Bajaj Auto, which was the No. 1 electric two-wheeler OEM in February 2025 as well as December 2024, continues to be in the lead in the last month of FY2025. As per the latest retail sales data on the Vahan portal (March 15-2025, 7am), a total of 10,510 Bajaj Chetaks have been delivered to buyers between March 1 and 14, putting it ahead of TVS Motor Co and a resurgent Ola Electric.
In the first 14 days of March 2025, a total of 39,622 electric two-wheelers have been sold, comprising 19,042 units in the March 1-7 period and 20,580 units between March 8-14. This takes India e2W Inc’s total retails in the past 11 months and 14 days to 10,58,365 units – 109,852 units ahead of FY2024’s total retails of 948,513 electric two-wheelers.
The rapid pace of growth has meant that the Indian e2W industry has achieved the million-units retail milestone for the first time, news that Autocar Professional broke in its sales analysis on March 1, 2025.
Retail sales data for March Weeks 1-2 sees Bajaj Auto maintain its lead. Ola Electric’s flash sale for Holi offering discounts up to Rs 26,750 on its S1 range has seen it hit the 7,000-units mark.
The Top 10 EV OEMs’ combined sales at 37,575 units constitute 95% of total industry sales in the month to date, with the top four – Bajaj Auto, TVS, Ola and Ather – accounting for 31,967 EVs or 81% of monthly sales. Let’s take a closer look at the top six e2W OEMs.
BAJAJ AUTO
March 1-14, 2025: 10,510 units / Market share: 26%
FY2025 till March 14, 2025: 206,332 units / Market share: 19%
With retails of 10,510 units in the first two weeks of March, Bajaj Auto has consistently maintained its lead over rivals in the past six weeks, having delivered strong performances in each of the four weeks of February.
Meanwhile, the Bajaj Chetak, which currently has a 26% market share this month, has crossed the 200,000 cumulative sales mark for the first time in a fiscal year. At 206,332 units, it has a market share of 19% for the April 2024 to March 14, 2025 period. This is a handsome 93% YoY increase over its FY2024 sales of 106,923 units and reflects just how strong demand for been for the Chetak. Expect Bajaj to clock total FY2025 sales in the region of 220,000 units and set a new fiscal-year high.
In December 2024, Bajaj Auto expanded its Chetak model portfolio with the launch of the new 35 Series which comprises three variants: 3501, 3502 and 3503 and offers a higher range of 153km.
TVS MOTOR CO
March 1-14, 2025: 8,888 units / Market share: 22%
FY2025 till March 14, 2025: 215,898 units / Market share: 20%
TVS Motor Co, with its iQube e-scooter and X e-motorcycle, has clocked retails of 8,888 units in the first 14 days of March. This gives it a market share of 22% and takes its cumulative sales in the fiscal to date to 215,898 units and a 20% market share.
Like Bajaj Auto, TVS has also surpassed the 200,000-units retail milestone in a fiscal for the first time, having sold 183,189 iQubes in FY2024. When March 2025 finally comes to a close, expect TVS’ FY2025 total to ride past the 225,000 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.
OLA ELECTRIC
March 1-14, 2025: 7,020 units / Market share: 18%
FY2025 till March 14, 2025: 327,589 units / Market share: 31%
With Vahan retail sales data reflecting 7,020 units in the first 14 days of March, Ola Electric has begun moving up the EV OEM ladder-board and currently has an 18% market share. Ola Electric, which retained its No. 1 title in January 2025, had dropped down by three ranks in February.
On the cumulative sales front, with 327,589 e-scooters and e-motorcycles sold from April 2024 to March 14, 2025, Ola is just 2,358 units away from surpassing its FY2024 total of 329,947 units. At present, the company has an overall 31% share of the 1.05 million electric two-wheelers sold in India till date this fiscal.
What would have given a fillip to sales is Ola announcing a ‘Holi Flash Sale’ with discount offers of up to Rs 26,750 on its S1 range of electric scooters, from March 12-17. Under this special promotion, e2W buyers can avail discounts of up to Rs 26,750 on the S1 Air and Rs 22,000 on the S1 X+ (Gen 2). The company is also offering discounts of up to Rs 25,000 on the rest of its S1 range, including all the scooters from its latest S1 Gen 3 range.
Ola Electric’s mass-market S1 X portfolio is available in three battery configurations (2 kWh, 3 kWh, and 4 kWh). On January 31 this year, Ola launched its Gen 3 scooters in the form of four models – S1 X, S1 X+, S1 Pro and the new flagship S1 Pro+.
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.
ATHER ENERGY
March 1-14, 2025: 5,549 units / Market share: 14%
FY2025 till March 14, 2025: 120,925 units / Market share: 11%
With Ola bouncing back in the first two weeks of March, Ather Energy, which was ranked third in February, is now down to fourth place. The 5,549 units sold between March 1-14 give it a 14% market share. Cumulative retails in the fiscal to date are 120,925 units and a market share of 11 percent. In FY2024, Ather had sold 109,162 units.
Ather’s main growth drier is the Rizta family e-scooter launched in April 2024. 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 also won Autocar India’s Electric Two-Wheeler of the Year 2025 award.
GREAVES ELECTRIC MOBILITY
March 1-14, 2025: 1,828 units / Market share: 5%
FY2025 till March 14, 2025: 36,348 units / Market share: 3.43%
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has witnessed retail sales of 1,828 e-scooters and has a 5% share in the month to date. The company, which has a six-model portfolio of e-scooters comprising the Nexus (pictured above), Primus, Magnus LT/EX (100km+ range), Ampere Magnus Special, entry level Rio Li/La Plus and Zeal EX, has cumulative 11-month and 14-day retail sales of 36,348 units. In FY2024, GEM had sold a total of 31,276 units.
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.
HERO MOTOCORP
March 1-14, 2025: 1,632 units / Market share: 4%
FY2025 till March 14, 2025: 42,316 units / Market share: 4%
Hero MotoCorp, as per the latest Vahan data, has clocked retails of 1,632 units in the first 14 days of March 2025, which gives it a 4% market share. This is the same for its cumulative sales of 42,316 units in the fiscal year to date, albeit this number constitutes handsome 250% YoY growth over its FY2024 sales of 12,09 units.
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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