TVS leads electric two wheeler sales with 44% jump in FY26; Ola Electric sees 52% decline

Sudarshan Venu-led TVS Motor Company recorded the highest electric two-wheeler sales in India in financial year 2025-26 after a 44% year-on-year rise. Meanwhile, Bhavish Aggarwal-led Ola Electric, which was the top-selling EV maker in FY25, saw its volumes more than halve.

TVS Motor Company recorded sales of 341,647 EVs in FY26, up from 237,944 units in the previous fiscal. In comparison, Ola Electric’s EV sales slumped 52% year-over-year to 164,294 units.

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Bajaj Auto was the second-largest EV player in FY26 with sales of 289,325 units, up 25% YoY.

Tarun Mehta-led new-age EV player Ather Energy witnessed 82% YoY jump in EV sales at 239,129 units in FY26.

In March, electric two-wheeler makers posted robust sales ahead of the phasing out of demand incentives under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme. It has now been extended until July.

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TVS Motor Company clocked 49,453 EV registrations in March, followed by Bajaj Auto with 46,246. Ather Energy recorded 35,688 EV registrations. India’s largest two-wheeler maker, Hero MotoCorp, logged 21,434 EV sales. Ola Electric, which saw a sharp decline in volumes for four consecution months, crossed the 10,000 units mark in EV registrations in March.

Ola Electric said this demand recovery is being driven by a structural transformation in service operations. “Over 80% of vehicles are now serviced on the same day, enabled by improved parts availability, faster diagnostics, and tighter operational control across the network. Following a period of service challenges in recent months, the company has implemented deep operational changes, resulting in significantly improved turnaround times and customer experience,” it said in a statement.