TVS iQube outsells Bajaj Chetak and Ola in first two weeks of May

Having topped monthly sales of electric two-wheelers for the very first time in April 2025, it looks like TVS Motor is keen to maintain the same growth momentum in FY2026. As per the latest retail sales statistics on the Vahan portal for the May 1-14, 2025 period, TVS Motor with sales of 10,569 iQubes is currently topping the chart.

With this, TVS has a 24% share of the 43,342 electric two-wheelers sold in the first two weeks of May and a lead of 942 units over its legacy rival, Bajaj Auto. Speaking in last month’s conference call after the company’s Q4 FY2025 results, K N Radhakrishnan, director and CEO of TVS Motor Co, said that a number of new EVs are in the final developmental stage and are slated to be launched in the coming quarters. TVS, which has ample manufacturing capacity on hand, is also strategically expanding the iQube dealer network. Currently estimated at around 950 touchpoints across India, TVS is aggressively increasing its EV network each month.

Bajaj Auto, which was the No. 3 OEM in April, is currently ranked second with sales of 9,627 Chetaks and a 22% share of the e-2W sales this month. End-April saw the company launch the new Chetak 3503 at Rs 110,000. The newest Chetak has a claimed range of 155km, 63kph top speed and a slower charging time than its 35 Series siblings. The 3503 joins its siblings, the 3501 and 3502, which were launched in December 2024 and have since given a new charge to Chetak sales.

Ola Electric, the No. 2 e-2W seller in April, is ranked third at this stage of the month with 8,322 units – 2,247 units behind TVS and 1,305 units behind Bajaj Auto – which gives it a 19% market share for May 1-14. Ola has commenced deliveries of its S1 Gen 3 e-scooter portfolio, whose pricing starts at Rs 79,999 for the S1 X (2kWh) and goes up to Rs 169,999 for the S1 Pro+ (5.3kWh). The company has recently entered the electric motorcycle segment with its Roadster X series. The Roadster X series’ pricing starts at Rs 74,999 for the Roadster X, Rs 104,999 for the Roadster X+ (4.5kWh), and Rs 1,54,999 for the Roadster X+ (9.1kWh) which has a claimed range of 501km on a single charge.

The recently listed Ather Energy is at No. 4 with 5,431 units and a 13% market share for the month to date. The company, which currently has a four-model portfolio comprising the Rizta family scooter, 450S, 450X and 450 Apex, is upping the ante on the network front to expand its reach across the country. According to the company’s recent investor presentation, Ather had 351 Experience Centres at the end of March 2025 including 86 new ones it set up in Q4 FY2025 alone. With a strong market share in the southern part of India, Ather is now concentrating on achieving gains in other regions.

Ather’s main growth driver remains the Rizta family e-scooter launched a year ago. While the S version (2.9 kWh battery) has a 123km range, the Z variant (3.7 kWh) has a 160km range. The Rizta, whose highlights include the largest two-wheeler seat in India and storage space aplenty, was the winner of Autocar India’s Electric Two-Wheeler of the Year 2025 award.

With sales of 3,071 units of its Vida brand of e-scooters, Hero MotoCorp is ranked No. 5 on the Top 10 e-2W OEM scale. The world’s largest two-wheeler OEM currently has just one model on sale. The V2 has three variants: V2 Lite (Rs 74,000), V2 Plus (Rs 85,300) and V2 Pro (Rs 115,300). Like most of the leading e-2W OEMs, Hero MotoCorp too is working on new affordable EVs. The company has confirmed plans to launch two affordable e-2Ws in the first half of FY2026. In an investor call on May 14, the company management said: “We are planning two new affordable products in the first half, most likely in July. That will help us accelerate our growth and gain market share. Very shortly, we will be launching an upgrade, which will be far better in terms of value proposition to customers, addressing basic customer requirements across the segment.”

Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has clocked sales of 1,808 e-scooters in the first two weeks of May. The company has a six-model portfolio of e-scooters comprising the Nexus, Primus, Magnus LT/EX (100km+ range), Ampere Magnus Special, entry level Rio Li/La Plus and Zeal EX.

At No. 7 is Pur Energy, with 737 units. Kinetic Green, with its clutch of electric scooters and India’s sole electric moped, takes eighth position with 447 units. The Pune-based Bgauss Auto (428 units) is ninth and Revolt Motors, the electric bike OEM, is 10th with 386 units.

These Top 10 e-2W OEMs, with combined sales of 40,826 units, account for an overwhelming 94% share of the total retails in the first two weeks of May 2025, leaving the balance 6% to the 190 other players. The top four OEMs – TVS, Bajaj, Ola and Ather – between them account for 33,949 units or a 78% share of total sales, reflecting just where the market strength lies.