TVS Motor reclaims top spot in Nov E2W sales; Ola Electric plunges 50%

TVS Motor regained the top spot in November 2025 with a 25.92% share of the electric two-wheeler (E2W) market. At the same time, Ola Electric’s sales plunged nearly 50%, pushing the company down to the fifth position.

According to Vahan data, overall E2W sales fell over 20% to 1.15 lakh units in November from 1.44 lakh in October, with the previous month benefiting from festive demand. Despite the broader decline, TVS Motor held steady with 29,756 registrations in November.

Bajaj Auto slipped to the second spot as its E2W sales fell 20% to 25,085 units in November, down from 31,392 units in October. Bajaj’s market share dropped to 21.85%.

Ather Energy retained its third position in November but saw a 30% month-on-month decline, with registrations falling to 20,018 units from 28,405 in October. The company holds a 17.43% market share. After overtaking Ola Electric in market capitalization last month, it also surpassed it in Q2 FY26 revenue with Rs 899 crore. Ather’s current market capitalization stands at Rs 27,216 crore ($3 billion).

Hero MotoCorp moved up to the fourth spot despite a 26.34% month-on-month decline in sales. The company registered 11,795 units in November and held a 10.27% market share.

After recording 20% growth in October, Ola Electric saw a sharp near-50% month-on-month decline in November, with registrations dropping to 8,254 units from 16,013. The company slipped to fifth position in E2W sales, with its market share falling to 7.19% from 11.16% in October.

Ola Electric’s shares closed at Rs 41.38 on Friday, down 17.67% from a month ago. The company’s market capitalization now stands at Rs 18,252 crore ($2 billion).

Greaves Electric Mobility, which was sixth in October, saw a 25.4% month-on-month decline and registered 5,692 units in November, holding a 4.96% market share. BGAUSS followed in seventh place with 2,557 units and a 2.23% market share.

Despite the overall decline in E2W sales, River Mobility and Kinetic Green posted positive growth of 8.8% and 12.34% respectively in November, securing the eighth and ninth positions. In contrast, Pure EV slipped to tenth place after a steep 37.84% drop in sales.