TVS leads May EV 2W sales, Bajaj narrows gap as Ola Electric slips to third

May 2025 saw a strong performance in the electric two-wheeler (E2W) segment, with retail sales hitting 100,266 units. This marks the second-highest monthly figure of the year, after March’s peak of 131,364 units, according to Vahan data.

TVS Motor topped the charts once again with 24,560 units sold, registering a 107% year-on-year (YoY) growth. The company’s aggressive push and expanded portfolio helped it secure a commanding 24% market share in May.

Close on TVS’s heels, Bajaj Auto recorded sales of 21,770 units, posting a 135% YoY growth. Bajaj now controls a 22% market share as of last month.

Ola Electric, which had been a front-runner in previous months, saw a 51% YoY slowdown in sales to 18,499 units. Despite this drop, Ola maintained an 18% market share.

In April, Bajaj and Ola Electric were neck and neck in terms of market share. However, Ola lost momentum and slipped to the third position last month.

Ola Electric’s competitor Ather Energy, which went public last month, kept growing fast with 12,840 units sold, 109% more than last year. It captured a 13% share of the market.

For the first time, Tarun Mehta-led Ather Energy surpassed Bhavish Aggarwal-led Ola Electric in terms of quarterly revenue. In Q4 FY25, Ather recorded Rs 676 crore in operating revenue, while Ola’s revenue declined by more than 60% to Rs 611 crore during the same period.

Hero MotoCorp returned to the EV market with 7,164 units sold, a 191% increase compared to last year.

The top 10 electric two-wheeler makers also include Greaves Electric, Pur Energy, BGauss Auto, Kinetic Green, and River Mobility.