India’s electric two-wheeler market grew by 29 per cent year-on-year in November, surpassing 118,000 units in sales, although the segment witnessed a nearly 15 per cent decline in sales compared to October, according to media reports.
Ola Electric maintained its position as the market leader, selling 29,191 units, which accounted for 24.54 per cent of the market share. However, the company’s market share has fluctuated over the past six months. In October, it saw an increase to 30 per cent from 27 per cent in September, though it remains lower than earlier highs of 32 per cent in August, 39 per cent in July, and a peak of 49 per cent in June.
TVS Motor and Bajaj Auto followed closely behind, with sales of 28,200 and 27,400 units, respectively, capturing 23 per cent and 22 per cent of the market share. Ather Energy secured the fourth position with 15,800 units, while Hero MotoCorp’s electric division sold 3,300 units. Ather, on the verge of listing on the stock exchange, holds an 11 per cent market share in the electric two-wheeler space.
Ola Electric’s stock price mirrored its fluctuating market share. In November, its shares traded at Rs 72.72, down nearly 54 per cent from the peak of Rs 157.53 in mid-August. However, the stock surged by nearly 30 per cent last week following the announcement of a new scooter range aimed primarily at commercial use in commerce and deliveries, which is expected to drive sales in the coming months.
Despite a 26 per cent drop in Q2 operating revenue to Rs 1,214 crore compared to Rs 1,644 crore in Q1 FY25, Ola Electric posted a 39 per cent year-on-year increase from Rs 873 crore in Q2 FY24. The company reported a net loss of Rs 495 crore for the September quarter.
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