TVS Surpasses Ola in April 2025 EV Sales | Best-Ever Start to FY2026

India’s Electric Two-Wheeler Market Powers into FY2026 with Record April Sales; TVS Leads the Pack for the First Time

India’s electric two-wheeler (E2W) industry has kicked off FY2026 on a high note with April 2025 clocking record-breaking retail sales of 91,791 units, registering an impressive 40% year-on-year growth. According to the latest Vahan portal data, this marks the best-ever April performance for the sector, comfortably overtaking April 2023’s 66,878 units.

The big headline: TVS Motor Company has emerged as the No. 1 electric two-wheeler brand for the first time ever, with 19,736 units sold — narrowly beating Ola Electric (19,709 units) by just 27 units.

Top Highlights: April 2025 EV Two-Wheeler Sales

• Total E2W Sales: 91,791 units (40% YoY growth)
• Top Performer: TVS Motor – 19,736 units, 154% YoY growth
• Ola Electric: 19,709 units, down 42% YoY
• Top 10 OEMs share: 93% of total sales
• Seasonality: April usually sees slower sales, but 2025 breaks the trend

Brand-Wise Performance Breakdown

1. TVS Motor Co. – Market Share: 22%

TVS finally tops the leaderboard with a 154% YoY surge, driven by strong demand for the iQube. It sold 1,534 units on Akshaya Tritiya alone, making it the highest-selling brand on the auspicious day. Backed by over 950 touchpoints and new EVs in the pipeline, TVS is well-positioned for continued growth.

2. Ola Electric – Market Share: 21%

Despite a drop from April 2024, Ola remains a strong player with 19,709 units sold. Its “72-Hour Electric Rush” campaign offered up to ₹40,000 off and extended warranties, driving high volumes on Gen3 series. Ola is still the top-selling EV OEM for FY2025 overall.

3. Bajaj Auto – Market Share: 21%

Bajaj recorded 19,001 sales of its Chetak e-scooter, up 151% YoY. Its new Chetak 3503, deliveries in mid-April, fuelled a sharp recovery in the final week of the month after a slow start. Bajaj sold 2.3 lakh units in FY2025 and is rapidly scaling its EV play.

4. Ather Energy – Market Share: 14%

Ather clocked 13,167 units in April, driven by the launch of its family-focused Rizta. Following a successful IPO and FY2025 sales exceeding 1.3 lakh units, Ather is maintaining stable growth and brand trust. Ather is the least affecting OEM in the Month of Month retail.

5. Hero MotoCorp – Market Share: 7%

Hero registered 540% YoY growth, selling 6,123 Vida scooters in April. The success of the Vida V2 lineup, launched in December 2024, along with a wide network of 203 dealerships and 2,500 charging points, is helping Hero solidify its position, now securely holding 5th place with clear upside potential.

6. Greaves Electric Mobility – Market Share: 4%

Greaves sold around 4,018 units, driven by the Ampere Nexus, which offers a 136km range and competitive pricing between ₹1.1–1.2 lakh. While current Vahan data ranks Greaves sixth, the company also sells a high volume of non-RTO models like the REO lineup, including recently launched REO 80, which are not captured in these numbers, suggesting it might actually be among the Top 5 OEMS in total volume.

Smaller Players Gaining Ground

Brands like Pur Energy (1,449 units), Bgauss (1,311 units), Kinetic Green (1,306 units), and River Mobility (785 units) are gradually carving out their space, rounding out the top 10 E2W OEMs in April.

Maharashtra Policy Boost and Seasonal Outlook

Maharashtra’s Electric Vehicle Policy 2025 is poised to further accelerate momentum. The state was India’s No. 1 in E2W retail sales in FY2025 with over 2.1 lakh units, claiming an 18% national share. This supportive policy environment could fuel stronger growth in Q2 and the festive months.

Despite Subsidy Cuts in March, April Sales Hit a Record

Notably, April’s record performance came just after the government slashed EV subsidies in March 2025, following the conclusion of the FAME II extension. This subsidy rollback impacted upfront prices by ₹10,000–₹20,000 across models. While this was expected to dampen demand, OEMs responded with aggressive cash discounts, zero-cost EMI offers, and extended warranties to cushion the impact.

These strategic moves, along with the onset of FY2026 and promotional campaigns around Akshaya Tritiya, helped sustain consumer interest and push retail sales to an all-time high for April.

Outlook: FY2026 Set for Electrifying Growth

April’s performance suggests that FY2026 could surpass the 1.14 million E2W units sold in FY2025. With TVS taking the lead and several OEMs ramping up launches, expanding networks, and offering aggressive pricing, competition is heating up in India’s fast-evolving EV ecosystem.