TVS Motor Co has shipped 2,784 iQubes to overseas markets and Ather Energy 2,065 units of the 450X. However, while TVS’ overall exports are down 42% YoY to 2,810 e-2Ws as a result of reduced exports of the BMW CE 02, Ather’s 2,344 units, comprising the 450X, 450S and Rizta, represent a 331% YoY increase.
30 Dec 2025 | 13906 Views | By Ajit Dalvi
Even as the overall Indian two-wheeler industry is witnessing strong 24% YoY growth in its exports to 3.33 million units in the April–November 2025 period, the fledgling electric 2W sub-segment too is doing its bit. Export data reveals that in the past eight months of the current fiscal, a total ...
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Even as the overall Indian two-wheeler industry is witnessing strong 24% YoY growth in its exports to 3.33 million units in the April–November 2025 period, the fledgling electric 2W sub-segment too is doing its bit. Export data reveals that in the past eight months of the current fiscal, a total of 5,536 e-2Ws have been shipped overseas, up 3% YoY (April–November 2024: 5,397 units). This is 81% of FY2025’s 6,845 units, with four months yet to be counted in FY2026.
While the iQube accounts for 99% of TVS’ exports of 2,810 e-scooters, the 450X, with 2,065 units, has an 88% share of Ather Energy’s shipments of 2,344 e-scooters.
Of the total e-scooters exported in the past eight months, TVS Motor Co and Ather Energy command 93% of the shipments.
TVS Motor Co, the e-2W domestic market leader, is also No. 1 in e-2W exports. Between April and November 2025, TVS has shipped a total of 2,810 e-scooters, comprising 2,784 iQubes (up 225% YoY) and 26 BMW e-scooters (down 99% YoY). TVS’ e-2W export performance in the current fiscal’s first eight months is down by a sharp 42% YoY (April–November 2024: 4,819 units).
This can be attributed mainly to the sharply reduced exports to BMW Motorrad. As is known, TVS manufactures the jointly developed BMW CE 02 electric scooter at its Hosur plant. In the year-ago period, TVS had exported 3,963 BMW CE 02 e-scooters as compared with just 26 units in April–November 2025. In FY2025, TVS had exported 4,427 BMW CE 02 and 1,486 iQube e-scooters.
Bengaluru-based smart electric scooter OEM Ather Energy, with 2,344 units exported, has clocked a 307% YoY increase (April–November 2024: 576 units). This growth is the result of growing export demand for the 450X – the 2,065 units mark a 331% YoY increase.
Ather, the No. 3 e-2W OEM this year in India, has also shipped 251 units of the Rizta family scooter and 28 units of the 450S in the past eight months. Sri Lanka is turning out to be a growing market for the 450 series model line-up as well as the Rizta, which was launched at the Colombo Motor Show at end-November. In FY2025, Ather had exported 805 units, up 126% YoY (FY2024: 356 units).
Bajaj Auto, the No. 2 e-2W OEM in the domestic market, is ranked fourth on the export scale with dispatches of 371 Chetaks. And Hero MotoCorp has exported 11 Vida e-scooters.
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