EV (2W) Sales: 19th July Update

Another week of July'25 is over & we have some fresh developments from the VAHAN Data for Sales of EV (2W) for this month. While the Top-2 positions are as it is, there have been some movements within further positions over the last 1 week.

After trailing Ather Energy over the first 2 weeks of July'25, OLA Electric has managed to close the gap & nudge just ahead to take the No.3 spot back now. With 12 days to go in this month, this will be an interesting battle to watch.

Daily Sales Data from VAHAN

But there is something more interesting going on in the 2W EV space. Let's look at how the Market Shares of the prominent players have moved over the last 7 days.

While Ather Energy & Bajaj Auto lost 60 bps & 70 bps in their Market Shares respectively, between 12th & 19th of July, TVS Motors managed to limit the loss to just 20 bps. OLA Electric was one of the gainers with an improvement of 40 bps in it's Market Share, the real hero this week was certainly HERO MotoCorp, which saw it's Market Share zoom up by 120 bps & is likely to see further gains in the coming weeks.

Market Share movement over last 7 days

If Hero MotoCorp is able to sustain the sales momentum beyond the initial months of new model enthusiasm, it could certainly be fighting for No.4 or No.3 spot sometime in the near future. An interesting bit here is that Hero MotoCorp owns about 31% stake in Ather Energy & is the main promoter now, though the management control is with the founders of Ather. So if we combine the Market Share figures of Ather Energy & Hero MotoCorp, they become the undisputed leader in the 2W EV space. I don't think Hero MotoCorp will be looking to merge Ather Energy into itself, as Ather's separate identity & it's R&D is working well. Hero will certainly maintain it's healthy shareholding & may even look to increase it further if they get the right opportunity.