Ather surpasses Ola Electric in September 2W EV sales; TVS remained on top

TVS Motor retained its lead in the electric two-wheeler (E2W) market in September with a 21.6% share, while Ola Electric, which had climbed to the second spot last month by surpassing Bajaj, slipped to fourth position.

According to Vahan data, TVS Motor maintained its top position in September despite a 7.41% month-on-month decline, recording 22,481 registrations. Overall electric two-wheeler registrations remained steady at 1,04,056 units in September.

Bajaj rebounded to the second position in September with 19,519 registrations, capturing an 18.76% market share. This comeback follows a 40% slump last month, as the company posted a strong 65.11% month-on-month growth.

Ather Energy surpassed Ola Electric in terms of sales and market share registered 18,109 units with a 17.40% market share, however its sales remained flat compared to previous month.

Ather, the second EV startup after Ola Electric to list on the Indian stock exchange, is currently trading at Rs 585.2, reflecting a rise of more than 23% from last month, with a market capitalization of Rs 22,279.39 crore ($2.53 billion).

In September, Ola Electric registered 13,371 units sold, a nearly 30% month-on-month decline. Its market share fell to 12.85% from 18.19% last month. The company’s shares are currently trading at around Rs 56.7, giving it a market capitalization of Rs 25,022.64 crore ($2.8 billion) as of 11:55 AM.

Hero MotoCorp moved down to the fifth position in September, capturing a 12.24% market share with 12,736 units sold. This reflected a 4.74% decline from the previous month.

Greaves Electric Mobility retained the sixth position with a 4.1% market share, while BGAUSS saw strong demand for its electric vehicles, rising one spot with nearly 32% month-on-month growth in September.

IPO-bound Pure EV, River Mobility, and Kinetic Green rounded out the top 10, with Kinetic Green registering a 28.4% growth in the last month.