TVS iQube and Bajaj Chetak sales cross one million units since launch

It’s Earth Day 2025 today and, fittingly enough, two key growth drivers of the Indian electric vehicle industry have clocked a new milestone: a million units and counting. Combined sales of the TVS iQube and the Bajaj Chetak electric scooters, which were both launched in the same month (January 2020), have surpassed the 10 lakh or 1 million-units mark.

As per apex industry body SIAM’s wholesales data, combined sales of the TVS iQube and Bajaj Chetak from January 2020 through till end-March 2025 were 993,298 units – just 6,702 units shy of the 1,000,000-units mark. Given the rapid pace of sales for both these zero-emission scooters, this minuscule gap would have been surpassed in the first few days of April 2025 itself.

These two zero-emission vehicles have been among the key drivers of the strong growth in the Indian electric two-wheeler industry and account for 31% of the estimated 3.19 million (31,91,309) e-two-wheelers retailed between CY2020 and mid-April 2025.

As the six-year fiscal year wholesales data depicts, the TVS iQube has sold 571,509 units, accounting for a 57% share of the combined sales of 993,298 units till end-FY2025. The Bajaj Chetak, with 421,789 units, has the remaining 43% share. TVS’ sizeable cumulative wholesales lead of 149,720 units is because it had in place a wider sales network for its EV much earlier than Bajaj Auto for its Chetak.

TVS’ cumulative wholesales lead of 149,720 units is because it had in place a wider sales network for its EV much earlier than Bajaj Auto had for its Chetak. However, the sales gap has narrowed considerably in the past two fiscal years.   

However, the sales difference between the two legacy OEMs’ EVs has substantially narrowed, particularly in the past two fiscal years. In FY2024, TVS sold 189,896 iQubes (up 96% YoY) to Bajaj’s 115,702 Chetaks – a difference of 74,194 units. FY2025 was a stellar year for both companies as they each clocked their best-ever fiscal year sales and rode past the 200,000 milestone for the first time.

In FY2025, TVS sold a record 273,063 units, up 44% (FY2024: 189,896 units) and Bajaj Auto dispatched 260,033 units, up 125% YoY (FY2024: 115,702 units), with the sales gap reducing to 13,030 units.

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