Greaves Electric Mobility Surges 84% in Q1 FY’26 – Magnus Neo & Reo 80 Lead Affordable EV Boom!

Greaves Electric Mobility has kicked off FY’26 with a massive 84% year-on-year (YoY) retail sales growth in Q1, far ahead of the overall electric two-wheeler industry growth of 34%. With India’s EV market touching 2.99 lakh units in Q1 FY’26, Greaves is making a strong case for becoming a serious challenger to legacy giants like TVS and Bajaj.

What’s Driving Greaves’ EV Growth?

• Magnus Neo (Mid-Speed Hero): Comfort-focused, daily-use scooter that continues to dominate in the mid-speed EV segment.

• Reo 80 (Rural Champion): Witnessed 32% QoQ growth, becoming a top choice in tier-2, tier-3, and rural markets, where affordability is key.
  
  

The company now holds 15.3% share in Bihar and 13.9% in Tamil Nadu, boosting its overall India market share from 3.4% to 4.2% within just a year.

India’s EV Market – Context & Competition

• Total Q1 FY’26 EV Sales: 2.99 lakh units (+34% YoY)

• Market Leaders: TVS & Bajaj together control 46% share

• EV Penetration: Now at 6.1%, fueled by affordable EV scooters and rising semi-urban demand
  
  

Greaves’ diverse portfolio (₹50,000 – ₹1.5 lakh) allows it to target all consumer segments – slow-speed, mid-speed, and high-speed EVs – positioning it uniquely against rivals that depend heavily on premium segments.

What This Means for the EV Industry

Greaves’ growth highlights a shift in India’s EV adoption curve. While Ola, Ather, TVS, and Bajaj battle in premium urban markets, Greaves is rapidly capturing rural India with affordable EV scooters. With festive season demand approaching, the Magnus Neo and Reo 80 could fuel even bigger growth, potentially pushing Greaves into the Top 3 EV OEMs if momentum continues.