TVS retains top spot in August 2W EV sales; Ola Electric overtakes Bajaj, Ather rises to third

TVS Motor retained its leadership in the electric two-wheeler (E2W) segment in August, securing a 23.09% market share, as overall industry volumes grew 1.4% month-on-month to 1,04,306 registered units.

According to Vahan data, TVS registered 24,087 units in August, an 8.38% month-on-month increase over July.

Ola Electric jumped to the second position, overtaking Bajaj, with an 18.19% market share after registering 18,972 units in August, up 6.3% from last month. Following this development, its share price surged over 11% today to around Rs 60.2 with a market cap of Rs 26,464.98 crore ($3 billion).

Ather Energy moved up to the third position with a 17.12% market share, narrowing the gap with Ola Electric by registering 17,856 units in August, a 10% rise from last month. On a year-on-year basis, it recorded over 60% growth in registrations. 

Ather, which became the second EV startup after Ola Electric to list on the Indian stock exchange, is currently trading at Rs 475, up over 5% today, with a market capitalization of Rs 17,654.59 crore ($2 billion).

Hero MotoCorp climbed one spot to fourth position with a 12.76% market share, registering 13,313 units in August, a strong 26.92% month-on-month growth over July, showing momentum in demand for its electric two-wheelers

Bajaj Auto slipped to fifth position in August from second, posting a sharp 40.3% month-on-month drop with 11,730 units. Its market share fell to 11.25% from 19.10% in July.

Greaves Electric Mobility and IPO-bound Pure EV held their sixth and seventh positions in the market, posting month-on-month growth of 7.17% and 5.39%, respectively.

BGauss, River Mobility, and Kinetic Green also reported solid month-on-month growth of 7.97%, 9.23%, and 23.51%, respectively.