TVS Clocks Retail Sales of 300,000 Electric 2Ws for the First Time in a Fiscal

Electric two-wheeler market leader TVS Motor Co, which entered the e-2W market in January 2020, has for the first time registered retail sales (customer deliveries) of over 300,000 units in a single fiscal year.

As per the latest statistics on the Vahan portal, TVS has delivered 309,984 e-scooters between April 1, 2025 and March 17. With two weeks still left in March 2026, TVS can be expected to wrap up FY2026 with record retail sales of around 327,000 units. In terms of wholesales (factory dispatches), TVS has clocked 328,744 units (up 33% YoY) in the first 11 months of FY2026 as per industry body SIAM.

FY2026 has been good for TVS Motor Co which has had a straight run at the top right from April to September 2025, losing the crown only once in October to Bajaj Auto but regaining it in November and holding onto it in December, January and February. The iQube and Orbiter manufacturer, with 17,928 units delivered to customers in the first 16 days of March, has a good lead over its key rivals.

TVS has delivered 30,000-plus units to its customers in three of the past 11 months and is set to achieve the same for the fourth month with record sales in March 2026.

The current fiscal has seen TVS surpass the 30,000-units monthly mark thrice – November 2025 (30,699 units), January 2026 (34,774 units) and February (31,791 units). It will achieve the same for the fourth instance in March 2026. October 2024 (30,240 units) was the only other month when TVS had achieved 30,000-plus retail sales. Will March see TVS achieve its highest-ever monthly sales, beating January 2026’s 34,774 units? It seems to be so. 

None of its TVS’ top four rivals – Bajaj Auto, Ather Energy, Ola Electric and Hero MotoCorp (Vida) –

are close to the 300,000 mark in FY2026. While Bajaj has sold over 250,000 Chetaks between April 1, 2025 and March 16, 2026, Ather Energy has delivered 215,113 e-scooters, Ola 157,286 scooters and bikes and Hero MotoCorp nearly 130,000 Vidas. These five OEMs are the only ones from amongst the 140-strong e-2W industry to have registered six-figure sales.

TVS’s stellar showing makes it only the second Indian e-2W OEM to register 300,000-unit retail sales in a fiscal year. Ola Electric was the first when it delivered 344,292 units in FY2025 but it is down by 57% YoY in the current fiscal YTD.  TVS had missed the 300,000-unit retail milestone by just 754 units, albeit calendar-year-wise, in CY2025 when is clocked sales of 299,246 units, up 36% YoY.  

Expect TVS, which sold 237,928 iQubes in FY2025 and was the No. 2 after Ola Electric (344,292 units), to wrap up FY2026 with record sales of around 327,000 units and this time as the market leader.

While the TVS iQube remains the country’s best-selling e-2W, the Orbiter e-scooter launched in August 2025 is witnessing growing sales traction. More recently, on March 12, in a move which should accelerate its e-2W sales, TVS has rolled out the Battery-As-A-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance and peace of mind. The company also launched the new Orbiter V1 (1.8 kWh) at Rs 84,500 (ex-showroom Delhi, inclusive of PM e-Drive) and Rs 49,999 (with BaaS).

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