Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales

The electric two-wheeler market in India fell to 73,316 units in December from 1,19,654 units in November. Despite the slowdown, competition stayed strong as manufacturers aimed to lead the expanding EV market.

As per Vahan data, Bajaj Auto led the market with 24.93% of total sales and delivered 18,276 units. Bajaj’s dominance can be attributed to the popularity of the Chetak series. TVS Motor followed with 23.48% market share and sold 17,212 units in December.

After a long time, Bajaj and TVS surpassed Ola Electric in monthly sales.

Ola Electric held 18.78% of the market in December with 13,769 units sold but saw a noticeable decline from the previous month. In November, the company held a 24.54% market share. Under Bhavish Aggarwal’s leadership, Ola’s market share shifted over the past six months. It rose to 30% in October from 27% in September but remained below earlier levels – 32% in August, 39% in July, and a peak of 49% in June.

Despite the dip, Ola Electric retained the highest market share of 35.5% for the entire calendar year 2024. It became the first new-age tech company from India to list on the stock exchange. Currently, its shares trade at Rs 85.94, after peaking at Rs 157 on August 20, 2024.

Ather Energy, which recently received the green signal from the market regulator for its initial public offering, held 14.2% of the market and sold 10,421 units.

Meanwhile, Hero MotoCorp secured 1.4% of the market with 1,020 units sold.

Greaves Electric Mobility, which operates Ampere scooters, held 3.8% of the market in December with 2,795 units sold. The company recently filed a draft red herring prospectus (DRHP) for its Rs 1,000 crore IPO.