TVS Races Past Ola to Become India’s No. 1 EV Maker With 1.12 Million Units

TVS Motor Co, the electric 2-wheeler market leader since April 2025 has notched yet another retail sales milestone. The Chennai-based manufacturer of the iQube and Orbiter e-scooters has gone past Ola Electric in total volumes to become India’s No. 1 EV maker. As per the sales registration numbers on the Vahan portal, TVS has sold 1.12 million e-2Ws (11,27,873 units) which is 10,842 units more than Ola Electric’s 1.17 million e-scooters and e-motorcycles (11,17,031 units). TVS and Ola are the only two Indian EV makers to register one-million-plus sales in the domestic market. 

While Ola was the first Indian EV OEM to register a million sales in end-March 2026, TVS also achieved the million milestone barely two-and-a-half months later in the second week of June. Autocar Professional was the first with both these EV ‘millionaire’ news-breaks. The combined 2.24 million sales of TVS and Ola give these two OEMs a 40% share of the 5.61 million e-2Ws sold in India since CY2020 and clearly establish the key role they have played in the Indian e-2W industry’s stratospheric rise, particularly since CY2024. 

In CY2025, TVS captured the No. 1 e-2W OEM crown from Ola Electric, which had topped the market for three straight years from CY2022-2024. TVS is well set to cross half-a-million sales this year. 

At the end of July 2026, Ola, with cumulative sales of 11,08,565 units, was ahead of TVS (10,92,569 e-scooters) by 15,996 units. Now, having delivered 35,304 iQubes and Orbiters to consumers in the first 24 days of August, compared to Ola’s 8,466 EVs, TVS is officially the highest-selling EV OEM in India.

Let’s take a closer look at both these two players’ market performance. However, while one has blossomed, the other has seen its fortunes decline sharply.

Trading Places: TVS Takes Charge From CY2025

The pace of TVS’s electric scooter sales tells a clear story of accelerating adoption of EVs and a shift of market leadership in the past two years. It took TVS over three years to retail the first 100,000 units of the iQube but only 10 months to go from 100,000 to 200,000 units. The 2-wheeler major crossed the 300,000-EV milestone in April 2024 – 52 months after the launch in January 2020. From there, the growth shifted up a notch. The jump from 300,000 to 700,000 units took just 17 months, and the move from 700,000 to 800,000 units was completed in merely three months (October-December 2025). Now, in CY2026’s past seven months and 24 days of August, retail sales of 342,958 make for 75% YoY growth and have crossed CY2025’s 315,081 units. 

TVS has sold nearly 660,000 e-scooters in the past 20 months and set a scorching pace of growth. As a result, its e-2W market share has jumped from 8% in CY2023 to 26% in CY2026 YTD. 

TVS’s market share in the electric two-wheeler segment has also grown steadily – from 1 per cent in CY2020 to 8% in CY2022, before crossing 20% for the first time in CY2023 (177,025 units). CY2025 was a breakout year, with TVS selling 315,081 units to become the segment’s number one player from April – a position it has maintained since.

Now, CY2026 is already the strongest year yet for TVS’s e-scooter business. Since the start of the year, the company has delivered 342,958 units – surpassing its CY2025 sales by 27,877 units and counting. Its best-ever single month came in June 2026 with 55,783 units, which is now the highest monthly sales figure ever recorded by an Indian electric 2W manufacturer, beating Ola Electric’s 53,647 units in May 2024.

At its current daily run rate of approximately 1,673 units, TVS could be looking at crossing the 500,000 annual e-2W sales milestone for the first time this year – a figure that would represent nearly 60% growth over its previous best. 

Ola Electric: From Market Leader to No. 5 in Cy2026 Ytd

Ola Electric, which entered the e-2W market five 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 100,000 retail sales (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 at the time.

Ola's highest sales were in CY2024 (429,187 units) which made it the first Indian EV maker to achieve the 400,000-units milestone and command a 35% share of the 1.21 million e-2Ws sold that year.

In CY2022, its first full year of sales, Ola Electric sold 116,542 units, which was more than the combined sales of its top two rivals at the time: Ather Energy (54,773 units) and TVS Motor Co (50,182 units). This gave it an 18% share of the India e-2W market of 661,639 units. CY2023 saw Ola register energetic 138% YoY growth with its 277,610 units and a 31% share of all-India retails of 901,797 units. The same year saw TVS (177,025 units) and Ather Energy (111,811 units) cross the 100,000-unit mark for the first time in a calendar year.

CY2024 belonged to Ola – with 429,187 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, which saw Ola achieve the best-ever monthly sales for an e-2W maker – 53,647 units in March 2024 (until TVS beat it in June 2026 with 55,783 units and a 38% share – enabled India e-2W Inc to cross 1-million sales (1.21 million units) for the first time. CY2024 also saw Ola’s key rivals hit their best-ever annual sales – TVS (237,095 units), Bajaj Auto (201,166 units) and Ather Energy (136,513 units).

Ola’s strong growth faltered in CY2025 which saw it diversify into e-motorcycles. The 204,542 e-scooters and e-motorcycles it sold in CY2025 were down 52% YoY (CY2024: 429,187 units) and 224,645 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 and saw its market share dwindle to 15% and more than half 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 and ahead of Greaves Electric Mobility. Between January 1 to August 24, 2026, as per Vahan, Ola has sold 88,910 e-2Ws. As a result, Ola’s current market share in CY2026 YTD stands at 7% of the 1.30 million e-2Ws sold across India. 

India E-2W INC Headed for Record 2 Million Sales in CY2026

Meanwhile, in the past 10 years, India EV Inc has delivered over 5.66 million zero-emission e-2Ws to customers. The Top 6 OEMs account for 80% of the sales. While TVS and Ola together have a 40% share, Bajaj Auto has 16%, Ather Energy 13%, Greaves Electric Mobility 6% and Hero Vida 5 percent. The overall electric two-wheeler segment, currently averaging over 163,000 units a month in CY2026 YTD, is also on course to approach the 2 million (20 lakh) annual sales mark for the first time, triggered by high petrol prices amid geopolitical tensions in West Asia as well as consumer hesitation around the E20 fuel transition. The upcoming festive season should lend some fireworks and a new charge to monthly numbers. 

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