Diwali Comes Early for Electric 2Ws: October Sales Cross 223,000, TVS Delivers Record 60,429 Units

Eight days before the dawn of Diwali, the festival of lights, the Indian electric two-wheeler industry has lit up by achieving a new high for monthly retail sales for the second month in a row.

October saw 209 electric scooter, motorcycle and moped manufacturers deliver a record 223,847 units, up 48% YoY (October 2025: 150,891 units) and a 7% month-on-month increase (September 2026: 208,705 units). The other big news is market leader TVS Motor Co selling 60,429 units and becoming the first Indian e-2W OEM to deliver over 60,000 e-scooters in a single month.

October, with Navratri from the 11^th to 20^th, saw strong festive buying and marked the third instance of 200,000-plus sales this year after July (205,880 units) and September (208,705 units). March (199,437 units) had missed the milestone by just 563 units. The 223,847 e-2Ws make for a 10% share of the record 2.31 million two-wheelers (ICE and EV) sold in India last month. 

The rapid pace of demand means that 10 months into CY2026, the e-2W industry has already sold 453,844 units more than the 1.34 million units (13,42,276 e-2Ws) this EV segment registered in CY2025. With Dhanteras and Diwali coming up between November 6-8, the 11^th month of CY2026 could deliver even more blockbuster numbers and even outdo the fireworks of October. Let’s take a closer look at the Top 10 movers and shakers in October, a good number of whom have registered their highest monthly retail sales since they plugged into the e-mobility industry.

Record retails of 223,847 units in October 2026 mark the third instance of 200,000 monthly sales this year. TVS topped with its best-ever 60,429 units and a 27% share of the booming e-2W market.

1. TVS Motor Co
October 2026: 60,429 units, up 94%
Market share: 27%

Growing from strength to strength, market leader TVS Motor Co has achieved its highest monthly sales in October 2026, 70 months after it entered the e-2W market with the iQube. The company delivered a record 60,429 units, up 94% YoY (October 2025: 31,076 units) which gives it a 27% share, and marks a 6-percentage point increase over the 21% share it had in October 2025.

That’s not all. TVS’ cumulative 10-month sales this year at 471,977 units are a robust 50% YoY increase (CY2025: 315,082 units) and 26% of India e-2W Inc’s 1.79 million units sold between January-October 2026. TVS, which logged 50,000 monthly sales for the first time in March (51,640 units), has since repeated that in July (55,892 units), September (54,430 units) and now become the first Indian e2W OEM to break into the monthly 60,000 units mark in October (60,429 units).

For TVS, whose scooter portfolio includes the ICE-powered Jupiter, NTorq and Zest, EVs are now a key growth driver and every fifth scooter the company sells is now a zero-emission model.

While the flagship iQube remains the model with the highest share of sales, the Orbiter launched in August 2025 is witnessing growing demand. What has helped drive demand is TVS’ strategic move to offer the Battery-As-A-Service (BaaS) across its EV portfolio. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance. As a result of the massive demand coming its way, TVS will not only surpass the half-a-million (500,000) annual sales milestone for the first time in November itself but will wrap up CY2026 with record retails in the region of 600,000 units.

In view of the robust demand for its iQube and Orbiter, TVS is looking to ramp up production of these two e-scooters from the existing 60,000-65,000 units per month to about 80,000 units per month.

2. Bajaj Auto
October 2026: 49,067 units, up 51%
Market share: 22%

Bajaj Auto has also notched its highest monthly e-scooter sales in October, albeit with a single mainstream product, the Chetak. The Pune-based major sold 49,067 e-scooters, up 51% YoY (October 2025: 32,462 units) to improve upon its previous best in September (48,736 units). The record retails take the Bajaj Chetak’s 10-month YTD sales to 403,462 units, 44% more than its CY2025 sales of 279,687 units.

In this year to date, Chetak sales have crossed the 40,000 mark four times: March (47,754 units), June (43,542 units), July (45,911 units), August (41,378 units), September (48,742 units) and now 49,067 units in October. Will November be the month which will see Bajaj cross 50,000 monthly sales for the first time?

Bajaj Auto’s strong performance gives it an all-India e-2W market share of 22% in October, slightly more than the 21% it had in October 2025. While Bajaj Auto’s Chetak strategy aims to further strengthen its product proposition, market leadership and profitability, if the growing sales gap with TVS is to be reduced, a brand-new product is the need of the hour as very often product and brand fatigue sets in with a single product and many variants.

Like TVS, Bajaj Auto too aims to increase monthly production of the Chetak from the current 62,000 units to around 80,000 units in the January-March 2027 quarter, as demand continues to exceed available capacity, according to joint managing director Rakesh Sharma. The company is also evaluating locations for its sixth manufacturing plant to support future growth across electric scooters and premium motorcycles.

3. Ather Energy
October 2026: 31,796 units, up 5%
Market share: 14%

Ather Energy, which recently became the fourth OEM after Ola, TVS and Bajaj Auto to achieve 800,000 cumulative sales, retailed 31,796 units last month, up 5% YoY (October 2025: 30,246 units). Having hit its highest monthly sales in FY2026-ending March (36,629 units), Ather surpassed the 30,000 mark in three of the past seven months – in June (31,529 units), July (30,708 units), September (30,945 units) and October.

It was felt that with the launch of the Konarc in end-August, Ather’s monthly numbers would see a marked increase but capacity constraints have hindered higher factory dispatches to showrooms. The slower growth rate compared to TVS and Bajaj Auto means that Ather had a 14% share last month compared to 20% in October 2025.

While the premium Rizta scooter remains Ather’s mainstay, it’s early days yet for the Konarc. Compared to the other technology- and performance-driven premium products (Rizta, 450S, 450X and 450 Apex), the Konarc strategically targets the mainstream mass-market and has the entry-level variants of the high-selling TVS iQube, Orbiter, Bajaj Chetak, Hero Vida VX2, Simple Wave and the new Ola S1 Z in its sights.

However, contrary to what the market and buyers expected, Ather changed its original Konarc variant launch sequence, prioritising the mid-range SR2 and SR3 variants of Konarc ahead of the entry-level SR1, which is now slated for launch in Q4 FY2027 (January-March 2027). The decision comes as the company struggles to meet demand for its existing scooters, a scenario which should change when the new manufacturing facility in Chhatrapati Sambhajinagar, Maharashtra, begins operations.

4. Hero MotoCorp (Vida)
October 2026: 29,901 units, up 81%
Market share: 13%

October was a standout month for Hero MotoCorp (Vida) which is among the OEMs to register a new monthly high. The EV arm of the world’s largest 2W OEM sold a record 29,901 units, up 81% YoY (October 2025: 16,499 units), and had a 13% market share.

This is the highest monthly retail sales for the Vida brand, beating the previous best in September 2026 (24,440 units). The 202,616 Vida e-scooters sold in the past 10 months give Hero MotoCorp an 11% share of the 1.79 million e-2Ws sold in India between January and October compared to 8% of the 1.11 million e-2Ws sold in January-October 2025.

Sustained demand for the Vida VX2 Go and Plus models, aided by the BaaS option, has helped Hero Vida grow its numbers. In July, the Vida brand expanded its line-up with the VX2 Plus 4.4kWh at Rs 143,000 and the new VX2 Go FB – a fixed-battery variant with a 3.1kWh pack priced at Rs 113,000.

5. Ola Electric
October 2026: 12,096 units, down 26%
Market share: 5%

Ola Electric is the sole OEM in the Top 10 list to witness a sales decline. Its October 2026 sales of 12,096 units were down 26% YoY (October 2025: 16,439 units) and take its 10-month total to 120,028 units, down 36% (January-October 2025: 186,252 units). As a result, Ola remains glued to the fifth rank.

Once the market leader and the automotive start-up industry’s poster boy, Ola has been hit hard by intense competition, particularly from TVS, Bajaj Auto, Ather Energy and Hero Vida. So much so that its October 2026 market share is 5% versus 11% a year ago. In CY2025, Ola had sold 204,548 units, down 50% on its CY2024 retails of 407,707 which stood as the industry’s highest single-OEM annual sales until TVS bettered that number earlier this year.

6. Greaves Electric Mobility
October 2026: 10,838 units, up 40%
Market share: 5%

Greaves Electric Mobility, manufacturer of Ampere e-scooters, is another legacy player which has clocked its highest monthly sales in October. The 10,838 units, up 40% YoY (October 2025: 7,743 units), mark the third instance of GEM achieving five-figure monthly sales this year and take the 10-month total to 82,732 units. In CY2025, GEM had sold 57,699 units.

After two straight months of 10,000-plus sales in June (10,940 units) and July (10,135 units), August (8,627 units) and September (9,319 units) dipped below that mark. October marks a demand revival.

GEM’s EV portfolio comprises the Nexus (EX and ST), Magnus (G Max, Grand, Neo) and Reo 80 brands. This year has seen a fair number of launches like the Ampere Magnus Neo, a lighter and redesigned variant aimed at urban commuter buyers in April, the upgraded version of its Magnus G Max in early August and Ampere Nexus EX+ in early October.

GEM has also expanded its showroom network by adding 50 new Experience Centres across 15 states during Navratri and doubled its retail footprint from around 300 outlets over a year ago to more than 600 Experience Centres.

7. River Mobility
October 2026: 6,796 units, up 273%
Market share: 3%

The Bengaluru-based River Mobility, which continues to impress month on month, delivered 6,796 units in October 2026, up 273% YoY (October 2025: 1,823 units). This is its highest monthly deliveries and the second time the company has crossed 6,000 sales after July’s 6,044 units, giving it a 3% market share. The start-up’s 10-month sales of 45,633 units have gone well past its FY2026 sales (24,494 units). What is noteworthy about the River Indie's sales is that demand is growing for its premium Indie e-scooter, which is priced at Rs 152,000 (ex-showroom) and rivals the top-end variants of the TVS iQube, Bajaj Chetak, and Ather Rizta.

8. Bgauss Auto
October 2026: 5,554 units, up 81%
Market share: 2%

This Mumbai-based EV start-up, which has surpassed 5,000-unit retails for four months in a row since July and also surpassed cumulative sales of 91,000 electric scooters since market entry four years ago, sold 5,554 units in October 2026. This comprises its highest monthly sales in July (5,560 units), August (5,046 units), September (5,024 units) and October (5,554 units). Bgauss, which had sold 25,131 units in CY2025, has sold 40,724 units in the first 10 months of this year and will surpass 50,000 annual sales for the first time in CY2026. Bgauss is now looking to up the ante with its new flagship, the C12 MaxR which expands its portfolio to four models.

9. E-Sprinto Green Energy
October 2026: 2,124 units, up 109%
Market share: 1%

New Delhi-based E-Sprinto Green Energy has recently moved into the monthly Top 10 listing. It makes a mark again in October with 2,124 units, up 109% YoY (October 2025: 1,015 units), which gives it a 1% share of the record 223,847 units. E-Sprinto’s October performance is the highest retail sales for the company, improving upon the 2,033 units in January 2026. The company, which has three products (Sprinto Low Speed, Sprinto High Speed and Amery) recently launched its fourth model, the e-Sprinto G1 family e-scooter targeted at the business-to-consumer (B2C) market. The G1 is offered in three variants: the 2.0 kW variant (Rs 89,999), 2.5 kW (Rs 94,999) and 3.0 kW (Rs 99,999, all ex-showroom Delhi). Deliveries to customers are slated to commence from January 1, 2027.

10. Motovolt Mobility
October 2026: 1,702 units, up 158%
Market share: 1%

Kolkata-headquartered electric 2W OEM Motovolt Mobility takes the 10^th rank with retail sales of 1,702 units, up 158% YoY (October 2025: 659 units). The company’s product portfolio includes electric cycles, e-mopeds and the M7 range of e-scooters used by both individuals as well as fleet operators. The M7 is also available in variants that use battery-swapping systems from Indofast Energy and Yuma Energy.

TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, Ola Electric and Greaves Electric Mobility accounted for 194,127 units or an 87% share, leaving 13% of the e-2W pie to be fought over by 194 other rivals.

India E-2W Inc Charges Towards Record 2.2 Million-Plus Sales in CY2026

With 1.79 million units sold between January and October 2026, India’s e-2W industry, which has over 200 players, is the largest contributor to India EV Inc with a 63% share of all EVs sold in India across the e-2W, e-3W, e-PV and e-CV categories in the first 10 months of this year.

This high-volume segment is controlled by six players – TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, Ola Electric and Greaves Electric Mobility – who between them accounted for 194,127 units or an 87% share, leaving 13% of the overall e-2W pie to be fought over by 194 other rivals.

Given its robust 61% YoY growth in this year to date and Dhanteras (November 6) and Diwali (November 8) coming up soon, November numbers could even ride towards the 250,000-unit mark. If the year-ending December delivers another 150,000 units, then India e-2W Inc would be looking at 2.2 million units for all of CY2026. That would translate into a 232% increase from the 661,639 e2Ws sold four years ago in CY2022.