EV Sales (2W): Q-o-Q Progress

Over the recent few weeks, media has been repeatedly highlighting "OLA is slipping" in the Electric 2-wheelers market. Yes, that's true only if one does Y-o-Y comparisons, since OLA was selling much bigger numbers, before the service-related issues affected it's brand image in H2-FY25. To check on how things are actually moving over the recent months, one needs to do M-o-M or Q-o-Q comparisons.

As per VAHAN Data, the progress made by Top-5 electric 2-wheeler players makes for an interesting read. While Bajaj Auto & TVS Motor continue to occupy the Top-2 spots, TVS has now moved to the No.1 spot. In terms of sales figures, both of them have seen a de-growth Q-o-Q, Bajaj Auto being the biggest loser with sales dropping ~ 18%. Hero MotoCorp has posted a very strong Q-o-Q growth at 70%, but is still a distant No.5.

Both the start-ups, OLA Electric & Ather Energy, have posted small Q-o-Q growth and retained their No.3 & 4 positions. The gap between sales figures for No.2 & No.3 players was 23% in Q4FY25, but is now down to just 9% in Q1FY26. It will be interesting to see if OLA can make a comeback in the coming months & move up from it's current No.3 position. Or will the large incumbents continue to dominate the Electric 2-wheeler space. Hero MotoCorp is also getting aggressive & we need to keep an eye on it as well.