. In CY2024, TVS sold 220,472 iQubes – when March 2025 sales come in, its FY2025 total will likely ride past the 230,000 mark.
The company, which has ample manufacturing capacity on hand, is strategically expanding the iQube dealer network. Currently estimated at around 750 touchpoints across India, TVS is increasing the network each month. The company, which expects two-wheeler EV sales in India to reach 30% market penetration by CY2025, plans to roll out a new electric scooter before the end of FY2025.
February 2025: 11,788 units, up 30% YoY / Market share: 15%
FY2025 (first 11 months): 115,278 units, up 26% / Market share: 11%
The Rizta family e-scooter launched in April 2024 at a starting price of Rs 109,999 (Rizta S) through to Rs 149,999 (Rizta Z) is witnessing growing customer acceptance. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta’s highlights include the largest two-wheeler seat in India and storage space aplenty. The Ather Rizta recently bagged Autocar India’s Electric Two-Wheeler of the Year 2025 award.
February 2025: 8,647 units, down 75% YoY / Market share: 11%
FY2025 (first 11 months): 320,562 units, up 16% / Market share: 31%
Importantly, it is to be noted that Ola, in a filing with the stock exchanges on February 19, 2025 had cautioned of a temporary dip in Vahan retail sales registrations for February 2025 involving the renegotiation of its contracts with its vehicle registration agencies. The negotiations aim to reduce costs and streamline the registration process.
Also, on February 28, the company issued a press release that states it has “sold more than 25,000 units in February with a market share of over 28%, cementing its market leadership in the EV 2W segment.”
Ola Electric may be down for the month but its cumulative 11-month sales of 320,562 units, up 16%, give it an overall industry leadership status for FY2025, with March sales yet to be factored.
Ola Electric’s current mass-market S1 X portfolio is available in three battery configurations (2 kWh, 3 kWh, and 4 kWh), and priced at Rs 69,999, Rs 84,999, and Rs 99,999, respectively (ex-showroom Delhi). The company has also recently revised the prices of its S1 Pro, S1 Air, and S1 X+ to Rs 129,999, Rs 1,04,999, and Rs 89,999, respectively.
On January 31, Ola launched its Gen 3 scooters in the form of four models – S1 X, S1 X+, S1 Pro and the new flagship S1 Pro+ – with pricing starting at Rs 79,999 and going up to Rs 170,000. The S1 Air has been discontinued, and the Gen 2 models of the S1 X and S1 Pro will continue to be on sale alongside the Gen 3 scooters at reduced prices.
Expect Ola to up the ante later this year when it starts delivering its new EVs – the S1 Z priced at Rs 59,999 and the S1 Z+ which costs Rs 64,999 and the Ola Gig, a dedicated product for the gig economy, priced at an extremely affordable Rs 39,999, it launched in end-November 2024. Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to begin later this year, around April-May.
Meanwhile, Ola has expanded its network to all of 4,000 stores across India. With 3,200 new stores co-located with service centres, this expansion aims to make Ola’s EVs more accessible across metros, Tier-2, and Tier-3 cities.
February 2025: 3,700 units, up 49% YoY / Market share: 5%
FY2025 (first 11 months): 34,517 units, up 22% / Market share: 3%
The Ampere Nexus, GEM’s newest product launched in April 2024, seems to be the key driver of this growth. Targeted at families, the Ampere Nexus has been designed and developed in-house at the Ranipet facility in Tamil Nadu. Equipped with a 3 kWH LFP battery, the Nexus has a claimed top speed of 93kph and a certified range of 136km. Sold in two variants, prices start at Rs 110,000 (ex-showroom) and go up to Rs 120,000.
GEM’s parent company Greaves Cotton, which has embarked on a strategic growth mission, is seeing GEM, its electric mobility division, deliver impressive results, generating revenues of Rs 175 crore in Q2 FY2025 and Rs 302 crore in H1 FY2025. This growth has been enabled by a focused approach on new product launches and a defined path toward profitability. GEM’s current e-two-wheeler sales and service network across India includes over 400 sales and service points.
February 2025: 2,677 units, up 52% YoY / Market share: 3.52%
FY2025 (first 11 months): 40,672 units, up 198% / Market share: 4%
In early December 2024, Hero MotoCorp expanded its EV portfolio with the launch of the new Vida V2. The Vida 2 is essentially an evolution of the V1 range that the world’s largest ICE two-wheeler began its electric mobility journey in October 2022. The Vida V2 is available in three variants: Lite (Rs 96,000), Plus (Rs 115,000) and Pro (Rs 135,000). The most affordable V2 Lite is an entirely new variant and comes with a small 2.2kWh battery pack that has a claimed 94km IDC range. It also has a lower 69kph top speed compared to the Plus and Pro variants, which have top speeds of 85kph and 90kph, respectively. Only two riding modes are available on the V2 Lite – Ride and Eco – but the rest of the feature-set is very similar to the other two, including the 7-inch touchscreen TFT display.
Hero MotoCorp has started scaling up brand presence for Vida and its network now stands at 203 touchpoints comprising 180 dealers across 116 cities. The company, which has the V1 Plus and V1 Pro EVs, plans to expand its portfolio – within the mid- and affordable segment – within FY2025. And it already has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp is an early investor.
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