Ola Electric has become the first electric vehicle (EV) manufacturer in India to achieve cumulative retail sales (customer deliveries) of a million or 10 lakh units. As per the latest retail sales statistics on the Vahan portal, the company which entered the Indian e-2-wheeler market in mid-CY2021, has sold a total of 10,00,846 units till March 23, 2026 (see sales data table below).
Ola Electric, which entered the e-2W market four-and-a-half years ago with its e-scooters, has been the first OEM in India to achieve the big sales milestones. It was the first to race through the 100,000 (in CY2022), 200,000 (in CY2023), 300,000 and even 400,000-unit sales (in CY2024) in a single calendar year, way ahead of its main rivals.
While TVS Motor Co has clocked over-200,000 sales in a single calendar year twice (CY2024 and CY2025), Bajaj Auto and Ather Energy have achieved the same milestone once (CY2025). Hero MotoCorp has crossed 100,000 sales once (CY2025).
Ola's best annual sales were in CY2024 (407,707 units, up 52%) which made it the first Indian EV maker to achieve the 400,000-units milestone and a 35% share of the record 1.14 million e-2Ws sold.
In CY2022, its first full year of sales, Ola Electric sold 109,403 units, which was more than the combined sales of its top two rivals at the time: Ather Energy (51,812 units) and TVS Motor Co (47,183 units). This gave it a 17% share of the India e-2W market of 631,405 units. CY2023 saw Ola register energetic 144% YoY growth with its 267,389 units and a 31% share of all-India retails of 860,441 units. The same year saw TVS (166,582 units) and Ather Energy (104,739 units) cross the 100,000-unit mark for the first time in a calendar year.
CY2024 belonged to Ola – with 407,707 units, the company became the first EV maker in India to race past the 400,000-units milestone, in the process commanding a 35% share of the overall Indian e-2W industry’s sales. The stellar performance last year, which saw Ola achieve the best-ever monthly sales for an e-2W maker – 53,647 units in March 2024 and a 38% share – enabled India e-2W Inc to cross 1-million sales (1.14 million units) for the first time. CY2024 also saw Ola’s key rivals hit their best-ever annual sales – TVS (220,814 units), Bajaj Auto (193,653 units) and Ather Energy (126,358 units).
Ola has sold 16,714 e-2Ws between January 1 and March 23, 2026 and currently has a market share of 5% of the 342,129 e-2Ws sold across India by 140-odd OEMs, led by TVS, Bajaj Auto and Ather.
Sharp Downturn Since CY2025, Market Share Plummets to 5% in Q1 CY2026
However, Ola’s strong growth faltered in CY2025 which also saw it diversify into e-motorcycles. The 199,393 e-scooters and e-motorcycles the company sold in CY2025 were down by a massive 52% YoY decline (CY2024: 407,707 units) and 208,314 fewer EVs. This was a huge climbdown for Ola which was the market leader for three straight years – CY2024, CY2023 and CY2022. As a result, in CY2025, Ola lost the e-2W crown to an aggressive TVS Motor, its market share dwindling to 15.56% and having more than halved from the commanding 35% it had in CY2024 when it was the Maruti Suzuki of the e-2W industry.
In CY2026, Ola, which had last topped the monthly sales charts in January 2025, now finds itself behind TVS, Bajaj Auto, Ather Energy and Hero MotoCorp. In the January 1 to March 23, 2026 period, as per Vahan, Ola has sold 16,714 e-2Ws, down by an estimated 67% YoY. As a result, Ola’s current market share in CY2026 YTD stands at a little under 5% of the 342,129 e-2Ws sold across India by 140-odd OEMs.
At over a million units delivered to date, Ola remains over 150,000 units ahead of market leader TVS and 350,000 units ahead of Bajaj Auto. However, the speedy growth displayed by TVS, which has already surpassed 300,000 sales for the first time in a fiscal year (FY2026) could see the maker of the iQube and Orbiter ride past Ola’s cumulative sales later this year.
Clearly, Ola Electric will have to come up with an aggressive sales and product strategy if it is to regain the vigour and shine it had displayed not very long ago as India’s e-2W market leader.
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