EV (2W) Sales: Aug'25 Part-1 & 2 report

I have divided each month into 3 parts of 10 - 10 - 10/11 days, so that we can analyse the sales progress better. I have already shared sales figures for Top-5 players in the EV (2W) segment alongwith brief details for Part-1 & 2 of Aug'25 on my x.com page. Here I will now be sharing some more details.

I have been assimilating VAHAN Data for 12 EV (2W) players since the last couple of months. The Data shows that the Top-5 players contribute nearly 90% of the figures.

Sales in Aug'25 started slow with 26,790 units being registered in Part-1 (1st to 10th Aug). But it has picked up some pace in Part-2 with 30,409 units, despite a long weekend in this period. Part-3 will be interesting as it has presence of festivals on one hand, but some expectation related to GST cuts on 2-wheelers sometime soon making some customers wait to purchase. If ICE powered 2-wheelers get a GST cut & Electric ones do not get any additional benefit, then we could see some temporary impact on EV (2W) sales. Let's see.

TVS Motors has strengthened it's market share in Aug'25 compared to the previous month, as BAJAJ Auto started struggling with supplies from Part-3 of July'25. While TVS continues to command nearly 26% market share, BAJAJ's share has dropped to just 10% in Part-2 of Aug'25. Hopefully BAJAJ will be able to find a solution to it's magnet supplies issue soon.

ATHER Energy has also improved it's sales in Aug'25 so far on the back of widening of it's sales network over the recent months. It managed to grab the No.2 spot in Part-1 of Aug'25, but has slipped to No.3 spot in Part-2, despite holding it's market share steady at 18% in both Parts.

Market Shares progress for Top-5 players in Aug'25 so far

OLA Electric struggled with sales in Part-1 & barely managed to avoid No.5 position. But Part-2 was a completely different story, where OLA managed a strong No.2 position with a decent margin over ATHER. For the month so far, OLA trails ATHER by over 600 units. Hence OLA will need to do even better in Part-3 if it has to surpass ATHER & grab the No.2 spot for the entire month of August'25.

HERO MotoCorp has continued improving it's performance since last month. With 13.7% market share in Aug'25 so far, HERO is now certainly in a position to challenge the Top-3 players. HERO was the 1st EV (2W) OEM to start offering Battery-as-a-Service option to buyers alongwith it's new product launch last month. ATHER too announced B-a-a-S option a few days ago. It will be interesting to see if this options helps these OEMs to improve their sales further & forces others to offer a similar option.