January 2025, which is the primary month of the present calendar 12 months and the tenth of the present fiscal 12 months (FY2025) has witnessed retail gross sales of 97,677 electrical two-wheelers, up 19% 12 months on 12 months (January 2024: 82,149 items). That is as per the most recent gross sales information on the Vahan portal (February 1, 2025, 7am). Cumulative gross sales for the April 2024-January 2025 interval at 941,552 items are up 30% YoY (April 2023-January 2024: 725,418 items). The massive information although is that Ola Electrical is again on the No. 1 place . . . and that’s because of robust gross sales within the final three days of January, serving to it pip TVS.
At 945,112 items retailed between April 2024 and January 2025, India e2W Inc is simply 3,389 items away from surpassing FY2024’s file gross sales of 948,501 items.
January 2025 noticed a powerful contest between Ola and TVS. Of the 97,677 e2Ws bought in January, Ola, TVS, Bajaj Auto and Ather Power command an 84% share.
EXCITING WEEKLY BATTLE FOR HONOURS IN JANUARY
It appeared that Ola Electrical, which had misplaced its No. 1 title in December 2024 to Bajaj Auto, was prone to keep No. 2 additionally in January, given its gross sales efficiency within the first 4 weeks of January 2025. As could be seen within the four-week information tables beneath, Week 1 noticed Ola at No. 4, when it was 3,000 items behind TVS. In Week 2, Ola went previous Ather Power to take No. 3 place and was 3,149 items behind TVS.
Ola Electrical was ranked No. 4 in January’s Week 1, No. 3 in Weeks 2 and three, and No. 2 in Week 4. A late cost within the final 3 days, when it bought an extra 3,598 items, gave it the No. 1 place for the month.
Week 3 noticed it keep the identical rank with the gross sales hole to TVS on the high being decreased to 1,577 items. Week 4 noticed Ola depart Bajaj Auto behind to take second place, 1,138 items behind TVS. Between January 29-31, Ola managed to promote an extra 3,598 items, which helped it go forward of TVS to take the No. 1 title for the month. TVS, which bought an extra 1,884 iQubes between January 29-31, must do higher whether it is to win the No. 1 tag.
Of the whole 97,677 electrical scooters, bikes and mopeds bought in January, solely 9 OEMs have registered gross sales in extra of 1,000 items (see High 10 information beneath beneath). The High 10 EV OEMs’ mixed gross sales at 92,500 items represent 94 of complete trade gross sales, with the highest 4 – Ola, TVS, Bajaj and Ather – accounting for 82,307 EVs or 84% of month-to-month gross sales. The actual battle although is underway with the three podium gamers — Ola, TVS and Bajaj – every with gross sales of over 20,000 e-scooters. Let’s take a more in-depth take a look at the highest 5 EV OEMs in FY2025.
OLA ELECTRIC
January 2025: 24,330 items, down 25% YoY / Market share: 25%
FY2025 (first 10 months): 311,841 items, up 29% / Market share: 33%
Ola Electrical might have regained its No. 1 title for the month however its January retails of 24,330 items are down 25% YoY (January 2024: 32,424 items). Its cumulative 10-month gross sales of 311,841 items are up 29% YoY but it surely doesn’t seem like Ola will handle to surpass its file CY2024 gross sales of 407,547 items within the 12 months of FY2025. That’s as a result of quarter on quarter, its numbers have dropped. In comparison with Q1 FY2025’s (April-July 2024) 108,410 items, Q2 gross sales have been decrease at 94,172 items and Q3 even decrease at 84,929 items, dragged down by December’s 13,794 items, down 55% YoY.
Ola Electrical’s present mass-market S1 X portfolio is accessible in three battery configurations (2 kWh, 3 kWh, and 4 kWh), and priced at Rs 69,999, Rs 84,999, and Rs 99,999, respectively (ex-showroom Delhi). The corporate has additionally lately revised the costs of its S1 Professional, S1 Air, and S1 X+ to Rs 129,999, Rs 1,04,999, and Rs 89,999, respectively.
On January 31, Ola launched its Gen 3 scooters within the type of 4 fashions – S1 X, S1 X+, S1 Professional and the brand new flagship S1 Professional+ – with pricing beginning at Rs 79,999 and going as much as Rs 170,000. The S1 Air has been discontinued, and the Gen 2 fashions of the S1 X and S1 Professional will proceed to be on sale alongside the Gen 3 scooters at decreased costs.
Count on Ola to up the ante later this 12 months when it begins delivering its new EVs – the S1 Z priced at Rs 59,999 and the S1 Z+ which prices Rs 64,999 and the Ola Gig, a devoted product for the gig financial system, priced at an especially reasonably priced Rs 39,999, it launched in end-November 2024. Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to start later this 12 months, round April-Might.
In the meantime, Ola has expanded its community to all of 4,000 shops throughout India. With 3,200 new shops co-located with service centres, this enlargement goals to make Ola’s EVs extra accessible throughout metros, Tier-2, and Tier-3 cities.
TVS MOTOR CO
January 2025: 23,788 items, up 55% YoY / Market share: 24%
FY2025 (first 10 months): 187,880 items, up 32% / Market share: 20%
So close to, but to this point. This sums up the TVS Motor Co’s near-miss at profitable the title of No. 1 electrical two-wheeler OEM for January 2025, shedding out by simply 542 items. With sale of 23,788 items, up 55% YoY (January 2024: 15,358 items), the Chennai-based firm, which led the gross sales chart for the primary 4 weeks from January 1-28, was pipped by Ola solely within the final three days of the month.
However, TVS Motor Co is a powerful No. 2 in FY2025 with complete retails of 187,880 iQubes, up 32% YoY. It should go previous the 200,000 gross sales milestone in February, marking the primary time that it has surpassed the 200,000-units gross sales milestone in a fiscal. In CY2024, TVS bought 220,472 iQubes – will its FY2025 complete transcend this?
With this efficiency, TVS and the iQube have a market share of 24% in January and 20% for the primary 10 months of FY2025. The TVS iQube is accessible with three battery choices – 2.2 kWh, 3.4 kWh and 5.1 kWh. The bottom variant (2.2kWh), with 75km real-world vary and a charging time of two hours, 45 minutes from 0-80% with a 950W charger, is essentially the most reasonably priced iQube at Rs 84,999 (ex-showroom Mumbai). This mannequin together with the three.4 kWh iQube (Rs 119,000 and 100km vary) get a 5-inch TFT show with tow and theft alerts and turn-by-turn navigation.
The iQube ST line-up has two variants with 3.4kWh (Rs 138,500) and 5.1kWh (Rs 185,400). Whereas the ST 3.4 variant has a claimed real-world vary of 100km, the range-topping ST 5.1 variant has the most important battery capability of any Indian electrical scooter and a real-world vary of 150km on a single cost. The iQube ST 5.1 additionally has the next 82kph high velocity, and the claimed charging time is 4 hours and 18 minutes from 0 to 80 %.
The corporate, which has ample manufacturing capability available, is strategically increasing the iQube vendor community. At present estimated at round 750 touchpoints throughout India, TVS is rising the community every month. The corporate, which expects two-wheeler EV gross sales in India to achieve 30% market penetration by CY2025, plans to roll out a brand new electrical scooter earlier than the tip of FY2025.
Will probably be among the many strikes that TVS, which the longstanding No. 2 OEM on this section and at present engaged in a fierce battle with Bajaj Auto, to guard its turf. Bajaj Auto had gone forward of TVS in two of the previous 10 months – September and December.
BAJAJ AUTO
January 2025: 21,294 items, up 96% YoY / Market share: 22%
FY2025 (first 10 months): 174,142 items, up 127% / Market share: 18.50%
Bajaj Auto’s Chetak, which took the No. 1 e2W title in December 2024, is again to No. 3 place in January 2025, what with a resurgent Ola claiming its numero uno rank and TVS additionally surpassing it. Development continues to be robust for the Pune-based firm and January’s 21,294 items are up 96% on year-ago gross sales (January 2024: 10,891 items).
This provides the Bajaj Chetak a month-to-month market share of twenty-two% and, with cumulative 10-month gross sales of 174,142, the present FY2025 share is eighteen.50 %.
In CY2024, Bajaj Auto clocked best-ever annual retail gross sales of 193,439 Chetaks and 169% YoY progress (CY2023: 71,941 items). Given the present momentum it’s witnessing, anticipate the Chetak to promote one other 45,000 to 50,000 items in February and March 2025, which might imply complete FY2025 gross sales within the area of 220,000 items and a brand new fiscal-year excessive.
On December 20, Bajaj Auto expanded its Chetak mannequin portfolio with the launch of the new 35 Collection which contains three variants: 3501 (Rs 127,000), 3502 (Rs 120,000) and 3503 and presents the next vary of 153km.
Bajaj Auto’s speedy charge of progress helps it to shut the hole yearly with TVS, which is the longstanding No. 2 OEM. It is a results of robust client demand for the Chetak, ramped-up manufacturing and an expanded Chetak retail gross sales community.
In CY2025, like Ola which is focused the gig-worker market with its reasonably priced Gig e-scooter, Bajaj Auto has plans to introduce specifically designed EVs for gig employees. “Gig employees do not need a automobile that exhibits them as gig employees – they need a household automobile. We can have Chetak fashions which will probably be used for supply however they are going to be designed recognising the truth that gig employees want a household automobile,” mentioned Rakesh Sharma, government director, Bajaj Auto, at a spherical desk in Pune after the revealing of the Chetak 35 collection.
ATHER ENERGY
January 2025: 12,895 items, up 37% YoY / Market share: 13%
FY2025 (first 10 months): 103,294 items, up 25% / Market share: 11%
Good e-scooter maker Ather Power, ranked No. 4, completes the quartet of OEMs to promote over 100,000 items within the fiscal to this point. Like Ola, TVS and Bajaj, Ather too achieved its best-ever annual gross sales final 12 months. The corporate, whose finest month was March 2024 (17,429 items), noticed gross sales decline sharply in Might and June however returned to five-figure retails from July onwards (see retail gross sales information above).
In January, Ather bought 12,895 items, up 37% YoY (January 2024: 9,380 items). Its cumulative 10-month retails at 103,294 items are up 25% YoY and provides the corporate a market share of 11 %. The Rizta household e-scooter launched in April 2024 at a beginning value of Rs 109,999 (Rizta S) by means of to Rs 149,999 (Rizta Z) is witnessing rising buyer acceptance. Whereas the S model (2.9 kWh battery) has a 123km vary, the Z variant (3.7 kWh) has a 160km vary. The Rizta’s highlights embody the most important two-wheeler seat in India and space for storing aplenty. The Ather Rizta lately bagged Autocar India’s Electrical Two-Wheeler of the 12 months 2025 award.
In an effort to rev up demand for its merchandise, Ather is enterprise new customer-friendly initiatives. In October 2024, it launched Ather Care Service plans which supply free periodic upkeep, reductions on wear-and-tear half replacements, and value-added companies akin to ExpressCare and sharpening.
On November 22, Ather Power launched ‘Eight70 Guarantee’ for its 450 collection and Rizta e-scooters, in collaboration with Reliance Basic Insurance coverage. This addresses prospects’ issues relating to long-term battery well being, efficiency and substitute prices by offering a bunch of advantages together with protection for as much as 8 years or 80,000km, 70% battery well being assurance, full protection towards manufacturing defects and failures; no higher restrict on declare quantities, and no declare rejection attributable to deep discharge of battery cells when the scooter is left uncharged or in an idle state over an prolonged time period.
Greaves Electrical Mobiilty is seeing demand develop for its new Nexus e-scooter.
GREAVES ELECTRIC MOBILITY
January 2025: 3,611 items, up 53% YoY / Market share: 3.69%
FY2025 (first 10 months): 30,815 items, up 20% / Market share: 3.27%
Greaves Electrical Mobility (GEM), which at present has a six-model portfolio of e-scooters comprising the Nexus (pictured above), Primus, Magnus LT/EX (100km+ vary), Ampere Magnus Particular, entry stage Rio Li/La Plus and Zeal EX, bought 3,611 items in January 2025 (up 53% YoY). This efficiency offers it a market share of three.69% for the month and fifth rank after Ather. GEM’s cumulative 10-month retails at 30,815 items are up 20% YoY and provides it a 3.27% market share.
GEM’s latest product – the Ampere Nexus launched in end-April – appears to be the important thing driver of this progress, which has been confirmed by the administration. In an investor convention name on November 7, 2024, Ok Vijaya Kumar, Govt Director and CEO, Greaves Cotton mentioned: “We’re registering very strong progress month-on-month, quarter-on-quarter based totally on our new product. The Nexus, which we launched two quarters earlier than is doing very effectively.”
Focused at households, the Ampere Nexus has been designed and developed in-house on the Ranipet facility in Tamil Nadu. Outfitted with a 3 kWH LFP battery, the Nexus has a claimed high velocity of 93kph and a licensed vary of 136km. Bought in two variants, costs begin at Rs 110,000 (ex-showroom) and go as much as Rs 120,000.
GEM’s mother or father firm Greaves Cotton, which has launched into a strategic progress mission, is seeing GEM, its electrical mobility division, ship spectacular outcomes, producing revenues of Rs 175 crore in Q2 FY2025 and Rs 302 crore in H1 FY2025. This progress has been enabled by a centered method on new product launches and an outlined path towards profitability. GEM’s present e-two-wheeler gross sales and repair community throughout India consists of over 400 gross sales and repair factors.
Greaves Cotton, which additionally has a presence within the electrical three-wheeler market underneath the Ele, Greaves and Electra manufacturers, is trying to up the ante within the EV world. The corporate has introduced plans to listing its EV arm – Greaves Electrical Mobility – in CY2025. The purpose is to increase Rs 1,000 crore by means of a contemporary difficulty of shares. Round Rs 83 crore will probably be invested in establishing an in-house battery pack meeting plant at its Ranipet plant in Tamil Nadu, which went on stream in November 2021.
HERO MOTOCORP
January 2025: 1,615 items, up 8% YoY / Market share: 1.65%
FY2025 (first 10 months): 37,985 items, up 220% / Market share: 4%
Hero MotoCorp’s January 2025’s retails at 1,615 Vida e-scooters make for 8% YoY gross sales progress (January 2024: 1,495 items) they usually come on the again of a poor efficiency in December (1,022 items, down 36%). October (7,353 items) and November (7,351 items) have been the perfect months for Vida EV retails within the fiscal 12 months to this point.
In early December Hero MotoCorp expanded its EV portfolio with the launch of the new Vida V2. The Vida 2 is basically an evolution of the V1 vary that the world’s largest ICE two-wheeler started its electrical mobility journey in October 2022. The Vida V2 is accessible in three variants: Lite (Rs 96,000), Plus (Rs 115,000) and Professional (Rs 135,000). Essentially the most reasonably priced V2 Lite is a completely new variant and comes with a small 2.2kWh battery pack that has a claimed 94km IDC vary. It additionally has a decrease 69kph high velocity in comparison with the Plus and Professional variants, which have high speeds of 85kph and 90kph, respectively. Solely two driving modes can be found on the V2 Lite – Trip and Eco – however the remainder of the feature-set is similar to the opposite two, together with the 7-inch touchscreen TFT show.
Hero MotoCorp has began scaling up model presence for Vida and its community now stands at 203 touchpoints comprising 180 sellers throughout 116 cities. The corporate, which has the V1 Plus and V1 Professional EVs, plans to broaden its portfolio – inside the mid- and reasonably priced section – inside FY2025. And it already has round 2,500 charging stations in collaboration with Ather Power, during which Hero MotoCorp is an early investor.
GROWTH OUTLOOK FOR FY2025: EXCITING
With simply two months left for FY2025 to come back to a detailed, the electrical two-wheeler trade, which is the largest gross sales quantity supplier for India EV Inc, will cross one million items for the primary time in a fiscal quickly. At 941,552 items retailed between April 2024 and January 2025, it’s simply 6,949 items away from surpassing FY2024’s file gross sales of 948,501 items, which was a rise of 30% YoY (FY2023: 728,215 e2Ws).
There’s a lot for electrical two-wheeler consumers to stay up for in CY2025. Not solely has the market chief Ola rolled out new fashions, however the two legacy Japanese OEMs working in India have additionally entered the market.
Honda Motorbike & Scooter India has launched the Activa E (with swappable battery and primarily for private commute) and QC1 (mounted battery). The Activa e, which has two variants – normal (Rs 117,000) and RoadSync Duo (Rs 152,000) – has a 102km claimed IDC vary, go from 0-60kph in 7.3 seconds and has an 80kph high velocity. The QC1, Honda’s extra budget-friendly EV, is priced at Rs 90,000 and is essentially the most reasonably priced Japanese electrical scooter in India. It has a claimed high velocity of 50kph, does the 0-40kph in 9.7 seconds and delivers a claimed IDC vary of 80km. It’s early days but for Honda however the Japanese main, which is the scooter market chief, has plans to steer the e2W market and has revealed plans to arrange an electrical motorbike plant in India by 2028.
Suzuki Motorbike India has plugged in with the brand new e-Entry, the electrical avatar of the favored Entry 125cc petrol scooter. The Suzuki e-Entry is powered by a set 3.07kWh LFP battery and the corporate claims a 95km IDC vary. This battery pack powers a swingarm-mounted motor making 4.1kW and 15Nm propelling the e-Entry to a 71kph claimed high velocity.
Clearly, there’s loads of thrilling motion on this section of zero-emission mobility. Keep plugged in as we deliver you the most recent studies and in-depth number-crunching analyses.
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