TVS has emerged as the leader in the electric two-wheeler market, recording the highest sales in September. Bajaj, with its Chetak scooter, secured the second position. A significant development is Ather Energy’s achievement, surpassing Ola Electric in sales. Retail sales data from Vahan indicates that Ather sold around 16,558 units last month, while Ola’s sales dropped to 12,223 units. TVS led with 21,052 units, and Bajaj Chetak followed with 17,972 units.
Ather has been consistently aiming to be in the top three, though it has previously missed out by a small margin. The company has been rapidly growing, with a large portion of its sales now coming from outside South India. Ather holds the top position in all southern states, and its significant markets outside the South include Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, and Odisha. Its focus on Middle India has led to an increase in its outlets, growing from 49 in March 2024 to 109 recently.
Ola Electric’s sales have been steadily declining. The Rizta electric family scooter contributes approximately 70% to Ather’s total sales. The company aims to overtake Bajaj Auto and reach the second position, with a current difference of about 1,500 units between the two brands. Ola Electric’s sales have been decreasing since the beginning of the year. While the company initially pointed to registration issues, the sales decline has continued.
Hero MotoCorp’s Vida showed a significant increase in September, selling 11,856 units, bringing it closer to Ola Electric. Vida’s recent Battery-as-a-Service (BaaS) scheme has supported sales by reducing the upfront cost of e-scooters.