TVS Dominates Mid-August EV Sales, Ather Surges Past Ola While Bajaj Slips

India’s electric two-wheeler (e-2W) market is seeing intense action in August 2025, with TVS Motor retaining its crown, Ather Energy racing ahead to second place, and Ola Electric sliding to third. According to Vahan data (August 1–15), a total of 44,618 e-scooters were sold, but the big story is in the rankings shake-up.

Mid-August E-2W Sales Snapshot (Aug 1–15, 2025)

• TVS iQube: 11,160 units (25% market share)

• Ather Energy: 7,639 units (17% share)

• Ola Electric: 6,229 units (14% share)

• Bajaj Auto: 5,955 units (13% share)

• Hero MotoCorp: 5,905 units (13% share)

• Greaves Electric (Ampere): 2,090 units (5% share)

1. TVS Stays No.1 for Fifth Straight Month

TVS Motor continues its dream run with 11,160 iQube sales in just 15 days of August, capturing one-fourth of the market. With 177,515 iQubes sold YTD, the company is on track to easily surpass last year’s record of 220,813 units.

Festive season push + a new e-scooter launch in Q3 FY26 could make TVS untouchable this year.

2. Ather Energy Overtakes Ola, Secures No.2

Ather delivered 7,639 scooters, overtaking Ola for the first time in 2025. Its blockbuster Rizta family scooter remains the growth engine, contributing over 60% of sales.

With 105,759 units sold so far this year, Ather has already hit 84% of its 2024 total and is well-positioned to cross 150,000 annual sales in 2025.

Big reveal ahead: On August 30, Ather will unveil its all-new EL platform, next-gen fast chargers, and Ather Stack 7.0.

3. Ola Slips to Third Despite New Product Announcements

Ola Electric, once the market leader, posted 6,229 sales (14% share) in early August. Its S1 range, spanning 14 variants, still drives volumes, while the Roadster X electric motorcycle adds performance flair.

But Ola is clearly under pressure, having last topped sales way back in January 2025.

Ola hopes to bounce back with the S1 Pro Sport (launch Jan 2026) and its growing EV motorcycle portfolio, also by launching MoveOS 5.

4. Bajaj & Hero Neck-and-Neck

• Bajaj Chetak slipped to fourth place (5,955 units) due to rare-earth material supply shortages from China. Bajaj is working on new light rare-earth magnet alternatives to address the challenge.

• Hero MotoCorp (Vida VX2) is on fire with 5,905 sales, riding on aggressive pricing (starting ₹44,990 with BaaS). Hero is eyeing back-to-back 10,000+ months, a first in its EV journey.
  
  

5. Others Fighting for Relevance

• Greaves Electric (Ampere): 2,090 units

• Bgauss: 851 units

• Pur Energy: 818 units

• River Mobility (Indie): 812 units

• Kinetic Green: 615 units
  
  

With 210 players in the e-2W market, the reality is clear: six OEMs dominate with 87% market share.

EVINDIA Analysis: What’s Next?

• TVS is consolidating leadership and could end 2025 as the clear market leader.

• Ather is on a steep upward trajectory with the Rizta, but the EL platform launch will be a real game-changer.

• Ola needs a festive-season comeback before Hero eats into its base.

• Bajaj must fix its supply chain issues fast or risk further decline.

• Hero has cracked the pricing code—if it sustains momentum, it could disrupt the Top 3.