IPO-bound Greaves E-Mobility Crosses 300,000 Sales, Registers 58% Growth This Year

Greaves Electric Mobility (GEM), the EV arm of diversified engineered major Greaves Cotton, has surpassed the cumulative 300,000-unit retail sales mark for its electric scooters in the domestic market. The sales data, sourced from the Vahan portal, which encompasses e-2W deliveries of both Greaves Electric Mobility and Ampere Vehicles (before it was amalgamated into GEM), puts the cumulative figure at 300,293 units (May 2019 to June 17, 2026). 

GEM, which completed its acquisition of the Coimbatore-based EV start-up Ampere Vehicles in November 2019, had surpassed the 250,000-unit mark by the end of October 2025. The last 50,000 Ampere e-scooters needed to achieve the 300,000 milestone have been sold in a little less than eight months, with strong monthly numbers coming up from March 2026. 

GEM’s and Ampere’s highest annual sales were in CY2022 (80,266 units). Now, five-and-a-half months into CY2026, with 38,430 units and growing month-on-month demand, FY2027 could set a new benchmark. 

Launch of the updated Ampere Magnus Neo (far right) in end-April this year has accelerated sales which have surpassed 7,000 units for three straight months and look set to hit the 10,000 mark in June 2026. 

Headed for Highest Annual Sales in CY2026
As the cumulative retail data reveals, GEM’s best calendar year sales to date were in CY2022 with 80,266 units albeit, for two subsequent years, sales fell by 16% (CY2023: 67,366 units) and by 45% (CY2024: 37,070 units), respectively. CY2025 though witnessed a revival of demand for the e-scooter manufacturer with 57,851 units, up 56% YoY.  One of the highlights for the company last year came in February, when GEM outsold Ola Electric and moved up to fifth rank in the monthly Top 10 listing for the first time – news which was broken by Autocar Professional in its mid-month sales analysis. 

GEM, which is gearing up to get listed in the bourses following regulatory approval for its initial public offering (IPO), is currently registering similar strong double-digit growth in CY2026. In CY2026’s first five-and-a-half months, the e-scooter maker has delivered 38,430 units, which marks 58% YoY growth and gives it a 4% share of the total 876,328 e-2Ws sold in India between January 1-June 17. This gives Ampere e-scooters and GEM the No. 6 rank in the industry after TVS Motor Co, Bajaj Auto, Ather Energy, Hero Vida and Ola Electric. 

CY2026 began with 5,421 units in January and 4,762 units in February but demand has risen strongly since then. There have been three straight months of 7,000-plus sales: March (7,988 units, up 38%), April (7,013 units, up 71%) and May (7,703 units, up 78%). In the last week of April, GEM launched the updated Magnus Neo, priced at Rs 86,000 and targeted at urban commuters. With 5,543 e-scooters sold in the first 17 days of June, this month could see GEM register over 9,500 units and possibly even cross the 10,000 mark. 

Priced at Rs 69,499, the new Ampere Neo VYB, which has a real-world riding range of up to 80km, is expected to help grow monthly sales for Greaves Electric Mobility. 

Budget-friendly Reo VYB Targets Urban and First-time EV Riders
Greaves Electric Mobility essentially has three key e-scooter brands – Nexus (EX and ST), Magnus (Neo, Grand, G-Max) and Reo (80, VYB). Monthly numbers are expected to rise following the launch of GEM’s newest e-scooter – the Reo VYB – on June 17. This product launch is in line with the company’s strategy to target buyers in the sub-Rs 100,000 e-scooter segment even as it builds its presence in the premium e-scooter market with products like the Ampere Nexus.  

The Reo VYB, as per the company, addresses everyday urban mobility needs and is positioned as a smart entry-level EV. Targeted at young urban riders and first-time EV buyers, the Reo VYB has an introductory price of Rs 69,499. Equipped with an LFP battery, like other Ampere scooters, the Reo VYB has a top speed of 25kph and a real-world riding range of up to 80km. With 24 litres of under-seat storage, the Reo VYB aims to stand out as a practical electric mobility solution. 

Commenting on the company’s newest e-scooter, Vikas Singh, managing director, Greaves Electric Mobility, said: “India’s urban mobility landscape is evolving, with customers looking for sustainable, durable, and reliable mobility solutions. With India’s Tier II and III cities getting connected to the national EV grid and factors such as the lower upfront cost of low-speed scooters and increasing last-mile delivery, the adoption is expected to rise in the coming times. The Reo VYB aims to stand as a practical choice to address this need.”

GEM, which has steadily expanded its distribution network and now operates in around 27 states through more than 500 electric two-wheeler dealers, also offers Ampere Care after-sales service at over 400 touchpoints across India. 

Watch this space as we bring you the latest sales and news updates on the EV world. . . on two and more wheels. 

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