EV (2W) Sales: Sept'25 Part-3 report

As we expected earlier, Sales in Part-3 of Sept'25 were massively boosted by Navratri festivals, which also marked the end of the 15-days inauspicious period before it. The 13 Electric 2-wheeler manufacturers, whose VAHAN Data I am tracking in my Spreadsheets on a Daily basis, have together reported Registrations of over 45,600 units during Part-3 (i.e. final 10 days) of Sept'25. That means Part-3 contributed around 46% of the Total Registrations for the month of Sept'25.

The last day of the month, which was also the final day of Navratri & the Quarter, alone saw Registrations zoom to over 11,500 units. This is probably a NEW RECORD for single day Registrations for EV (2W) segment. It was as if all manufacturers were trying to achieve some Goals before the month & Quarter ended.

There was only 1 change in the Top-5 Rankings for Part-3 of Sept'25, compared to previous Parts of the month with OLA Electric managing to improve to No.4 position, after trailing even Hero MotoCorp by a tiny margin in Part-1 & 2 of Sept'25. Everyone managed to post healthy jump in numbers during Part-3, with TVS Motor, Ather Energy & OLA Electric reporting improvement in their Market Shares, compared to the Part-1 & 2.

Amongst the Top-5 manufacturers, Ather Energy's consistent performance improvement is certainly worth noting. Ather has managed to maintain it's Market Share at over 18% for 2 months in a row & has kind-of reserved the No.3 spot in the Rankings for itself. In fact in Sept'25, Ather's numbers were not far off those posted by No.2 placed Bajaj Auto. With a steady increase in it's Sales outlets as well as ramp-up of it's manufacturing activity, Ather could be challenging for a higher position in the Ranking table soon. When the Quarterly results are announced, we could very well see Ather Energy reporting higher units sale for Q2-FY26 than OLA Electric. And with a higher Average Unit Selling Price, Ather will certainly report a stronger Revenue figure than OLA for Q2FY26.

Bajaj Auto struggled with Rare-earth magnet supplies in Aug'25. But seems like the supply issues are over as volumes recovered very strongly in Sept'25. On the other hand, OLA which was comfortable with supplies in Aug, struggled with numbers in Sept. One possibility is that OLA wants to start using it's in-house developed Ferrite Motors as soon as possible & stop dependence on Rare-Earth magnet supplies from China. We will have more clarity on the reasons for the sharp decline in volumes for Sept hopefully with the Quarterly Results.