TVS Motor Co reclaimed India's e-2W crown with retail sales of 15,344 e-scooters, leading Bajaj Auto by 1,627 units just fifteen days after losing the top spot. Hero MotoCorp outsold Ola to become No. 4, while Ather Energy held third rank.
16 Nov 2025 | 19428 Views | By Ajit Dalvi
The gripping battle for leadership in India’s electric two-wheeler industry is turning even more intense. Fifteen days after it lost the e-2W crown in October to Bajaj Auto, TVS Motor Co has wrested it back. As per the latest Vahan retail sales statistics, TVS has sold 15,344 iQube e-scooters between ...
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The gripping battle for leadership in India’s electric two-wheeler industry is turning even more intense. Fifteen days after it lost the e-2W crown in October to Bajaj Auto, TVS Motor Co has wrested it back. As per the latest Vahan retail sales statistics, TVS has sold 15,344 iQube e-scooters between November 1-15 – that’s 1,627 units more than Bajaj Auto (13,717 Chetaks).
As is known, festive October with 144,315 units sold was the best-ever month for e-2W OEMs in India. Last month was also when TVS Motor Co (29,586 i-Qubes), which had topped retail sales right from April through to September, was dethroned by Bajaj Auto (31,337 Chetaks). TVS’ reduced deliveries in October were attributed to iQube production constraints caused by slower supplies of (rare earth) magnets. That issue seems to have now been resolved and production at the Hosur plant is back on track.
TVS though is aiming for a first-mover advantage for e-2Ws in rural India, which is warming up to the concept of zero-emission and wallet-friendly commuting. Speaking in an analysts’ call after the Q2 FY2026 results were announced, KN Radhakrishnan, CEO, TVS Motor Co said: “I'm very sure GST reform is going to help rural (India) and (road) connectivity. I believe that for mobility needs in India, which has a lot of self-employed people, the two-wheeler is the best mobility solution. And rural is the most important driver. I'm very confident that rural will start growing in line with urban.”
TVS, whose main growth driver till now has been the iQube, recently launched the Orbiter e-scooter at Rs 99,900 (ex-showroom Bengaluru), inclusive of PM E-Drive Scheme subsidies. This prices the Orbiter — which has a 3.1 kWh battery pack — on par with the base iQube variant that features a smaller 2.2 kWh battery pack. The Orbiter, which has a top speed of 68kph, is designed for urban commuting and has an IDC range of 158 km per charge. Orbiter sales have commenced in Karnataka and the company is now expanding into Maharashtra.
Between November 1 and 15, TVS has delivered 15,344 e-scooters, which gives it a 25% e-2W market share, ahead of Bajaj Auto’s 13,717 Chetaks and 22% market share.
Bajaj Auto, which won the No. 1 e-2W title in October after a six-month hiatus from the position taken by TVS, is back to being No. 2 with sales of 13,717 Chetaks in the first-half of November 2025. This gives the company a 22% share compared to TVS’ 25 percent. It remains to be seen whether Bajaj Auto will register a speedier rate of sales in the second half of this month as compared to its arch rival if it is to hold onto its crown it regained in October after losing it for a six-month period to TVS.
Ather Energy, which has made the No. 3 position its very own and has kept improving its sales for three months in a row (August: 18,111 units, September: 18,365 units, October: 28,276 units), has delivered 11,400 e-scooters in the November 1-15 period – 3,944 e-2Ws behind TVS and 2,317 unts behind Bajaj Auto. The e-2W start-up, which is fast reducing the sales gap with the two legacy OEMs, continues to witness surging demand for its Rizta family scooter, far more than than that for the 450X or 450S models.
The big news of the first fortnight of November though is Hero MotoCorp’s Vida brand moving into No. 4 position, ahead of Ola Electric. As per Vahan, the company has delivered a total of 5,688 Vida e-scooters in the past 15 days, 939 units more than Ola Electric (4,749 units), which give it a 9% market share – 1% more than Ola. The world’s largest two-wheeler manufacturer continues to be an EV newsmaker as a result of the robust demand for its new Vida VX2 model. October 2025 (15,994 units) was its highest monthly sales and marked four straight months of 10,000-plus units.
Ola Electric, with retail sales of 4,749 units in the November 1-15 period, is currently ranked No. 5 in the e-2W OEM market. This gives Ola a market share of 8% for the first fortnight of this month. The company, which manufactures and sells both e-scooters and e-motorcycles, had opened CY2025 with 24,411 units in January, which remains its highest monthly sales in the year to date. Cumulative retail sales from January 1 to November 15 at 186,532 units are far fewer than TVS (258,375 units) or Bajaj Auto (238,937 units) and just 12,140 EVs more than Ather Energy (174,392 units) in the same period. Clearly, Ola Electric will have to come up with an aggressive sales and product strategy if it is to regain the vigour and shine it had displayed not very long ago as the e-2W market leader.
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton which markets the Ampere brand of e-scooters, remains the firm No. 6 on the OEM ranking list with retails of 3,224 units. GEM and Ampere Vehicles, which are witnessing a revival of demand driven by new products like the Nexus, Magnus Neo and the Grand, recently surpassed cumulative retail sales of 250,000 units. October 2025 (7,630 units) are its highest monthly total this year. Will November 2025 go beyond that? We have to wait another 15 days to find out.
Bgauss Auto, a Mumbai-based startup spawned by electrical solutions major RR Kabel, is ranked seventh amongst the Top 10 e-2W OEMs. Bgauss sold 1,607 units of its e-2Ws comprising the RUV 350 and Max C12 in the first fortnight of November.
Bengaluru-based River Mobility, which has a single product – the River Indie – is now a regular fixture in the Top 10 e-2W listing. The 970 units sold in first-half November give it No. 8 position.
Kinetic Green, which sells the E-Zulu, Zing, and the E-Luna, takes No. 9 position with 755 units. The company had hit its highest monthly sales in August (1,514 units). Kinetic plans to up the ante with the launch of a new premium family scooter in CY2026, the first of three models to be launched over the next 18 months. Given that it has a strong manufacturing infrastructure and a 400-strong network of exclusive e-2W dealers across the country, the company is looking to aggressively expand this business operation.
Electric motorcycle manufacturer Revolt Motors, with 636 units, is ranked tenth in this Top 10 listing. The company, which was amongst the earliest to launch an electric motorcycle in India in CY2019, has expanded its portfolio to five products with the RV BlazeX. It also has an aggressive localization programme and uses EV components from Sona Comstar, Uno Minda, Rockman, FIEM and JBM.
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