After wrapping up FY2025 with record sales of 1.14 million units, electric two-wheeler manufacturers in India have registered robust retail sales of 91,791 units in April 2025, up 40 percent YoY (April 2024: 65,555 units). This is as per the latest retail sales data available on the Vahan portal (7am on May 1, 2025).
As per Vahan retail sales data, with 19,736 units, TVS has topped monthly sales for the very first time in April 2025 and narrowly beat Ola Electric (19,709 units). Strong as they are, last month’s sales nevertheless are down 30 percent on the FY2025-ending month of March 2025 (1,31,163 units) albeit the difference is that April is the opening month of a fiscal year and March the last, and usually pulls in more sales.
In the past, April sales have been somewhat tepid, followed by slow sales momentum in the monsoon months and then strong sales in the festive season around September-October. FY2026 now has opened on a very strong note for the Indian E2W industry and gives it a good foundation to build on for another fiscal year of strong sales.
TVS: 19,736 units
TVS Motor Co, the longstanding No. 2 e-two-wheeler OEM, has finally topped the charts. The Hosur-based major came very close to being No. 1 in January 2025 but was pipped to the post by Ola. Now with 19,736 units, it topped monthly sales for the very first time and narrowly beat Ola Electric (19,709 units) by just 27 units.
TVS Motor Co has maintained the same growth trajectory in April that it displayed in FY2025, when it sold 2,37,576 iQubes and surpassed the 2 lakh milestone for the first time. Compared to April 2024, when it sold 7,762 units, April 2025 with 19,709 iQubes delivered a handsome 154 percent YoY growth. Year on year, the iQube’s market share has jumped to 22 percent from 12 percent, reflective of the demand this TVS EV commands in the domestic market.
Speaking in a recent conference call after the company’s Q4 FY2025 results, K N Radhakrishnan, director and CEO of TVS Motor Co, said that a number of new EVs are in the final developmental stage and are slated to be launched in the coming months of 2025.
Ola Electric: 19,709 units
Ola Electric narrowly missed out on being No. 1 in April 2025 with sales of 19,709 units, just a few units less than TVS. Ola had last topped the monthly sales chart in January 2025 but had lost that spot to Bajaj Auto in February and March 2025.
This is Ola’s third highest monthly performance this year after January (24,399 units) and March (23,553 units). In February 2025, Ola had hit a low of 8,661 units. April 2025’s sales give Ola a market share of 21 percent, considerably down on its year-ago share of 52 percent (April 2024: 34,163 units).
Over the past year, Ola has commenced deliveries of its S1 Gen 3 e-scooters across the country and has also diversified into manufacture and sale of electric motorcycles. Ola was the No. 1 e-2W OEM in FY2025 with sales of 3,44,009 units, up 4 percent YoY, and a market share of 30 percent compared to 35 percent in FY2024 and was ahead of both TVS and Bajaj Auto by a huge margin.
Bajaj: 19,001 units
Bajaj Auto, which topped the e-2W chart in February (21,563 units) and March (35,160 units) is down to No. 3 position in April 2025 with its lowest sales in three months. This could be because e-2W buyers were likely aware that the company was about to roll out the most affordable Chetak in the new 35 series.
The 19,001 Chetaks sold in April 2025, nevertheless, are up 151 percent on year-ago sales of 7,561 units and give Bajaj a current market share of 21 percent, nearly doubling its April 2024 market share of 11 percent.
Last month, the company launched the new affordable Chetak 3503 which joins its siblings, the 3501 and 3502, which were launched in December 2024 and have since given a new charge to Chetak sales.
In FY2025, Bajaj Auto sold a record 2,30,808 Chetaks, up 116 percent (FY2024: 1,06,624 units) and selling an additional 1,24,184 units to surpass the 2 lakh milestone for the first time in a fiscal year. This stellar performance saw its e2W market share nearly double to 20 percent from 11 percent in FY2024.
Ather Energy: 13,167 units
Ather Energy sold 13,167 units in April, up 31 percent YoY (FY2024: 4,144 units) which gives it a monthly market share of 14 percent versus 6 percent in April 2024. Ather’s main growth driver is the Rizta family e-scooter launched a year ago.Â
Like Ola, TVS and Bajaj, Ather Energy also achieved record sales in FY2025: 130,945 units, up 20 percent YoY. This gave Ather a market share of 11.39 percent compared to 11.50 percent in FY2024 when it had sold 109,161 units.
Vida: 6,123 units
Hero MotoCorp has sold 6,123 Vida V2 e-scooters in April 2025, up 540 percent YoY on a low year-ago base of 956 units. This performance sees its e-2W share rise to 7 percent from 1.4 percent a year ago. The company is benefiting from expansion of its EV portfolio with the launch of the new Vida V2 in December 2024.Â
Hero MotoCorp has started scaling up its brand presence for Vida and its network now stands at 203 touchpoints comprising 180 dealers across 116 cities. It already has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp has been an early investor. In FY2025, Hero MotoCorp sold 48,673 units, which constitutes 175 percent YoY growth (FY2024: 17,720 units).
Greaves Electric Mobility: 4,000 units
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has registered sales of 4,000 e-scooters in April 2025, as per Vahan data. This sees the company maintain the same market share it had a year ago: 4 percent.
GEM’s FY2025 retails of 40,161 units were up 28 percent on its FY2024 sales of 31,276 units and give it a market share of 3.49 percent, marginally improving upon its 3.29 percent share of FY2024. The Ampere Nexus, GEM’s e-scooter launched a year ago in April 2024, is a key growth driver.Â
Pur Energy, which was the No. 10 e-2W OEM in FY2025 with nearly 9,000 units, is ranked No. 7 in April 2025 with 1,449 units. Like Pur, Pune-based e-scooter maker BGauss Auto is also now a regular in the Top 10 chart and sold 1,311 units last month. Kinetic Green, with its clutch of e-scooter as well as the e-Luna, takes ninth position with 1,306 units, and is followed by River Mobility (785 units).
