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New Duster drives Renault India volume revival in March with 1,402 units

Ajit Dalvi — Fri, 17 Apr 2026 09:25:59

Renault India, which has kicked off its new aggressive growth programme starting with the new Duster that marks the company’s return to the fast-growing midsize SUV segment, wrapped up FY2026 with its best monthly wholesales in 35 months.

In March 2026, Renault India dispatched 5,046 units to its dealers, which is a handsome 77% YoY increase (March 2025: 2,846 units) and saw the manufacturer register monthly wholesales of 5,000-plus units after a 35-month hiatus. Before this, March 2023 (5,389 units) was the last time when Renault dispatches had crossed 5,000 units. This strong revival in monthly numbers can be attributed to early consumer interest in the Duster, which is only expected to grow further in the coming months.

According to apex industry body SIAM, Renault India produced 1,864 units of the Duster in March 2026 and dispatched 1,402 units to its dealers. Last month, the company’s plant at Oragadam in Chennai manufactured a total of 5,595 units comprising 3,164 units of the Kiger SUV and Triber MPV, 1,864 units of the Duster and 567 units of the Kwid hatchback. Of the total wholesales of 5,046 units, the Triber was the best-seller with a 40% share (2,011 units), followed by the new Duster (1,402 units, 28% share), Kiger (1,184 units, 23% share) and the Kwid (449 units, 9% share).

In March, the new Duster (1,864 units) accounted for 33% of Renault India’s production and 28% (1,402 units) of its wholesales of 5,046 passenger vehicles which is the highest in 35 months.

Ex-showroom pricing for the third-gen global-spec Duster, which has been extensively re-engineered for the India market, starts at Rs 10.49 lakh through to Rs 18.49 lakh while the on-road sticker starts at around Rs 12.43 lakh, depending on the city. The Duster is powered by 1.0-litre turbo-petrol and 1.3-litre turbo-petrol engines, with a strong hybrid powertrain set to join the line-up by November 2026.

While its safety rating has yet to be revealed, Renault claims the midsize SUV has been engineered with a five-star Bharat NCAP score in mind. The Duster’s primary rivals include the midsize SUV market leader Hyundai Creta, Maruti Victoris, Kia Seltos, Tata Sierra, Maruti Grand Vitara, Toyota Hyryder, Honda Elevate, Skoda Kushaq and Volkswagen Taigun.

The new Duster, which has gone on sale in India, is slated for launch in South Africa and in the Middle East at a later date.

THIRD-GEN DUSTER TO BRING RENAULT BACK IN THE VOLUME GAME

Renault was once perceived as a potential passenger vehicle market disruptor, first with the Duster in 2012 and then with the Kwid in 2015. The company’s volumes peaked in FY2017, when it sold 135,123 units and captured a near-4% market share with these two models. However, new rivals in the form of the Hyundai Creta (launched in July 2015) and Kia Seltos (launched in August 2019) saw Renault India wilt under the pressure. In FY2025, Renault India sold just 37,900 units with its PV market share contracting to 0.88% and in the just-concluded FY2026, the 42,019 units give the company a slightly better 0.90% PV market share

First launched in India in July 2012, the Renault Duster kickstarted the monocoque midsize SUV segment but bowed out a decade later. Over 10 years, the first-generation Duster sold an estimated 199,871 units in India with FY2014 (46,786 units) being its best fiscal year when it had a 9% share of the 525,942 utility vehicles sold in India.

Now, the return of the Duster brand in its latest third-generation avatar promises to bring Renault India back into the volume game. The model’s strong showing in its first month offers a glimpse into its future sales potential, even though the Duster will battle in the fiercely contested midsize SUV segment.

At the Duster’s global reveal in Chennai on January 26 this year, Fabrice Cambolive, Chief Growth Officer Renault Group & CEO Renault brand, had said: “As part of the Renault International Game Plan 2027, we are making India a key pillar of our growth outside Europe. We now have a strong ecosystem in Chennai, bringing together design, engineering, manufacturing, and local operations at the highest level – making India one of the most complete and powerful hubs in Renault's global network. Today, we have the means to fully support our ambitions in Inda, to better understand customer expectations, and to deliver products truly adapted to this market. The new Duster is the first step in Renault's renewal in India.”

On April 16, Renault India unveiled the new ‘FutuREady India’ strategic plan aimed to drive growth both locally and globally while strengthening engineering and manufacturing capabilities to ensure long-term competitiveness for the Renault Group worldwide. This aggressive growth strategy, which aims to make India one of the Renault’s top three global markets by 2030, has begun with the launch of the Duster and will see the rollout of another seven new models and two new architectures spanning electric, hybrid, CNG and ICE powertrains.

(With inputs from Autocar India)

ALSO READ: New Nissan Gravite sells 2,603 units since launch, outsells Renault Triber in March

Tata Nexon reclaims No. 1 SUV crown in FY2026

Record scooter and bike sales power TVS to best-ever 4.24 million units in FY2026

Ajit Dalvi — Thu, 16 Apr 2026 10:55:36

TVS Motor Co has raced into FY2027 on a really powerful note. The Chennai-based manufacturer of scooters, motorcycles and mopeds sold a record 42,43,524 or 4.24 million two-wheelers in FY2026, up 21% (FY2025: 3.51 million units). This total comprises 2.30 million scooters (up 18% YoY), 1.41 million motorcycles (up 7% YoY) and 523,240 mopeds (up 4% YoY).

With this stellar performance and sales of an additional 724,299 two-wheelers YoY, FY2026 is now the new fiscal-year benchmark for TVS, beating the previous best of 3.51 million units in FY2025. Similar to FY2025, the strong 27% growth in scooters has powered overall numbers (see 11-year wholesales data table below).

In FY2026, TVS hit a new high in scooters (2.30 million) and bikes (1.41 million) which drove its highest-ever 2W sales of 4.24 million units. Moped sales were highest in FY2017 (890,367 units).

While combined sales of the petrol-engined Jupiter, NTorq 125 and Zest at 19,35,200 units rose 26%, TVS also dispatched 273,063 units of the iQube and Orbiter electric scooters, up 44% YoY.

SCOOTERS: 23,02,701 units, up 27%
Best-ever fiscal – FY2026
TVS Motor Co, which has the Jupiter, NTorq and Zest in its ICE scooter stable and the iQube and Orbiter as EVs, sold a record 2.30 million scooters, up 27% YoY (FY2025: 1.81 million units). Year-on-year, TVS sold an additional 489,958 units which has helped increase its scooter share to 28% from the 26% it had in FY2025.

While the three petrol-engined scooters have together sold 19,35,200 units, up 26% YoY, the two TVS electric scooters (367,501 units) have clocked 35% YoY growth (FY2025: 273,063 iQubes). This gives TVS an e-2W penetration level of 16%, improving on the 15% of FY2025.

On the e-2W retail sales front, TVS Motor (341,471 units, up 44% YoY) was instrumental in enabling the overall e-2W segment achieve record customer deliveries of 1.4 million units in FY2026. With a 24% e-2W retail market share in FY2026, TVS is the new market leader, having unseated Ola Electric which led for three straight fiscals from FY2023 to FY2025.

With highest-ever sales of 571,376 units, the Apache series posted 28% growth to be the best-selling motorcycle brand for TVS, ahead of the Raider 125 (426,877 units) whose best fiscal was FY2024.

MOTORCYCLES: 14,17,583 units, up 18%
Best-ever fiscal – FY2026

Like the TVS scooters, the company’s motorcycle portfolio also achieved its highest-ever sales in a fiscal in FY2026. The 1.41 million units are an 18% YoY increase (FY2025: 1.20 million units, down 2% YoY), which translates into an additional 213,274 units YoY. FY2026’s 14,17,583 motorcycles beat the previous best of FY2024 (12,23,838 bikes).

In the entry-level 110cc segment, combined sales of the three TVS bikes (Radeon, Sport, Star City Plus) at 329,094 units were up 3% YoY. In the 125cc Bike category, the Raider 125 saw sales of 426,877 units, up 7% YoY, and had a 12% share of this segment’s total sales of 3.61 million units. The Raider’s best-ever sales were in FY2024 (478,443 units).

The boost for TVS bike sales have come from its Apache series in the 150-200cc segment wherein it continues to lead the market. The TVS Apache brand comprises four models of the Apache RTR Series – RTR 160, RTR 160 4V, RTR 180 and RTR 200. With total wholesales of 571,376 units and robust 28% YoY growth (FY2025: 446,218 units), the Apache, which is also available in the higher RTR 310 and RR 310 avatars along with the RTX 300 adventure bike, had a segment-leading 38% share in FY2026.

Another sales accelerator came in the form of the premium 225cc Ronin – sales jumped 137% YoY to 80,518 units (FY2025: 33,977 units). Demand for the 310 series bikes also soared by 128% YoY to 9,718 units from 4,262 units in FY2025.

In FY2026, sales of the TVS XL100 once again crossed the half-a-million mark at 523,240 units – 21,427 units more than in FY2025. Moped sales saw their zenith in FY2017 (890,518 units).

MOPEDS: 523,240 units, up 30%

Best-ever fiscal – FY2017: 890,367 units
TVS continues to witness a good contribution to its overall two-wheeler sales from the humble moped – the product at the lowest end of the two-wheeler pyramid. In FY2026, sales of the TVS XL100 crossed the half-a-million mark at 523,240 units – 21,427 units more than in FY2025 (501,813 units).

Moped sales in India and for TVS had hit their highest level in FY2017 (890,518 units, up 23% YoY) and in FY2019 (880,234 units, up 2%). However, with consumers shifting to gearless scooters (like the TVS Jupiter launched in FY2014 and the company’s first 125cc scooter (NTorq) in FY2018 as also a clutch of rider-friendly bikes, the decline in moped sales had begun.

What keeps the moped mantra ticking for TVS is the small two-wheeler’s affordability quotient, good mileage, and high level of reliability as a carrier of household goods, dairy and agricultural produce for small traders, particularly in rural India. Most of the moped demand is understood to generate from South India, Gujarat and regions of Madhya Pradesh.

FY2027 should see TVS Motor Co, which overtook Yamaha Motor Corp in global 2W sales in CY2025 to become the world’s No. 3 manufacturer after Honda and Hero MotoCorp, further up the ante. The past three years have seen the Chennai-based company substantially increase both its domestic and export market share. While its domestic 2W share has risen to 20% from 16% in FY2023, TVS is the second-ranked 2W exporter after Bajaj Auto with market share of 28% versus 25% in FY2023.

ALSO READ: TVS, Bajaj, Ather, Hero Vida power record e-2W sales in March: 190,941 units

TVS targets 6.8-7.2 million 2W production in FY2027, looks to challenge Honda

Suzuki Hayabusa sales in India hit highest level in FY2026: 543 units

Ajit Dalvi — Thu, 16 Apr 2026 09:01:00

Even as the domestic motorcycle market clocked record wholesales of 13 million units in FY2026, with the bulk – 5.91 million units – coming from the entry-level 100-110cc segment, niche categories like the 1000-1600cc segment which has superbikes like the Suzuki Hayabusa, Kawasaki Ninja 1100SX and Harley-Davidson Pan America among others, also scaled a new fiscal year high of 1,105 units, up 22% YoY, to beat this bike category’s previous best of 939 units in FY2022. As it did in FY2025, the 1340cc Hayabusa, Suzuki Motorcycle India’s flagship model, remains the best-selling model in this segment.

In FY2026, the Suzuki Hayabusa sold a record 543 units, up 6% YoY (FY2025: 511 units) and accounted for 49% of this sub-category’s sales. The Hayabusa would have sold at least 100 units more in FY2026. In H1 FY2026, this Suzuki superbike sold 324 units but sales in H2 FY2026 dropped 32% on the first-half to 219 units. This decline can be attributed to the fact that GST 2.0, which drove up prices of large-capacity 350cc-plus motorcycles, saw the Hayabusa’s price jump up by Rs 116,000 to Rs 18.06 lakh (ex-showroom, Delhi) from Rs 16.90 lakh.

The Hayabusa sold a record 543 units in FY2026. However, with GST 2.0 driving up its price by Rs 116,000, sales in H2 FY2026 dropped 32% on H1. Total sales in India now nearing 3,000 units.

Exactly a year ago, on April 11, 2025, Suzuki Motorcycle India launched the Model Year 2025 edition which complies with OBD-2B norms. Since Suzuki Motorcycle India began selling the Hayabusa, first as an import and then as a locally produced motorcycle from its Gurugram plant, cumulative sales of the performance bike, as per SIAM wholesales data, are 2,943 units (see 12-year sales data table above).

The Hayabusa, which is one of the most popular superbikes on sale in India and represents cutting-edge engineering at its best, is now in its third-generation model, which has been on sale in India since 2021. Underneath its striking exterior, the third-gen Hayabusa houses the 1340cc in-line, four-cylinder, fuel-injected liquid-cooled DOHC engine which develops 190bhp at 9700rpm and 150 Nm torque and has a top speed of 300kph.

As the first production motorcycle capable of breaking the 300kph barrier, the Suzuki Hayabusa represents cutting-edge engineering and is currently sold in India as the third-generation model.

SEGMENT-TOPPER HAYABUSA COMMANDS 49% SEGMENT SHARE IN FY2026

As in FY2025, the Suzuki Hayabusa topped the 1000-1600cc motorcycle segment with its record sales of 543 units, which gives it a 49% share of this sub-segment. However, this is 8 percentage points on the 57% share it had in FY2025 which, as mentioned earlier, is due to the GST 2.0-driven price increase on large-capacity bikes.

The Hayabusa (543 units) topped the 1000-1600cc segment for the fourth year running albeit its segment share has fallen to 49% from 57% in FY2025. Kawasaki posted strong gains in FY2026.

In second place in India Kawasaki Motors with 281 units of the Ninja 1100SX and Versys 1000, up 361% on a low year-ago base of 61 units. This sees Kawasaki ride ahead of Triumph India – the No. 2 in FY2025 – which saw sales drop 24% YoY to 159 units. The No. 4 in the 1000-1600cc bike category is Harley-Davidson India with 120 units, one more than the 119 sold in FY2025.

The three Triumph motorcycles – 1200cc T120, Bobber and Speedmaster, took second spot with combined sales of 208 units, up 28%, which gave them a 23% share in FY2025. While the 1252cc-engined Harley-Davidson Sportster S and Pan America 1250 Special together sold 119 units, up 11% YoY, the 998cc Kawasaki Ninjas sold 61 units, three less than they did in FY2024.

In FY2026, Suzuki Motorcycle India sold a total of 1.17 million two-wheelers, up 12% YoY. This comprised 11,57,546 scooters, up 13%, and 17,328 motorcycles.

Scooter sales hit record levels of 8.11 million units in FY2026, EV share grows to 13%

Ajit Dalvi — Wed, 15 Apr 2026 09:16:24

If the overall Indian two-wheeler industry, which comprises motorcycles, scooters and mopeds, achieved record wholesales of 21.70 million units with strong 11% YoY growth in FY2026, then it’s thanks to the robust growth displayed by the scooter segment. In FY2026, nine scooter manufacturers sold a record 8.1 million units (81,17,945 units, up 18.5% YoY) to beat the previous best of 6.85 million units in FY2025 and set a new benchmark (see 11-year data table below).

FY2026 scooter wholesales exceeded FY2025 sales by 1.26 million units, averaging monthly sales of 676,495 units or 1,853 scooters every day last fiscal! What helped accelerate scooter sales was the leading OEMs rolling out refreshed as well as new models, revival of demand from rural India and semi-urban regions of the country, and sale of 1.08 million electric scooters. However, what really lit the fireworks for this segment (as well as for the rest of the automobile industry) was the GST 2.0 reform which helped slash new vehicle prices and enabled a higher level of affordability.

In FY2026, monthly scooter sales surpassed 800,000 units once, 700,000 units five times, 600,000 units twice, and 500,000 units four times to average daily dispatches of 1,853 units every day.

The 12-month FY2026 sales numbers (shown above) reveal that Scooter India Inc hit a monthly high of 824,003 units in festive October 2025, surpassed 700,000 units five times (September and November 2025, January-March 2026) and over 500,000 units four times (April, May, June and December 2025). Interestingly, December, which is usually a month of tepid sales due to buyers deferring purchases to the new calendar year, saw sales of 594,744 units, up 42% YoY.

While combined Q1-Q2 FY2026 sales at 3.72 million units rose 6% over H1 FY2025, GST 2.0-driven price cuts saw the H2 FY2026 (Q3 and Q4) register 31% YoY growth with 4.39 million scooters.

The massive positive impact of GST 2.0 reform, which kicked in from end-September 2025 and offered substantial reduction in ICE scooter prices, can be seen in the four quarters’ sales splits (above). While Q1 FY2026 with 1.66 million scooters made for flat (0%) sales, demand picked up in Q2 (2.05 million units, up 12%), rose further in Q3 (2.15 million units, up 26%) and soared to a new quarterly high in Q4 (2.24 million units, up 36%).

In terms of half-yearly sales, H1 FY2026 at 3.72 million units made for 6% YoY growth (H1 FY2025: 3.49 million units). GST 2.0-fueled price cuts powered sales in the second half of FY2026 to 4.39 million units, which is a stellar 31% YoY increase (H2 FY2025: 3.35 million units). H2 FY2026 sales accounted for 54% of the record 8.11 million scooters sold last fiscal.

While TVS sold 489,958 more scooters YoY, market leader Honda sold an additional 317,665 units. This sees TVS’ share rising to 28% from 26%, while Honda’s is down to 39% from 41.50% in FY2025.

HONDA REMAINS NO. 1 BUT TVS, HERO VIDA & ATHER ENERGY INCREASE THEIR MARKET SHARE
Scooter market leader Honda Motorcycle & Scooter India’s sales rose 11% YoY to a new high of 3.16 million units in FY2026, helping it retain the No. 1 spot albeit its share has declined to 39% from 41.50% in FY2025 and 43.33% in FY2024. Honda’s scooter portfolio comprises the Activa 110 and 125 and the Dio 110 and 125. Year-on-year, Honda sold an additional 317,665 units, which is fewer than TVS (an additional 489,958 scooters over FY2025).

TVS Motor Co, which has the Jupiter, NTorq and Zest in its ICE scooter stable and the iQube and Orbiter as EVs, sold a record 2.30 million scooters, up 27% YoY. This gives it a 28% market share, up from the 26% it had in FY2025. While the three petrol-engined scooters have sold 19,35,200 units, up 26% YoY, the two TVS e-scooters with 367,501 units have clocked 35% YoY growth (FY2025: 273,063 iQubes). Year-on-year, TVS sold an additional 489,958 units which has helped drive its scooter share increase.

Suzuki Motorcycle India clocked wholesales of 11,57,546 units, up 13% YoY (FY2025: 10,24,668 units). However, as a result of TVS’ rapid growth, Suzuki’s scooter share has dropped marginally to 14% from 15% in FY2025. While the Access 125 remains its best-selling product, what helps Suzuki is that its two other scooters – Avenis and Burgman Street – are also powered by the same 125cc engine and are benefiting from the consumer upgrade to the 125cc segment.

Fourth-ranked scooter OEM Hero MotoCorp sold 572,870 units in FY2026 to register strong 46% YoY growth (FY2025: 391,41 units). Hero’s scooter range comprises the 110cc Pleasure and Xoom, 125cc Destini/Destini Prime and the 156cc Xoom 160. These together have sold 424,397 units, up 27% YoY (FY2025: 332,916 units). The big boost has come from the Hero Vida electric scooters – the 148,473 units sold are a 154% YoY increase (FY2025: 58,503 EVs).

India Yamaha Motor, with 323,976 units, posted 5% growth and sees its scooter market share reduce marginally to to 4% from 4.51% a year ago. The 125cc-engined Fascino and Ray ZR have together sold 298,729 units, up 4% YoY. Meanwhile, the 155cc Aerox scooter, with 24,923 units, witnessed 9% growth (FY2025: 22,928 units).

Bajaj Auto sold 305,724 e-scooters in FY2026, surpassing the 300,000 milestone for the first time in a fiscal year. The sales comprise 302,674 Chetaks (up 16%) and 3,050 Yulu e-bikes (down 82%). Bajaj EV sales are 10% YoY increase albeit its scooter market share has dipped a tad to 3.76% from 4% a year ago. This

Ather Energy, which is on a roll and witnessing strong sales traction for its Rizta family e-scooter, clocked record wholesales of 260,070 units, up 67% (FY2025: 155,405 units). This standout performance sees the smart EV start-up increase its market share to 3.20% from 2.26% in FY2025 and 1.85% in FY2024.

TVS, Bajaj Auto, Ather Energy and Hero Vida each registered their best-ever EV wholesales in FY2026.

EV SHARE OF SCOOTER SALES INCREASES TO 13% WITH RECORD 1.08 MILLION UNITS
India’s scooter industry, which has 45 models including 16 electric scooters, has benefitted from the sustained demand for zero-emission models. Of the nine scooter OEMs which are SIAM members, eight – TVS, Bajaj Auto, Ather Energy, Hero MotoCorp, Honda, Suzuki, Yamaha and Okinawa Autotech – manufacture zero-emission scooters. Piaggio is the only one which doesn’t sell EVs in India.

In FY2026, these eight e-scooter OEMs sold a record 10,86,815 EVs, up 41% YoY (FY2025: 773,093 e-scooters). This gives them a 13% share of the 8.11 million scooters sold last fiscal, improving upon the 11% share they had in FY2025 and 8% in FY2024, and helping accelerate overall scooter industry numbers in FY2026 to a new high.

The three legacy players – TVS Motor Co, Bajaj Auto and Hero MotoCorp – as well as smart e-scooter start-up Ather Energy have each registered their best-ever fiscal year sales of e-scooters. While TVS tops the e-scooter segment with a 34% share (367,501 units of the 10,86,815 e-scooters sold), Bajaj Auto (277,183 Chetak and Yulu) has a 25% share. Ather Energy, 17,113 units behind Bajaj Auto, shone in FY2026 with a 24% share (260,070 units) and Hero MotoCorp’s Vida brand with 148,473 e-scooters grabbed a 14% share. The three Japanese OEMs – Honda, Yamaha and Suzuki – together sold 4,974 units to get a minuscule 0.45% share of the e-scooter market.

Will the scooter industry, with its current strong double-digit growth, surpass the 9-million milestone in FY2027? The jury remains out on that score, particularly amidst the ongoing global crude oil crisis which is also an opportunity for electric scooter makers to drive home their message of wallet-friendly zero-emission mobility.

ALSO READ: Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

EV sales in India surpass 2.45 million units in FY2026, all 4 segments register double-digit growth

New Nissan Gravite sells 2,603 units since launch, outsells Renault Triber in March

Ajit Dalvi — Tue, 14 Apr 2026 09:57:38

The Gravite compact MPV, Nissan Motor India’s newest model launched in mid-February, has sold 2,375 units in March 2026. This, along with the 228 units in February 2026, takes total Gravite factory dispatches (wholesales) since launch to 2,603 units. Customer deliveries of the Gravite commenced last month.

In March, the Gravite (2,375 units) outsold the Nissan Magnite compact SUV (2,033 units) by 342 units to be the company’s No. 1 model and had a 54% share of the 4,408 Nissans sold last month.

Importantly, last month, the Nissan Gravite, which is the badge-engineered avatar of the Renault Triber, outsold the Triber (2,011 units, up 30% YoY) by 364 units. Nissan India will be hoping the Gravite, which is currently the most affordable MPV in India (priced Rs 11,000 lower than the Renault Triber’s Rs 576,000), maintains the same sales momentum this year and beyond. The introductory pricing though is applicable only to the first 5,000 bookings and is likely to increase in future.

The launch of a brand-new model has clearly had a positive impact on Nissan Motor India’s monthly market performance, what with March 2026 wholesales being the company’s highest monthly domestic market dispatches in the last five years. In FY2026, Nissan Motor India sold a total of 24,300 units, down 13% YoY (FY2025: 27,881 units), which gives the new Gravite an 11% share of the company’s wholesales in less than two months of its launch.

The Gravite, like the brilliantly packaged Renault MPV, comes with practical three-row, flexible (5+2 configuration) seating and family-oriented features aimed to draw affordable MPV buyers.

The Gravite, like the brilliantly packaged Renault Triber, comes with practical three-row, flexible (5+2 configuration) seating and family-oriented features aimed at drawing buyers in the affordable MPV segment.

The Gravite, based on the same CMF-A platform which spawned the Renault Triber, is powered by a 1.0-litre naturally aspirated engine that develops 76hp and 95 Nm torque and comes paired with either a five-speed manual or five-seat AMT transmission. Nissan India claims the Gravite delivers mileage of 19.3kpl and 19.6kpl in AMT guise.

On the features front, the Nissan Gravite gets a 7-inch semi-digital instrument cluster, an 8-inch touchscreen, wireless phone charging, push-button start/stop and manual AC with vents for the second and third rows. Gravite users also get wireless Apple CarPlay and Android Auto, push-button start/stop, cruise control, automatic LED headlamps and rain-sensing wipers. In terms of safety, the Gravite gets six airbags, ABS, traction control, hill-hold assist, TPMS and rear camera.

On April 6, in a strategic move aimed at showcasing its readiness to achieve new growth, Nissan Motor India announced the opening of 54 new customer touchpoints across the country in the first quarter of CY2026. They comprise a mix of 3S (Sales, Service and Spare Parts), 2S and 1S facilities.

Will the Gravite compact MPV, which is to be joined by the Renault-Duster-based Nissan Tekton midsize SUV in mid-2026, build gravitas for the Nissan Motor India in the competitive Indian utility vehicle market in FY2027and beyond? It’s early days yet . . . so stay tuned to Autocar Professional as we keep you regularly updated on the sales trends.

ALSO READ: Nissan Gravite vs Renault Triber: differences and similarities explained

Tata Nexon reclaims No. 1 SUV crown in FY2026

Thar Roxx and Thar share of Mahindra’s record SUV sales in FY2026 jumps to 19%

Ajit Dalvi — Mon, 13 Apr 2026 09:39:52

Mahindra & Mahindra, which registered record wholesales of 660,276 SUVs in FY2026 (up 20% YoY) to take No. 2 rank after Maruti Suzuki (1.8 million PVs, up 4%) and drive ahead of Tata Motors (631,387 PVs, up 14%) and Hyundai Motor India (584,906 units, down 6%), has reaped the benefits that accrue from customer-friendly new models.

Mahindra & Mahindra’s stellar market performance in FY2026 is the result of surging demand for some of its models, particularly the Thar Roxx, Scorpio twins, 3XO and the three Born Electric SUVs. Of M&M’s portfolio, four brands – Scorpio, Thar, Bolero and 3XO – sold over 100,000 units each in FY2026 as compared to two (Scorpio and 3XO) in FY2025.

In terms of model-wise share, the Scorpio N and Classic, with 178,800 units (up 8% YoY) and a 27% share, remained the best-selling model for the SUV manufacturer last fiscal. However, as the model-wise splits (see data table below) reveal, the Scorpio twins’ share of M&M’s factory dispatches fell 3% from the 30% they had in FY2025.

In FY2026, the Thar Roxx and Thar sold a record 126,261 units, which sees their share of M&M’s sales jump to 19% from 15% in FY2025. Thar brand is the new No. 2 model, up three ranks from FY2025.

The rise of the Thar brand (the five-door Thar Roxx and three-door Thar) is evident from its growing share of M&M’s sales and, resultantly, its ranking in the company’s portfolio. In FY2026, the two Thars sold a record 126,261 units, up 49% YoY (FY2025: 84,834 units), which sees its model-wise share rise to 19% from 15% in FY2025 and 14% in FY2024. What’s more, the Thar brand has taken the No. 2 ranking, rising three positions from No. 5 in FY2025.

Meanwhile, in the overall Indian utility vehicle market, the Mahindra Thar brand, which is one of the big growth stories in the past fiscal year, sees it jump seven ranks to No. 8 in FY2026 from No. 15 a year ago. . The Thar Roxx, which is more of a mainstream model than its three-door sibling, is estimated to account for 65% of the Thar brand’s sales.

The Bolero brand, which comprises the Bolero and Bolero Neo Plus, had a 17% model-wise share with 110,136 units (up 16% YoY) in FY2026, similar to FY2025 and retains its No. 3 ranking. The 3XO compact SUV (103,341 units, up 2% YoY), which was ranked No. 2 in FY2025 has dropped two positions to No. 4 in the M&M SUV stable and has a 16% share, down on the 18% in FY2025.

Sales of the flagship XUV700 (87,412 units), which was replaced by the recently launched 7XO were down 6% YoY (FY2025: 93,082 units), which gives it a 13% share, down from the 17% share the XUV700 in FY2025.

M&M received a boost from the introduction of the two new BEVs – the BE 6 and the XEV 9e – in early CY2025, which were joined by the XEV 9S in November 2025. Total dispatches of these three Born Electric SUVs units at 43,649 units are a 442% YoY increase on a low year-ago base of 8,047 units, giving them a 7% share of M&M’s total ICE and e-SUV sales, which is a notable achievement and a marked rise from the 1.45% share in FY2025. The two remaining models are the XUV400 e-SUV (2,40 units, 0.36% share) and the Marazzo MPV (381 units, 0.05% share).

ALSO READ: Tata Nexon reclaims No. 1 SUV crown in FY2026

Electric car and SUV sales double in Maharashtra to 34,139 units in FY2026

Ajit Dalvi — Thu, 09 Apr 2026 11:07:18

Maharashtra has once again topped retail sales of electric cars, SUVs and MPVs in India in FY2026. The high-performing state, which has India’s financial capital Mumbai as its leading buyer of electric passenger vehicles, doubled its new electric vehicle sales year on year.

In FY2026, as per the Vahan portal, a total of 34,139 electric passenger vehicles (e-PVs) were sold in Maharashtra, up 100% YoY (FY2025: 17,092 units), which gives it a 17% share of the record sales of 199,952 e-PVs in India and improves upon the 15% share the state had in FY2025.

That’s not all. Maharashtra has also retained its title as the No. 1 state in India for retail sales of e-2Ws as well as for e-commercial vehicles. However, it is ranked 10th in e-3W sales. The state saw deliveries of 278,913 EVs across four vehicle categories and accounted for 11% of the record 2.45 million EVs sold in India in FY2026.

Maharashtra (34,139 units) had a 17% share of all-India e-PV retail sales of 199,952 units, ahead of the three southern states of Karnataka, Kerala and Tamil Nadu.

TOP 7 STATES & DELHI COMMAND 78% OF RECORD RETAILS IN FY2026

A closer look at the state-and UT-wise data reveals that the top 14 states and Delhi accounted for 190,904 units or 95% of the 199,352 e-PV sales in FY2026 (see data table above). The top eight (Maharashtra, Karnataka, Kerala, Tamil Nadu, Delhi, Uttar Pradesh, Gujarat and Rajasthan), which sold over 13,000 units each, accounted for 156,482 units and 78% of the record all-India e-PV sales.

With 34,179 units, Maharashtra doubled its e-PV sales with an additional 17,047 units and proved just how important the state ranks for electric car and UV manufacturers in India.

After Maharashtra, three southern states – Karnataka, Kerala and Tamil Nadu – cover the next three ranks. However, with Maharashtra’s handsome 100% YoY growth, the state has eaten into the market shares of other states. While Karnataka, ranked No. 2 state (24,316 units, up 64%), has seen its e-PV share decrease to 12% from 14% in FY2025, Kerala (20,363 units, up 66%) at 9% is down from the 11% share in FY2025. Fourth-ranked Tamil Nadu (17,224 units, up 102%) bucks the trend and sees its e-PV share increase to 9% from 8% in FY2025.

Delhi (16,988 units, up 142%, 9% share) is ranked fifth on the e-PV share ranking and is followed by Uttar Pradesh (15,338 units, up 90%, 8% share), Gujarat (14,531 units, up 103%, 7% share), Rajasthan (13,583 units, up 132%, 7% share).

Combined Tata Motors, JSW MG and Mahindra sales of 28,630 units in Maharashtra were up 97% YoY (FY2025: 14,548 units) and comprised 84% of the 34,111 e-PVs sold in the state in FY2026.

REVEALED: MAHARASHTRA SALES & MARKET SHARE OF 17 E-PV MANUFACTURERS

A deeper dive into state-wise retail sales splits reveals the growing importance of Maharashtra as a sales region for the 17 manufacturers of electric passenger vehicles in India, which includes three new players – Maruti Suzuki, Vinfast and Tesla – in FY2026.

Market leader Tata Motors sold 11,814 units, up 51% YoY and 15% of its record 78,940 e-PVs in FY2026 in the state. Second-ranked JSW MG Motor India, which clocked its highest fiscal sales of 53,246 units, delivered 8,707 units or 16% of them in Maharashtra.

Mahindra & Mahindra, which is riding high on demand for its BE 6 and XEV 9e SUVs and the recently launched XEV 9S, delivered 8,109 units in Maharashtra, a 483% YoY jump and 19% of its all-India sales of 42,879 e-SUVs. These top three OEMs’ combined sales of 28,630 units in Maharashtra, up 97% YoY (FY2025: 14,548 units) comprise 84% of the 34,111 e-PVs sold in the state last fiscal.

While fourth-ranked Hyundai Motor India sold 1,371 units of its 5,910 e-SUVs, mostly the Creta EV, in the state, BYD India, the local arm of the Chinese EV major, sold 22% (1,201 units) of its total retails in Maharashtra.

Maharashtra also delivered strong sales for the three new EV makers which entered the India market last year – Vinfast, Maruti Suzuki and Tesla. Vietnamese EV OEM Vinfast, which snapped up No. 8 rank amongst 17 players in its first year of sales, sold 371 units of its VF6 and VF7 e-SUVs – 15% of total retails of 2,410 units – in Maharashtra. Meanwhile, Maruti Suzuki delivered 206 units of the E-Vitara SUV in the state which accounted for 14% of the company’s total e-SUV retails of 1,441 units in FY2026. And Tesla sold 54% (186 units from FY2026 sales of 345 units) of its Model Y in the state.

MAHARASHTRA SHARE OF ELECTRIC LUXURY CARMAKERS’ SALES GROWS TO 27%

Like the market leaders and mass-market players, Maharashtra remains a key growth region for the eight luxury e-PV manufacturers. In FY2026, EV buyers in the state took delivery of 1,477 luxury cars, SUVs and MPVs, up 50% YoY (FY2025: 987 units). This constitutes 27% of their all-India sales of 5,434 e-PVs last year, marginally down on the 29% they had in FY2025 (987 units from 3,350 units).

For luxury e-PV market leader BMW India, which sold a record 3,556 units in FY2026, Maharashtra (872 units, up 77% YoY) accounted for a 25% share. The state’s share was higher for Mercedes-Benz India – 31% – 329 units of the 1,051 zero-emission three-pointed star cars and SUVs sold last fiscal. For Tesla, Maharashtra accounted for a little more than half – 54% (186 units) – of its 345 units. While Volvo Auto India sold 58 of its 385 e-PVs in Maharashtra, German sportscar maker Porsche delivered 24 of its 61 EVs in the state. And five of the uber-luxury 14 Rolls-Royce Spectre EV were bought in Maharashtra last fiscal.

Given the growing intensity of the stiff competition in the electric passenger vehicle market, particularly amongst the top three OEMs (Tata Motors, JSW MG Motor India, Mahindra & Mahindra), and also from new players including Vinfast, Toyota India (with the Urban Cruiser eBella), Kia (Syros EV), and Skoda India (Elroq), this state- and UT-wise EV sales performance data offers clues aplenty as to just where the consumer demand is currently emanating from as well as the regions which have potential to grow rapidly.

ALSO READ: Tata EV sales cross 300,000 units, hit a new high in March and FY2026

EV sales in India surpass 2.45 million units in FY2026, all 4 segments register double-digit growth

Electric car and SUV sales double in Maharashtra to 34,139 units in FY2026

Ajit Dalvi — Thu, 09 Apr 2026 11:07:18

Maharashtra (34,139 units) had a 17% share of all-India e-PV retail sales of 199,952 units, ahead of the three southern states of Karnataka, Kerala and Tamil Nadu.

TOP 7 STATES & DELHI COMMAND 78% OF RECORD RETAILS IN FY2026

With 34,179 units, Maharashtra doubled its e-PV sales with an additional 17,047 units and proved just how important the state ranks for electric car and UV manufacturers in India.

Combined Tata Motors, JSW MG and Mahindra sales of 28,630 units in Maharashtra were up 97% YoY (FY2025: 14,548 units) and comprised 84% of the 34,111 e-PVs sold in the state in FY2026.

REVEALED: MAHARASHTRA SALES & MARKET SHARE OF 17 E-PV MANUFACTURERS

MAHARASHTRA SHARE OF ELECTRIC LUXURY CARMAKERS’ SALES GROWS TO 27%

ALSO READ: Tata EV sales cross 300,000 units, hit a new high in March and FY2026

EV sales in India surpass 2.45 million units in FY2026, all 4 segments register double-digit growth

Tata Nexon reclaims No. 1 SUV crown in FY2026

Ajit Dalvi — Tue, 07 Apr 2026 09:37:54

With record wholesales of 216,054 units in FY2026 and a stunning show of resilience, the Tata Nexon has wrested back the title of India’s No. 1 SUV and utility vehicle (UV) it lost in FY2025 to its sibling, the Tata Punch. What’s more, it has jumped five ranks from No. 6 position in FY2025 to win the crown and also keep challenger to the throne – the Hyundai Creta – at bay.

The Nexon’s stellar performance sees it extract sweet revenge on the Creta, which outsold the Nexon in CY2025 by a whisker – just 563 units! Autocar Professional had, in its March 12 sales analysis accurately forecast that the Nexon would “wrap up FY2026 with estimated wholesales between 215,000 to 220,000 units.”

FY2026 makes it the fourth instance that the Nexon is crowned India’s best-selling SUV, having ruled the UV market for three fiscals in a row – FY2022, FY2023 and FY2024. In FY2025, the Nexon (163,087 units, down 5% YoY) had lost to sibling Tata Punch.

What gave a fillip to Nexon sales is the GST 2.0 rationalisation which resulted in a sharp drop in the compact SUV’s price from end-September 2025. The surge in demand is amply reflected in the massive 41% jump in from sales in H1 FY2026 (89,557 units) compared to H2 FY2026 (126,497 units). The Nexon was India’s best-selling UV and PV in five of the past 12 months – September (22,573 units), October (22,083 units) November (22,434 units), January (23,365 units) and February (19,430 units).

While February 2026 saw the Tata Nexon achieve cumulative sales of a million units (10,16,868 units) since launch in September 2017, Tata Motors’ first compact SUV, sold with petrol, diesel, electric and CNG powertrains, accounted for a 34% share of the company’s record sales of 631,387 cars and SUVs in FY2026 including 92,120 EVs. The Hyundai Creta, which continues to be India’s best-selling midsize SUV, maintains its second ranked UV status of FY2025 in FY2026 with 201,921 units, up 4% YoY (FY2025: 194,871 units). This is the highest-ever fiscal year sales for the Creta, which was India’s best-selling UV in FY2021. The Creta remains Hyundai Motor India’s biggest sales contributor and accounted for a 34.52% share of the total 584,906 PVs sold last fiscal.

The popular Maruti Ertiga MPV (198,855 units, up 4%) is No. 3 on the podium, rising four ranks from No. 7 in FY2025 (190,974 units). This makes the Ertiga was the best-selling Maruti UV in FY2026 but is beaten to the title of Maruti’s best-selling model per se by the Dzire sedan (229,130 units) which is also India’s No. 1 passenger vehicle for FY2026.

At No. 4 is the Tata Punch compact SUV with 183,980 units, down 6% YoY (FY2025: 196,567 units) and down three ranks after having being the best-selling SUV for the first time in FY2025. One of the reasons for could be that Punch aficionados had delayed their purchase decisions in view of the new facelifted ICE Punch, which was launched in January 2026 and followed by the new Punch EV in February. As a result of the two new models, the Punch registered its highest monthly sales in March 2026 (20,977 units), surpassing the 20,000 mark for the first time. At the end of January, Tata Motors’ second compact SUV, equipped with petrol, CNG and electric powertrains, drove past cumulative sales of 700,000 units four-and-a-half years after launch.

The Maruti Brezza (180,104 units, down 5%), is ranked No.5 amongst the Top 20 UVs of FY2026, down two ranks from No. 3 in FY2025. The Brezza, which kicked off the compact SUV juggernaut all those many years ago, was India’s No. 1 SUV for four straight fiscals from FY2017 to FY2020.

The Mahindra Scorpio maintains its No. 5 ranking of FY2025 in FY2026. In FY2026, the best-selling Mahindra model which comprises the Scorpio N and Scorpio Classic sold 178,800 units, up 8% YoY (FY2025: 164,842), which translates into an additional 13,958 units. This gives the Scorpio twins a 27% share of the record SUV sales of 660,276 units in FY2026.

At No. 7 is the Maruti Fronx compact SUV (172,363 units, up 4%). This ranking is down three positions from the No. 4 it had in FY2025. Last November, the Fronx became the first Nexa-sold SUV to register cumulative sales of 400,000 units.

The Mahindra Thar, which comprises the five-door Thar Roxx and the three-door Thar, is among the game-changing models of FY2026 and a key growth driver for Mahindra. The 126,261 units are a handsome 49% YoY increase (FY2025: 84,834 units) and help the Thar brand jump to eighth rank from No. 15 a year ago. The bulk of the sales belong to the Thar Roxx, which is more of a mainstream mode than the 3-door Thar.

The Hyundai Venue compact SUV (117,737 units, down 1% YoY) hold onto its ninth rank of FY2025. Demand for the Venue was tepid for the first five months of FY2026 but picked up after GST 2.0 kicked in and the launch of the next-gen Venue in early November.

The Kia Sonet compact SUV (114,142 units, up 14%) checks in at No. 10, rising two spots from its No. 12 a year ago. This is the second fiscal in a row that the Sonet has outsold the Seltos midsize SUV

Utility Vehicle No. 14 is the Mahindra 3XO (100,030 units, up 17%), at the same position as in CY2024.

Toyota Kirloskar Motor’s best-selling product remains the Innova MPV. Ranked No. 11, the Toyota Innova MPV with its Hycross and Crysta variants – clocked estimated wholesales of 112,186 units, up 5% YoY (FY2025: 107,204 units). Demand for the Innova Hycross has been particularly strong which is estimated to account for around 65% of the brand’s sales with the Crysta contributing the rest.

At No. 12 is the indefatigable and hardy Mahindra Bolero (110,136 units, up 16%). What helped revive numbers was the launch of the new Bolero and Bolero Neo in early October 2025.

Utility Vehicle No. 13 is the Mahindra 3XO (103,341 units, up 2%), down two ranks from the No. 13it had in FY2025 (100,905 units).

Jumping five ranks YoY to No. 14 in FY2026 is another star performer – the Toyota Urban Cruiser Hyryder (99,890 units, up 65%). This translates into an additional 39,502 units and helps Toyota Kirloskar Motor achieve record UV and PV sales in FY2026. This midsize SUV, which has surpassed 200,000 sales in the domestic market in December 2026, moves up four ranks to be UV No. 15 in CY2025 from No. 19 in CY2024.

One rank behind the Hyryder is the Mahindra XUV700 which was recently replaced by the new 7XO (87,412 units, down 6%). The sales decline sees the Mahindra flagship SUV drop one ranks to No. 15.

One of the sharpest falls in ranking is that of the Maruti Grand Vitara. With 86,103 units sold in FY2026, down 31% YoY (FY2025: 123,946 units), this premium midsize SUV sold from the Nexa channel drops all of 8 ranks YoY to No. 16. One of the reasons is the launch of the more affordable Maruti Victoris midsize SUV from the Arena channel which with 75,611 units sold between September and March 2026 is India’s 20^th best-selling utility vehicle.

The Kia Seltos midsize SUV (83,747 units, up 15%) is the third Kia UV in this Top 20 models’ list at No. 17, the same as in FY2026. Sales were tepid for the first nine months of last fiscal, but rose strongly following the launch of the new Seltos in early January 2026. Wholesales crossed the 10,000-unit mark in January (10,639 units) and maintained the growth trajectory in February (10,308 units) and March (11,041 units).

The Kia Carens (FY2026 estimated sales: 80,629 units, up 25% YoY) is ranked No. 18 on the UV ladder-board. Demand revved up for this MPV following the launch of new siblings – the Carens Clavis (in May 2025) and the Clavis EV (in July 2025).

The Hyundai Exter compact SUV (66,877 units, down 14%) is down three ranks on the 16^th position it had in FY2025 (77,412 units). At the end of December 2026=5, the Exter drove past the 200,000 sales milestone, 30 months after launch.

The Maruti Victoris midsize SUV, launched in September 2025, wraps up the Top 20 UV list with 75,611 units. Maruti Suzuki’s latest midsize SUV, which is sold through its Arena dealerships as the company’s flagship model, had a 10% of the record 760,987 UVs the PV market leader sold in FY2026.

ALSO READ: Tata EV sales cross 300,000 units, hit a new high in March and FY2026

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Nearly One in Ten Two-Wheelers Sold in India Is Now Electric

Shruti Shiraguppi — Mon, 06 Apr 2026 11:10:58

India's two-wheeler market registered 19,51,006 units in March 2026, its second-highest March on record. Within that number sits a quieter data point: 9.79% of those vehicles were electric — the highest monthly EV share the segment has recorded, and a figure that now sits a fraction below the 10% mark.

To understand the significance of that number, it helps to look at where the segment was. In February 2026, 2W EV share stood at 6.57%. In March 2025, it was 8.67%. The March 2026 reading represents a jump of more than three percentage points from just one month prior, and over a full percentage point from the same month last year. For the full year FY'26, the annual average EV share in two-wheelers settled at 6.54%, up from 6.09% in FY'25 — a steady but measured annual progression. March's monthly spike suggests the annual average may understate the current run-rate.

The overall two-wheeler segment grew 28.68% year-on-year in March, driven by broad-based demand across both urban and rural markets — urban grew 28.84% and rural 28.57%, a near-identical split. But the EV share gain appears to be concentrated in urban and semi-urban geographies, where total cost of ownership has become a more prominent factor in purchase decisions. Charging access, commute patterns, and the expanding availability of models across price points have collectively made the electric option increasingly practical for a wider buyer base.

At the OEM level, the data shows notable shifts. Ather Energy sold 35,736 units in March 2026, up from 15,650 in March 2025 — more than doubling year-on-year — and its market share within the two-wheeler segment rose from 1.03% to 1.83% over the same period. Ola Electric, by contrast, sold 10,118 units in March 2026 versus 23,634 in March 2025, with its share falling from 1.56% to 0.52%. The EV sub-segment within two-wheelers is, in other words, not a uniform story — it involves OEMs on quite different trajectories. Greaves Electric and River Mobility both posted year-on-year volume increases, though from smaller bases.

The 10% threshold carries no particular mechanical significance for the market. Vehicles do not accelerate their adoption because a round number has been crossed. But thresholds like this are useful as reference points: they indicate when a technology has moved from niche to a measurable share of the mainstream, and when the question shifts from whether adoption will happen to how quickly.

For the two-wheeler segment specifically, the outstanding question is whether March's reading was amplified by month-end and year-end purchase patterns — factors that have historically produced spikes in specific segments — or whether it reflects a durable shift in the underlying mix. The full-year FY'26 average of 6.54% suggests some gap between the monthly peak and the sustained trend, but that gap has been narrowing. If April and subsequent months sustain EV share in the 7–9% range, the annual average for FY'27 could plausibly approach or exceed the level March briefly touched.

Wholesale dispatches in the two‑wheeler market stood at 25.31 lakh units in March. At current EV share levels, this implies that between 1.9 and 2.5 lakh of those dispatches were electric two‑wheelers — a monthly volume that, until recently, would have been considered ambitious as a full‑year target.

Nearly One in Ten Two-Wheelers Sold in India Is Now Electric

Shruti Shiraguppi — Mon, 06 Apr 2026 11:10:58

Tata EV sales cross 300,000 units, hit a new high in March and FY2026

Ajit Dalvi — Mon, 06 Apr 2026 10:48:43

Tata Motors has marched into FY2027 on the back of its strong market performance in FY2026. The company registered record wholesales of 631,387 units, up 14% YoY (FY2025: 553,585 PVs). This makes it the first time that the car and SUV manufacturer has surpassed the 600,000 milestone in in a single fiscal or calendar year. In CY2025, Tata Motors fell short of the 600,000 milestone with total passenger vehicle sales of 578,771 units (up 3%) including 81,125 EVs (up 18%).

In FY2026, Tata Motors’ six-model electric passenger vehicle portfolio, the largest amongst the mass-market OEMs, clocked record wholesales of 92,120 units, up 43% YoY (FY2025: 64,276 e-PVs) in FY2026, beating the previous best (FY2024: 73,833 units). While customer deliveries were tepid in Q1 FY2026 (16,231 units, down 2%), demand rose in Q2 (24,855 units, up 59%), Q3 (24,103 units, up 50%) and Q4 (26,931 units, up 69%). Among the reasons for retail sales rising from Q2 FY2026 was the launch of the Harrier EV in end-June 2025. Last fiscal saw Tata Motors’ EV sales surpass 9,000 units four times – September (9,191 units), October (9,286 units), January (9,052 units) and March (9,494 units). March 2026 now stands as the new benchmark for Tata EV sales.

EV retail sales surpassed 9,000 units in September (9,191 units), October (9,286 units), January (9,052 units) and March (9,494 units). March 2026 is the new benchmark for Tata Motors EV sales.

The 92,120 e-PVs sold in FY2026 take Tata Motors’ cumulative e-car and e-SUV wholesales from FY2021 to 304,156 units, which makes Tata the first Indian e-PV maker to surpass the 300,000 EV milestone. Of this total, 230,229 units or 76% have been sold in the past three fiscal years, indicative of the growing demand for zero-emission PVs in India and also the expanding market.

While specific model-wise sales data is not available, it is understood that the Nexon EV, launched in January 2020, has sold well over 100,000 units and is the first made-in-India e-PV and e-SUV to achieve this milestone. The Tiago EV (launched in September 2022) and Punch EV (launched in January 2024) are the second and third highest-selling models. The other three Tata EV models comprise the Tigor EV rebadged XPres-T EV for the fleet segment (launched in August 2021), Curvv EV (launched in August 2024) and the Harrier EV (launched in June 2025).

The 92,120 EVs sold in FY2026 constitute strong 43% YoY growth and a highest-yet 14.59% share of Tata Motors’ record passenger vehicle wholesales (factory dispatches) of 631,387 units.

TATA MOTORS’ EV PENETRATION LEVEL RISES TO HIGHEST IN FY2026: 15%

Like its CNG portfolio (estimated to have sold 170,000 units in FY2026), Tata Motors’ EVs have also helped drive sustained and strong growth for the company since FY2021 in the passenger vehicle market. In FY2021, EV sales at 4,216 had a 1.89% share of the 222,025 PVs. Electric PV sales rose YoY to 19,668 units in FY2022, 50,043 units in FY2023 and 73,833 units in FY2024 with the EV penetration level rising to 5.31%, 9.29% and 13%, respectively. Tata EV sales in FY2025 (64,276 units) were down 13% YoY and were a contributory factor in dragging overall PV sales down 3% to 553,585 units.

FY2026 has seen the company bounce back with its highest-ever fiscal wholesales of 92,120 EVs on the back of new product and facelift launches. While the Nexon EV, Tiago EV and Punch EV continue to have their share of buyers, the Harrier EV has helped accelerate demand. The Curvv coupe-SUV, however, is yet to achieve proper sales traction.

As a result of the surge in demand for Tata EVs in FY2026, the company’s EV penetration level has risen to 15%, up three percentage points from the 12% a year ago.

GROWING COMPETITION REDUCES TATA MOTORS’ RETAIL SALES SHARE TO 40%

While wholesales (factory dispatches to authorised dealers) are a strategic function of any automaker to keep their showrooms well stocked, the real-world story plays out in the retail sales numbers and new vehicle registrations. As per data on the Vahan portal, Tata Motors has delivered nearly 260,000 e-PVs since FY2021 (see data table below).

At 78,848 units, Tata EV retails hit a new high in FY2026 albeit market share (40%) has fallen from 71% in FY2024 with new competition from JSW MG Motor and Mahindra (combined 48% share).

While Tata Motors, which had the first-mover advantage, commanded an above-70% share of the e-PV market till FY2024, the past two fiscals have seen strong competition come in from two OEMs – JSW MG Motor India and Mahindra & Mahindra. While overall e-PV sales expanded with new product choice availability, the advance of these two rivals has seen Tata Motors’ e-PV market share reduce from 71% in FY2024 to 53% on FY2025 and now to 40% in FY2026. JSW MG Motor, riding on strong demand for its game-changing Windsor EV, delivered 53,145 EVs last fiscal (up 74% YoY) for a 27% e-PV market share, albeit marginally down from the 28% it had in FY2025. Mahindra & Mahindra, which launched the BE6 and XEV 9e in early 2025 and XEV 9S in December, has delivered 42,780 e-SUVs last fiscal, up 408% on a low base (FY2025: 8,424 e-SUVs), for a three-fold increase in e-PV market share to 21 percent. As a result, JSW MG and M&M together have a 48% share of the record 199,590 e-PVs sold in FY2026, leaving the remaining 13% to be fought over by the 14 other e-PV players. This a six-percentage points increase over the 36% e-PV share JSW MG and M&M had in FY2025.

Tata Motors, which is keen to regain its lost market share, has already witnessed fresh sales momentum with the launch of the Harrier EV and the facelifted Punch EV launched in February 2026 with two new larger battery options of 32 kWh and 40 kWh which offer a claimed 375km and 468km range respectively. It is now readying a clutch of new SUVs designed to draw buyers, keep the growing competition at bay and also capture fresh market share.

The first of the new EVs slated for launch is the Sierra EV in Q2 FY2027. This is the all-electric counterpart of the ICE-powered Sierra SUV which has drawn over 100,000 bookings and clocked wholesales of over 23,000 units since January this year. Then, there is the Safari EV, an EV derivative of the Tata Safari which is set to go on sale in India by the festive season (November 2026). The Safari EV, which will share underpinnings and powertrains with the Harrier EV, will also be the Indian carmaker’s first three-row EV.

End-CY2026 will see Tata Motors enter the premium EV segment with the Avinya brand with the first being a sportback car and the second likely to be the production-spec Avinya X SUV concept. The Avinya models will be based on the company’s dedicated born-electric Gen-3 skateboard EV platform.

ALSO READ: EV sales in India hit a record 2.45 million units in FY2026

Tata EV sales cross 300,000 units, hit a new high in March and FY2026

Ajit Dalvi — Mon, 06 Apr 2026 10:48:43

EV retail sales surpassed 9,000 units in September (9,191 units), October (9,286 units), January (9,052 units) and March (9,494 units). March 2026 is the new benchmark for Tata Motors EV sales.

The 92,120 EVs sold in FY2026 constitute strong 43% YoY growth and a highest-yet 14.59% share of Tata Motors’ record passenger vehicle wholesales (factory dispatches) of 631,387 units.

TATA MOTORS’ EV PENETRATION LEVEL RISES TO HIGHEST IN FY2026: 15%

As a result of the surge in demand for Tata EVs in FY2026, the company’s EV penetration level has risen to 15%, up three percentage points from the 12% a year ago.

GROWING COMPETITION REDUCES TATA MOTORS’ RETAIL SALES SHARE TO 40%

At 78,848 units, Tata EV retails hit a new high in FY2026 albeit market share (40%) has fallen from 71% in FY2024 with new competition from JSW MG Motor and Mahindra (combined 48% share).

ALSO READ: EV sales in India hit a record 2.45 million units in FY2026

Construction Equipment Slips, Only Segment in Decline

Shruti Shiraguppi — Mon, 06 Apr 2026 10:36:30

India's auto retail sector closed FY 2025-26 at an all-time high of nearly 2.97 crore units, with five of six vehicle categories posting annual records. Construction equipment (CE) was the exception — the only segment to finish the year in negative territory, declining 11.70% year-on-year to 71,227 units from 80,668 units in FY'25.

The Numbers in Context

The decline was consistent across both urban and rural geographies. Urban CE retail fell 8.99% over the full year, while rural CE fell a steeper 13.74%. In March 2026 — a month that saw the overall market surge 25.28% — CE volumes dipped 16.17% year-on-year to 6,906 units, compared to 8,238 in March 2025. Month-on-month, CE was essentially flat (up 2.75% from February's 6,721 units), offering little signal of a reversal.

OEM-Level Picture

JCB India retained its dominant position with a 48.62% market share in FY'26, though its absolute volumes fell from 39,782 to 34,632 units — a decline in excess of 13%. Action Construction Equipment, the second-largest player, also saw volumes drop from 9,258 to 7,416 units, with its market share contracting from 11.48% to 10.41%. Escorts Kubota's CE division, Tata Hitachi, and Case New Holland each posted modest volume declines as well. Ajax Engineering was among the few to hold roughly steady. The decline was therefore broad-based rather than concentrated in one or two players.

Fuel Mix: Almost Entirely Diesel

CE remains one of the most fuel-homogeneous segments in the market. Diesel accounted for 100% of CE retail in FY'26, effectively unchanged from FY'25's 99.78%. EV penetration, which stood at 0.14% in FY'25, slipped further to 0.10% in FY'26. CNG and petrol/ethanol together accounted for a negligible share in both years. This profile is consistent with the operational requirements of construction machinery, where diesel's energy density and refuelling infrastructure still have no practical alternative at scale.

What Likely Drove the Decline

Several factors appear to have weighed on CE volumes through the year, though the FADA data does not isolate causation directly.

First, CE is closely tied to infrastructure project execution rather than consumer sentiment — the primary driver that lifted most other vehicle segments in the second half of FY'26. GST 2.0's affordability effect, which proved significant for two-wheelers, passenger vehicles, and three-wheelers, had limited direct transmission to the CE segment, where buyers are typically contractors and project operators.

Second, the segment is sensitive to the pace of government capital expenditure disbursement and on-ground project activity. Project-level delays — whether from land acquisition bottlenecks, approval timelines, or seasonal construction lulls — can suppress equipment offtake even when broader infrastructure spending intentions are intact. FADA's own commentary noted project-level delays as a contributory factor.

Third, FY'25 may have provided a relatively elevated base. At 80,668 units, FY'25 CE volumes reflected a period of active infrastructure pipeline execution; any normalisation or delay in project commencement would show up as a decline in the following year.

FY'27 Outlook

Whether CE recovers in FY'27 will depend on factors outside the typical consumer demand cycle. If government infrastructure capex — particularly in roads, metro rail, urban development, and irrigation — translates into actual on-ground contract activity in the first two quarters, equipment demand should respond. The rabi harvest completion and improving rural cash flows noted in the FADA outlook are less directly relevant to CE than to tractors or two-wheelers.

The West Asia supply disruption flagged for April-June 2026 is worth monitoring for CE. While its most direct effects are on CV and PV supply chains, any broader disruption to global construction machinery components could affect lead times and variant availability.

The data points to economic slowdown risk (40.5% of dealers) and OEM supply disruption (30.5%) as the two most cited headwinds for the coming quarter. Both are plausible constraints for CE as well. At 71,227 units for the full year, CE sits at its lowest level.

Sierra Helps Tata Motors Overtake Mahindra in March 2026

Shruti Shiraguppi — Mon, 06 Apr 2026 10:33:04

Tata Motors closed March 2026 as the second-largest passenger vehicle brand at the retail counter, leapfrogging Mahindra & Mahindra for the month and opening a meaningful gap over Hyundai. FADA's retail data shows Tata commanding a 14.95 per cent share in March — up from 13.72 per cent a year earlier — with 65,784 units registered at RTOs across the country. Mahindra followed at 13.87 per cent (61,029 units) and Hyundai at 11.09 per cent (48,791 units).

The March number was no outlier. Tata's domestic wholesale figure for the month stood at 66,192 units, a 28 per cent year-on-year jump, while the company's Q4 FY26 tally of 2,01,368 units (domestic plus international) was its highest-ever quarterly performance, registering 37 per cent YoY growth.

The volume was powered by two models above all. The Punch dispatched 20,977 units in March, an 18 per cent YoY increase, reinforcing its position as the country's top-selling SUV. The Nexon followed closely at 19,810 units, up 21 per cent. Together, the two accounted for over 60 per cent of Tata's monthly volume — a concentration that is both the company's strength and its vulnerability.

The Sierra, re-entering the market after decades, delivered an impressive 9,003 units in March — making it Tata's third best-selling model and suggesting a successful market re-entry. The Harrier posted a remarkable 123 per cent YoY surge (from 1,265 to 2,826 units), buoyed by the petrol variant and the halo effect of the Harrier.ev launch. The Curvv, Tata's coupe-SUV entrant, has been building traction through the year and contributed to the portfolio's expanding mid-segment presence.

The EV story is equally significant. Tata sold 9,494 EVs in March alone, up 77 per cent YoY. For the full year, EV volumes crossed 92,120 units (+43 per cent), and Q4 FY26's 26,931 EV units represented the highest-ever quarterly EV performance. Meanwhile, CNG sales crossed 1.72 lakh units for FY26 (+24 per cent), underscoring the company's multi-powertrain strategy.

The full-year picture, however, tells a slightly different story. For FY26, Tata's retail share of 13.04 per cent was marginally behind Mahindra's 13.42 per cent. The wholesale domestic tally of 6,31,387 units also trailed Mahindra's 6,60,276 units. This means the annual rankings read Maruti-Mahindra-Tata, while the March rankings read Maruti-Tata-Mahindra — a monthly reversal driven by Tata's particularly strong year-end push.

Shailesh Chandra, MD and CEO of Tata Motors Passenger Vehicles, noted that industry growth was supported by GST 2.0 and a robust festive season, adding that customer preference for greener technologies gained momentum, with industry EV volumes surpassing the 2-lakh-unit milestone.

The question heading into FY27 is whether Tata can sustain the March-quarter intensity. The Nexon-Punch foundation is solid, the Sierra is adding a new demand pool, the Harrier.ev is entering deliveries, and the CNG/EV portfolio provides optionality. But with Mahindra's Thar Roxx and XUV700 pipeline continuing to expand, the second-place contest is far from settled

TVS Motors Races Ahead, Biggest Share Gainer in FY26

Shruti Shiraguppi — Mon, 06 Apr 2026 10:21:28

TVS Motor Company has emerged as FY26's biggest share gainer among India's top five two-wheeler manufacturers, climbing to 18.89 per cent retail market share from 17.49 per cent a year earlier — a 140-basis-point jump that translates into 40,46,666 units retailed, up from 33,03,633 in FY25, a 22.5 per cent growth rate that significantly outpaced the industry's 13.40 per cent.

In March 2026, TVS retailed 3,74,602 units at a 19.20 per cent share — the highest monthly reading in recent years — up from 2,76,276 units (18.22 per cent) a year earlier, a 35.6 per cent YoY surge.

The growth has been remarkably broad-based, spanning scooters, motorcycles, mopeds and electric vehicles — an unusual breadth that sets TVS apart from rivals who tend to dominate in one or two sub-segments.

The scooter portfolio has been the primary engine. The Jupiter, India's second-best-selling scooter, consistently crossed the 1-lakh-unit monthly mark in the second half of FY26, with January recording 1,29,744 units and February 1,27,089 units.

The Ntorq continued its strong run in the sporty-commuter scooter space, posting over 50 per cent YoY growth in several months through the year, while the iQube electric scooter emerged as one of TVS's fastest-growing products — February saw 38,054 units at 61 per cent YoY growth.

By February 2026, scooters accounted for 56.43 per cent of TVS's domestic volumes, underscoring a scooter-led growth strategy that has been reinforced by the Orbiter EV addition to the electric portfolio.

On the motorcycle side, the Apache range sustained double-digit growth through the year, while the Raider — TVS's entry-sport commuter — delivered consistent 25-30 per cent YoY gains. The Ronin, positioned as a modern-classic, saw explosive growth, more than doubling volumes in several months. The recently launched RTX300 adds a premium layer to the portfolio.

The XL moped, often overlooked in urban-focused analysis, remained a steady 12 per cent contributor to volumes, with YoY growth turning positive in the second half as rural demand picked up post-GST 2.0.

What's arguably most significant is TVS's three-wheeler breakout. FADA data shows TVS retailed 55,488 three-wheelers in FY26, more than double the 25,882 units sold in FY25 — a 114 per cent jump that lifted its three-wheeler market share to 4.07 per cent from 2.12 per cent. This makes TVS the fastest-growing three-wheeler OEM by share gain, and signals a serious intent to establish a presence in the commercial mobility space.

TVS's FY26 trajectory raises an interesting strategic question. The company is now clearly the number-three two-wheeler player and is widening its lead over fourth-placed Bajaj Auto (10.50 per cent share, down from 11.41 per cent). The gap to second-placed Honda (25.03 per cent) remains large, but TVS's multi-segment, multi-powertrain approach — covering ICE scooters, ICE motorcycles, electric scooters and now three-wheelers gives it an optionality that few rivals can match.

Royal Enfield Rides Past 12 Lakh, 350cc Models Lead the Charge

Shruti Shiraguppi — Mon, 06 Apr 2026 10:12:55

Royal Enfield crossed the 12-lakh annual sales milestone for the first time in FY 2025-26, dispatching 12.39 lakh units globally — a 23 per cent surge from 10.10 lakh in FY25. Domestic volumes rose 23%, while exports climbed to 1.31 lakh (up 23%). It had a 5.18% share, up sharply from 4.48% a year earlier, makin it one of FY26's biggest gainers in the two-wheeler space.

The growth story, however, is overwhelmingly a 350cc story — and one model in particular remains the fulcrum.

Classic 350

The Classic 350 continues to be Royal Enfield's single largest volume driver, accounting for approximately 40 per cent of the 250-350cc segment. In the April-February period alone, it contributed the lion's share of the 9.31 lakh units that RE's four core 350cc models sold. Monthly volumes consistently ranged between 26,000 and 35,000 units through the year, with the festive peak in October pushing it well above 40,000. The Classic's enduring appeal lies in its retro-modern aesthetic and its position as the default "first big bike" for Indian riders upgrading from 125-150cc commuters.

Bullet 350

The Bullet 350's resurgence was FY26's most dramatic model-level story within the RE portfolio. The new-generation Bullet, built on the J-platform that underpins the Classic and Meteor, saw volumes more than double year-on-year in several quarters. In Q3 alone (July-September), Bullet 350 sales surged 109 per cent YoY. By November, the Bullet was commanding a 22.73 per cent share of RE's total portfolio — an extraordinary revival for a nameplate that had seemed destined for niche status. Monthly volumes of 16,000-25,000 units made it RE's consistent second-best seller.

Hunter 350

The Hunter 350, RE's entry-point model positioned at a lower price than the Classic, delivered consistent 30-40 per cent YoY growth through the year. January 2026 saw it clock 18,109 units (a refreshed version launched that month helped), and February 2026 brought similar volumes. The Hunter's role is strategic: it's the model that brings younger, first-time buyers into the Royal Enfield fold, many of whom will trade up to a Classic or Meteor within 3-5 years.

Meteor 350

The Meteor 350, RE's cruiser offering, had a mixed year — strong YoY growth in several months (40 per cent-plus in Q3), but also the most volatile MoM swings. Its share of RE volumes remained in the 10-12 per cent range, suggesting a stable but bounded niche within the portfolio.

Together, these four 350cc models accounted for 92 per cent of RE's volumes in the April-February period and gave the company a commanding 94 per cent share of the 250-350cc motorcycle segment, which itself grew 27 per cent YoY to 9.91 lakh units.

The 450 Platform

The bigger strategic question for Royal Enfield lies in its 450cc platform, which encompasses the Himalayan 450 adventure tourer and the Guerrilla 450 roadster. Combined 450cc sales stood at 32,994 units in the April-February period — actually down 7 per cent YoY.

The Guerrilla, launched with considerable fanfare, struggled to sustain initial momentum: after a promising start, monthly volumes dipped to 600-900 units through much of the year. The Himalayan 450 fared better internationally — clocking over 38,000 export units globally with 53 per cent growth — but domestic volumes declined over 40 per cent in several months.

The 650cc twins (Interceptor and Continental GT) continued to post healthy growth — 48 per cent YoY in Q3 — but remain a niche play at around 3,000 units monthly. The Super Meteor 650 and Shotgun 650 contributed modest incremental volumes.

The company has a near-monopoly in the mid-size motorcycle segment, a brand with pricing power, and a manufacturing expansion underway at Cheyyar (from 14.6 lakh to 20 lakh capacity at an investment of Rs 958 crore).

EV sales in India surpass 2.45 million units in FY2026, all 4 segments register double-digit growth

Ajit Dalvi — Mon, 06 Apr 2026 09:29:25

Even as the world battles a crude oil crisis, the Indian EV industry has wrapped up FY2026 on a very strong note. Combined sales of zero-emission 2- and 3-wheelers, passenger and commercial vehicles at 2.45 million (24,52,921 units) made for robust 25% YoY growth (FY2025: 19,67,547 units). That’s an additional 485,374 EVs sold YoY with growth democratised across all four vehicle sub-segments.

As the 12-month Vahan-derived retail sales split reveals, India EV Inc crossed the 200,000 monthly sales mark for the first time in festive October 2025 (236,780 units) and then achieved the same in November, December, January and March. In fact, the FY2026-ending month of March 2026 turned out to be record-breaking one with 280,093 units.

This is a creditable achievement, given that the GST 2.0 tax reform from end-September 2025 reduced ICE vehicle prices substantially and thereby increased the ICE-to-EV price differential.

Monthly retails surpassed 200,000 five times in FY2026 and hit a new high (280,093 units) in March 2026. All four vehicle sub-segments clocked highest-ever fiscal sales with e-PVs being an outlier.

In FY2026, the EV industry’s penetration level in overall automobile sales in India rose to 8.27% (of the 29.63 million vehicles) from 7.52% in FY2025 (of the 26.14 million vehicles). Each of the four vehicle sub-segments – two- and three-wheelers, passenger and commercial vehicles – achieved their best-ever annual sales. While electric 2Ws (1.40 million units, up 22%) had a 57% share of the India EV market, e-3Ws (830,818 units) had a 34% share. Surging demand for zero-emission passenger vehicles saw retail sales rise handsomely by 84% YoY to a record 199,590 units, giving the e-PV category an 8% share, up from the 5.5% it had a year ago. And, e-CVs (19,648 units, up 122%) increased their EV industry share to 0.80% from 0.44% a year ago. Let’s take a closer look at each of the four EV vehicle categories and their top performers.

e-2W SALES

FY2026: 14,02,138 units, up 22%. EV market share: 57%

FY2025: 11,50,781 units. EV market share: 58%

If India EV Inc scaled a new high of 2.45 million units in FY2026, much of the credit goes to the stellar performance of the most affordable sub-segment – electric two-wheelers. The 1.40 million e-2Ws delivered to customers made for strong 22% YoY growth on a large base (FY2025: 11,50,781 e-2Ws) and a 57% share of India EV Inc’s record EV sales. Importantly, this strong growth has come on a high year-ago base and in the face of the considerably reduced price-differential between IC engine two-wheelers and EVs as a result of the sharp reduction in GST from September 2025. In FY2026, the e-2W penetration level rose to 6.54% in the total 21.41 million 2Ws (ICE and EV) sold in India versus 6.09% in FY2025 (18.89 million ICE and EV 2Ws).

The e-2W industry achieved six-figure sales in 10 of the past 12 months versus just four in FY2025 and scaled a new monthly sales high in the fiscal year-ending March 2026 with 190,941 units and handsome 45% growth. India e-2W Inc’s performance in FY2026 would have been even better if it wasn’t dragged down by the lacklustre performance of FY2925’s market leader – Ola Electric (164,294 units) – whose sales fell sharply by 52% YoY to less than 200,000 units and its position dropped by three ranks to No. 4, below market leader TVS Motor Co, Bajaj Auto and Ather Energy, and ahead of Hero MotoCorp.

For a comprehensive analysis of the e-2W segment’s performance in FY2026 and sales statistics of the Top 35 e-2W OEMs, CLICK HERE

e-3W SALES

FY2026: 830,818 units, up 19%. EV market share: 34%

FY2025: 698,914 units. EV market share: 35%

India’s e-3W industry, which had missed the 700,000 milestone by a whisker in FY2025, easily surpassed that and went on to register record retail sales of 830,818 units in FY2026, up 19% YoY. As is known, the e-3W segment continues to witness the fastest transition to electric mobility, mainly driven by legacy ICE OEMs which have diversified into zero-emission vehicles. In FY2026, the share of e-3Ws in overall 3W sales rose to 61% compared to 57% in FY2025. And the record 830,819 units gave the segment a 34% share of India EV Inc’s record 2.45 million units, the second highest after the e-2W segment’s 57% share.

Retail sales in FY2026 saw a sharp spike in November (83,663 units, up 32%) and December 2025 (88,276 units, up 49%) with the year-ending month turning out to be the highest monthly sales yet for the e-3W industry. India e-3W Inc’s robust performance was driven by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies from amongst the 680-player market. For a closer look at the top six best-selling e-3W OEMs who accounted for 36% (300,647 units) of the record retail sales in FY2026, CLICK HERE.

e-3W SALES

FY2026: 830,818 units, up 19%. EV market share: 34%

FY2025: 698,914 units. EV market share: 35%

The Top 6 e-CV OEMs with 15,462 units accounted for 78% of the segment’s record sales in FY2026.

e-COMMERCIAL VEHICLE SALES

FY2026: 19,648 units, up 122%. EV market share: 0.80%

FY2025: 8,840 units. EV market share: 0.44%

Lowest in terms of volumes but the highest in sticker price, the electric commercial vehicle segment also hit a new annual sales high last fiscal. The 19,648 e-CVs sold in FY2026 are up 122% YoY (FY2025: 8,840 units), which sees the e-CV segment double its share of the all-India EV market to 0.80% from 0.44% in FY2025. All three vehicle categories (buses, light goods carriers and heavy goods carriers) have registered YoY growth.

Zero-emission light goods carriers (13,767 units, up 167% YoY) accounted for the bulk of sales – 70 percent – up from the 58% share they had in FY2025. This is an increase of 8,613 units YoY and reflects the surge in demand coming from last-mile mobility providers, particularly from urban India.

Demand for electric buses, which are mainly bought by state transport undertakings for inter-city operations and local municipal corporations for city transport, saw sales grow 45% YoY to 5,039 units albeit their share of the e-CV market fell to 26% from 39% a year ago. And heavy goods carriers, typically used for infrastructure operations across the country, jumped 318% YoY to 840 units which gives them a 4% share of e-CV retail sales.

Of the total 19,648 e-CVs sold in India, market leader Tata Motors accounted for 6,018 units (up 20% 40% YoY) or a 31% share, much reduced from the 49% it commanded in FY2025. Mahindra Last Mile Mobility, with strong sales of 2,886 units (up 241% YoY) had a 15% share versus 10% a year ago. Switch Mobility, Ashok Leyland’s EV arm, sold 2,255 buses and light CVs to register 154% YoY growth and an 11% share of the e-CV industry’s sales last year. Meanwhile, fourth-ranked Euler Motors has a robust run of the market – the 2,093 units give it an 11 % market share in its first full fiscal year of retails. PMI Electro Mobility Solutions (1,147 units), JBM Auto (1,062 units), Olectra Greentech (903 units), VECV (701 units), Pinnacle Mobility (446 units)) and Murugappa Group company Tivoli Electric Vehicles (512 units) also registered strong YoY growth.

INDIA'S EV GROWTH STORY: 8.30 MILLION EVs SOLD SINCE FY2018
A deep dive into retail sales numbers since FY2018 reveals just how rapidly demand has grown for EVs in India, particularly in the past four years. Between FY2018 to FY2026, 8.30 million zero-emission vehicles have been bought in the country. Of this, 7.28 million EVs or 88 percent have been delivered to customers only in the past four discal years, reflecting the accelerated growth in the domestic EV industry.

The government has outlined a strategic shift to e-mobility, and has targeted EVs to account for 30% of its mobility requirements by 2030. Growing consumer awareness about the need to use eco-friendly transport and the wallet-friendly nature of EV cost of ownership over the long run is proving to be a big catalyst to adoption of electric mobility. What’s more, there’s fast-paced demand coming in from the e-commerce industry and logistics players for EVs on two and three wheels, and from taxi fleet operators for electric passenger vehicles.

Meanwhile, recognising the huge business potential, auto component manufacturers are also upping the ante on localising EV parts, either through full ground-up development or through technology licences. This is leading to enhanced optimisation of production costs and in turn EV affordability, which is the overriding growth mantra. The recent global crude oil crisis, as a result of the impasse at the critical Strait of Hormuz, has only served to accelerate the EV mantra as a measure to reduce expensive fossil fuel imports as well as more environment-friendly motoring.

Mahindra, Bajaj and TVS power electric 3W sales past 800,000 for the first time in FY2026

Ajit Dalvi — Fri, 03 Apr 2026 12:15:24

Having missed the 800,000 retail sales milestone by a whisker in CY2025, India’s electric 3-wheeler industry has charged past that big number for the first time in FY2026. As per the e-3W sales registration data on the Vahan portal, 830,819 units were delivered to customers in FY2026, which marks strong 19% YoY growth (FY2025: 698,914 units).

Like the electric 2-wheeler (1.40 million units, up 22%) and passenger vehicle (199,333 units, up 83%) segments, which have registered their highest-ever fiscal year sales, demand for zero-emission passenger and cargo e-3Ws also rose to a new high. As is known, the e-3W segment continues to witness the fastest transition to electric mobility, mainly driven by legacy ICE OEMs which have diversified into zero-emission vehicles. In FY2026, the share of e-3Ws in overall 3W sales rose to 61% compared to 57% in FY2025. And the record 830,819 units gave the segment a 34% share of India EV Inc’s record 2.45 million units, the second highest after the e-2W segment’s 57% share.

Retail sales in FY2026 saw a sharp spike in November (83,663 units, up 32%) and December 2025 (88,276 units, up 49%) with the year-ending month turning out to be the highest monthly sales yet for the e-3W industry. This was because December 31, 2025 was the closure of the subsidy for the L5 e-3W category under the PM E-Drive Scheme as the target (288,000 units) was achieved ahead of time and the incentivization under the scheme closed after December 26. The L5 category includes both passenger and cargo e-3Ws, powered by motors rated above 0.25 kW and with a top speed of over 25kph.

December 2025 (88,276 units, up 49%) saw the segment achieve its highest monthly sales to date. In FY2026, e-3Ws had a 34% share of India EV Inc’s record sales of 2.45 million zero-emission vehicles.

India e-3W Inc’s robust performance was driven by three legacy OEMs – Mahindra & Mahindra, Bajaj Auto and TVS Motor Co – along with a few other companies from amongst the 680-player market. Let’s take a closer look at the top six best-selling e-3W OEMs who accounted for 36% (300,647 units) of the retail sales in FY2026.

No. 1 – MAHINDRA LAST MILE MOBILITY

FY2026: 101,905 units, up 46%. Market share: 12%

FY2025: 69,625 units, up 15%. Market share: 10%

FY2024: 60,619 units. Market share: 9.57%

Mahindra Last Mile Mobility (MLMM), the e-3W arm of the SUV major Mahindra & Mahindra, maintains its leadership with its best-ever retail sales of 101,905 units, up 46% YoY (FY2025: 69,625 units). This stellar performance, which translates into an additional 32,280 units YoY, makes MLMM the first OEM to surpass 100,000 sales in a single fiscal year.

In terms of market share, MLMM has hit a new high of 12% in FY2026, up from the 10% in FY2025 and 9.57% in FY2024. As the first legacy OEM to plug into e-mobility nearly a decade ago, MLMM has the largest e-3W portfolio including the Treo, Treo Plus, Treo Zor, Treo Yaari, Zor Grand, e-Alfa Plus, e-Alfa Cargo and more recently the UDO. As per the company, it commands a strong presence in the L5 category, with a market share of 39.7 percent.

MLMM clocked five-figure monthly sales for the first time in October (11,861 units) and followed it up with 10,783 units in November 2025. In FY2026, sales rose quarter on quarter in Q1 (19,557 units), Q2 (26,887 units) Q3 (30,759 units) but dropped in Q4 (24,702 units) for a total of 101,905 units. This gave MLMM a decisive advantage of 12,301 units over its arch rival Bajaj Auto which it outsold in 10 of the past 12 months.

No. 2 – BAJAJ AUTO

FY2026: 89,604 units, up 76%. Market share: 11%

FY2025: 50,851 units, up 366%. Market share: 7%

FY2024: 10,897 units. Market share: 2%

In less than three years since it diversified into the e-3W market, India’s No. 1 three-wheeler manufacturer and exporter has achieved a strong foothold in this segment of the EV industry. The Pune-based Bajaj Auto’s advance has been rapid as seen in the 89,604 units (up 76% YoY), sold in FY2026 and an increase of 38,753 units compared to FY2025 (50,851 units).

This strong performance in a competitive market scenario sees Bajaj Auto maintain its No. 2 OEM podium position, behind Mahindra. Interestingly, Bajaj sold more e-3Ws than MLMM in January (8,509 units vs 7,491 units) as well as in February 2026 (8,731 units vs 7,882 units). However, March saw Mahindra (9,328 units) go ahead of Bajaj Auto (9,050 unit) by 278 units.

Bajaj Auto posted consistent quarter-on-quarter growth throughout the fiscal: Q1 FY2026 (18,280 units), Q2 (20,708 units), Q3 (24,326 units) and Q4 (26,290 units). The company, which has the GoGo brand of passenger and cargo e-3Ws, forayed into the 40,000-units-per-month volume e-rickshaw passenger and cargo sub-segment with its Riki model in November 2025 and, more recently, expanded its passenger model portfolio with the Wego P9018 claimed to be India’s longest range (296km) e-3W. These strategic moves have provided additional volumes each month and Bajaj Auto’s growth trajectory is reflected in its rising market share: from 2% in FY2024 to 7% in FY2025 and now to 11% in FY2026.

No. 3 – YC ELECTRIC

FY2026: 36,807 units, down 18%. Market share: 4%

FY2025: 44,624 units, down 4%. Market share: 6%

FY2024: 42,749 units. Market share: 7%

The Delhi-based YC Electric Vehicles continues to feel the heat of the much-increased competition in the market, particularly from legacy OEMs. This longstanding player, which has five models – Yatri Super, Yatri Deluxe, and Yatri for passenger transport, and E-Loader and Yatri Cart for cargo operations – sold 36,807 units in FY2026, down 18% YoY (FY2025: 44,624 units). This, resultantly, sees the company’s e-3W market share fall to 4% from 6% in FY2025 and 7% in FY2024.

No. 4 – TVS MOTOR CO

FY2026: 27,831 units, up 1541%. Market share: 3%

FY2025: 1,696 units. Market share: 0.24%

TVS Motor Co, the latest legacy ICE three-wheeler OEM to enter the electric three-wheeler market, has already made a mark for itself. As per Vahan retail statistics, the Chennai-based auto major delivered 27,831 units to its customers in FY2026, up 1541% YoY on a low year-ago base (FY2025: 1,696 units). This gives TVS a market share of 3% from 0.24% a year ago and fourth rank amongst nearly 700 players.

The company has seen a good customer response to its King EV Max passenger and King Kargo HD EV models in a competitive market. It opened FY2026 with 1,207 units in April 2025 and closed the fiscal with 2,885 units in March 2026, with monthly retails crossing the 2,200-unit mark nine times in the past fiscal year.

No. 5 – SAERA AUTO

FY2026: 22,845 units, down 19%. Market share: 3%

FY2025: 28,229 units, down 6%. Market share: 4%

FY2024: 30,127 units. Market share: 5%

Rajasthan-based Saera Electric Auto, which manufactures the nine-model Mayuri brand of electric rickshaws, is ranked fifth on the e-3W ladder-board. The company sold 22,845 units in FY2026, down by 19% YoY (FY2025: 28,229 units). This total is down by 5,384 units on year-ago sales and by 7,282 units in FY2024. Like YC Electric and several other e-rickshaw makers, a sub-segment which is the largest monthly volume provider, Saera Auto too has been impacted by the growing presence of legacy OEMs and has seen its e-3W market share reduce to 3% from 5% in FY2024.

No. 6 – DILLI ELECTRIC AUTO

FY2026: 21,655 units, down 11%. Market share: 3%

FY2025: 24,207 units, down 7.51%. Market share: 3.5%

FY2024: 26,175 units. Market share: 4%

The Haryana-based Dilli Electric Auto sold 21,655 units in FY2026, down 11% YoY. This company manufactures electric rickshaws (CityLife brand), a category which is now under pressure as legacy players like MLMM, Bajaj Auto, TVS and TI Mobility target sales with better-built, safer products. The impact of increasing competition in the volume e-rickshaw market can be seen in Dilli Electric Auto’s reducing market share which at 2.60% in FY2026 is down from the 4% it had two years ago.

MAHINDRA AND BAJAJ TO CONTINUE BATTLE IN FY2027, TVS COULD BE THE NEW NO. 3 OEM

Competition always makes for exciting industry dynamics and FY2027 should see the exciting battle for market leadership continue at the top of the rankings. Mahindra Last Mile Mobility, the market leader for the past four years, will be looking to ensure it stays the market leader in this EV category which continues to witness the fastest and highest transition to e-mobility in India.

Clearly, the battle between MLMM and Bajaj Auto is underway in full earnest. The growing rivalry between these two OEMs has further increased in new product launches in the same month (February 2026) which had both Bajaj Auto and Mahindra Last Mile Mobility launch their latest e-3Ws – Bajaj P9018 and Mahindra UDO – in the passenger transport category.

Meanwhile, TVS Motor Co has in its first full year of sales, moved into the No. 4 position, behind YC Electric. Given its sustained growth compared to YC Electric’s continuing sales decline, it can be surmised that TVS Motor Co could move up one rank to be the new No. 3 e-3W OEM in FY2027.

A close look at the Top 60 e-3W OEMs in FY2026 (see data table below) reveals that 27 of them have seen a YoY sales decline. This is also reflective of the fact that e-3W buyers of passenger transport and cargo models across the individual as well as fleet operator categories are displaying a preference for models from well-established players which offer well-built, safer products as also the ease of ample service facilities across the country.

Will the strong growth witnessed in FY2026 continue in the new fiscal year? Given the sharpened focus on electric mobility, particularly after the Iran oil crisis, as well as the recent move by the government to extend the PM e-Drive Scheme for the e-3W segment (e-rickshaws and e-carts) to March 31, 2028, albeit with reduced incentives, one can be cautiously optimistic. Even a 10% YoY increase on FY2026’s large base will take the segment to beyond 900,000 units in FY2027.

ALSO READ: Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

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Record 1.4 million electric 2Ws sold in FY2026, command 57% share of India EV market

Ajit Dalvi — Thu, 02 Apr 2026 09:47:13

FY2026 has turned out to be the record fiscal for India’s electric vehicle (EV) industry which has clocked retail sales of over 2.45 million units, up 25% YoY (FY2025: 19,67,547 EVs). This is mainly due to the stellar performance of the most affordable sub-segment – electric two-wheelers. As per the latest retail sales statistics on the Vahan portal (April 1, 2026), 1.40 million e-2Ws (14,01,663 units) were delivered to customers in FY2026.

This marks handsome 22% YoY growth on a large base (FY2025: 11,50,780 e-2Ws) and a 57% share of India EV Inc’s record EV sales comprising all four sub-segments of 2- and 3-wheelers, passenger and commercial vehicles. Importantly, this strong growth has come on a high year-ago base and in the face of the considerably reduced price differential between IC engine two-wheelers and EVs as a result of the sharp reduction in GST from September 2025. In FY2026, the e-2W penetration level has increased to 6.54% in the total 21.41 million 2Ws (ICE and EV) sold in India versus 6.09% in FY2025 (18.89 million ICE and EV 2Ws).

FY2026’s retails of 1.40 million e-2Ws make for a solid 22% YoY increase and the largest segment share of 57% of India EV Inc’s total sales of a record 2.45 million vehicles delivered to buyers.

India e-2W Inc’s performance in FY2026 would have been even better if it weren’t dragged down by the lacklustre performance of FY2925’s market leader – Ola Electric (164,294 units) – whose sales fell sharply by 52% YoY to less than 200,000 units and its position dropped by three ranks to No. 4.

As the monthly retail sales split (given above) reveals, the e-2W industry achieved six-figure sales in 10 of the past 12 months versus just four in FY2025. In FY2026, two months – October 2025 and March 2026 – stood out. Until March 2026, the festive Diwali month of October with 145,011 units was the one with the highest retails. However, the fiscal year-ending March 2026 with 190,941 units and handsome 45% growth has raised the sales bar even higher. Key drivers of this accelerated growth have been the PM e-Drive Scheme which was to have ended on March 31 but has now been extended to July 31, 2026, Gudi Padwa and Ugadi on March 19 in top two e-2W buying states of Maharashtra and Karnataka, and the ongoing Iran oil crisis which has had ICE-to-EV fence-sitters rush to put their money on a zero-emission scooter or motorcycle.

ELECTRIC 2W SHARE OF INDIA EV MARKET: 57%

In FY2026, e-2Ws had a 57% share of the overall 2.45 million EVs sold in India. While this is down from the 58% share the e-2W segment had in FY2025 when it accounted for 1.15 million of the total 1.96 million EVs sold across all segments, the fact is that each of the other three sub-segments have also hit their best-ever annual sales in FY2026 as they did in CY2025.

While the initial cost of an electric two-wheeler typically remains higher than its petrol-engine sibling, the promise of wallet-friendliness with long-term ownership as well as a much wider e-2W portfolio continues to draw buyers albeit at a slower pace than expected, more so after GST 2.0. Stiff petrol prices (Rs 103.50 a litre on March 31 in Mumbai) continue to burn a hole in motorists’ pockets.

Along with the demand for personal mobility, e-2W manufacturers are also benefiting from sustained demand for last-mile deliveries from urban India as well as town and country, which is acting as a sales catalyst for e-two-wheelers deployed for e-commerce and food deliveries. This is thanks to the key advantage stemming from TCO (Total Cost of Ownership), particularly for fleet operators who clock plenty of kilometres each day.

Like the aircraft industry, e-vehicles used for fleet operations make money the more they are on the road. It’s a plug-in-plug-out seamless operation for them – while 50% of the fleet would be out on the job, the other half is getting charged, ready to replace their parched brethren when they come in for their ‘juice’ of electricity.

In a field comprising 222 players – up from 180 in FY2024 – there are five OEMs which have had the giant’s share of the market in FY2026. They have each registered six-figure sales and, barring Ola Electric, have clocked their best-ever annual retail sales.

Combined sales of these five players at 11,78,525 units sees them command 84% of India’s total e-2W sales in FY2026, leaving the balance 16% to the other 217 players in the e-2W arena. Here’s taking a closer look at the top five OEMs and also the sixth – Greaves Electric Mobility – who were the movers and shakers of the Indian e-two-wheeler industry in FY2026. We also check out the performance of the three mass-market Japanese players who have entered the e-2W industry: Honda, Yamaha and Suzuki.

TVS MOTOR CO
FY2026: 341,471 units, up 44% / Market share: 24%
FY2025: 237,928 units, up 30% YoY / Market share: 21%
FY2024: 183,192 units / Market share: 19%

With best-ever retails of 341,471 e-scooters, TVS Motor Co is the new e-2W market leader for FY2026, wresting the crown from Ola Electric which was the No. 1 OEM for three straight fiscals from FY2023 to FY2025. Year on year, TVS has sold an additional 103,543 units.

The Chennai-based TVS, which topped the monthly sales chart 11 times in the past 12 months, had a straight run as the monthly sales leader right from April to September, losing the crown only in October to Bajaj Auto but regaining it in November and firmly keeping it for the remaining four months of FY2026 – December 2025, January, February and March 2026. FY2026 saw TVS surpass the 30,000-unit mark five times: November (30,701 units), December (34,791 units), January (34,791 units), February (31,859 units) and March (49,304 units).

The manufacturer of the iQube and the recently launched Orbiter e-scooters delivered a record 341,471 units to consumers in FY2026, which marks robust 44% YoY growth and gives it a 24% e-2W market share which is well over the 21% and 19% share TVS had in FY2025 and FY2024 respectively. March 2026, when TVS registered its highest-ever monthly retails of 49,304 units, saw the company roll out the Battery-As-A-Service (BaaS) across its EV portfolio, offering customers a new and flexible ownership model. The BaaS model lowers the upfront cost, while offering customers long-term battery assurance and peace of mind.

If TVS maintains its rapid rate of growth in FY2027, the company could go on to beat Ola Electric, the first Indian e-2W OEM to achieve a million sales.

BAJAJ AUTO

FY2026: 289,323 units, up 25% / Market share: 21%
FY2025: 231,172 units, up 117% / Market share: 20%
FY2024: 106,632 units / Market share: 11%

Bajaj Auto came close to achieving 300,000 sales in FY2026 but missed the milestone by 10,677 units, which could be attributed to the 30% YoY sales decline in August 2025 (11,831 units) as a result of slower production due to inadequate supplies of rare earth magnets.

Bajaj Auto, with 289,323 e-scooters (up 25% YoY) moved up to No. 2 podium position in FY2026 from being third in FY2025 (231,172 units) and fourth in FY2024 (106,632 units). The Pune-based manufacturer of the Chetak and Yulu e-scooters surpassed the 250,000 milestone for the first time, which gives it a 21% market share, rising from the 20% in FY2025 and 11% it had in FY2024.

On January 14 this year, Bajaj Auto launched the new and more affordable Chetak C2501 priced at Rs 91,399 (ex-showroom Bengaluru). Powered by a 2.5kWh battery, the Chetak C2501 has a claimed IDC range of 113km on a full charge and goes head-to-head against the TVS iQube 2.2kWh and the Hero Vida VX2 Go. Q4 FY2026 saw Bajaj sell 97,494 units, up 25% YoY, to which the C2501 could be the key growth provider.

ATHER ENERGY

FY2026: 239,124 units, up 82% / Market share: 17%
FY2025: 131,173 units, up 20% / Market share: 11%
FY2024: 109,169 units / Market share: 11%

Ather Energy, which was listed on the stock exchange last year, achieved the 200,000 sales milestone for the first time in FY2026. The Bengaluru-based smart electric scooter startup, which produces the 450X, 450S, 450 Apex and Rizta, sold 239,124 units to achieve handsome 82% YoY growth (FY2025: 131,173 units). As a result, its market share has jumped to 17% from the 11% it had in FY2025 and FY2024. Monthly sales, which crossed the 20,000-unit mark for the first time in October 2025, hit a new high in March 2026: 35,688 units.

The growth accelerator has been the premium Rizta family scooter which accounts for around 70% of its sales. The Rizta, with an IDC range of 159km per charge, has marked a strategic product shift for Ather. Designed and developed with a focus on practicality – and also to take on the competition in the form of the TVS iQube, Bajaj Chetak and Hero Vida – the Rizta’s highlights include the largest two-wheeler seat in India, ample storage space and a host of user-friendly features.

What has also drawn buyers to Ather products is its BaaS business model which has enabled a reduction of the upfront price of the Rizta S to Rs 76,000, making the premium family scooter far more affordable.

Ather is set to expand its manufacturing capacity from the current 420,000 units per annum from its

Will the startup, whose third plant is to go on stream in FY2027 in Maharashtra and expand capacity to 1.42 million units, upset the two legacy OEMs? In FY2026, Ather was 50,199 units behind No. 2 OEM Bajaj Auto but with a growing sales network and an expanding reach into Tier 2 and 3 markets, the start-up is taking the battle into the top two legacy players’ camp.

OLA ELECTRIC
FY2026: 164,294 units, down 52% / Market share: 12%
FY2025: 344,300 units, up 4% / Market share: 30%
FY2024: 329,956 units / Market share: 35%

The just-concluded fiscal year has been a big climbdown for Ola Electric. India’s e-2W market leader for three straight fiscals – FY2023, FY2024 and FY2025 – has lost its crown to TVS Motor in FY2026. The 164,294 units are a massive 52% YoY decline (FY2025: 344,300 units). This results in Ola’s market share dropping to 12%, which is a huge drop after the market-leading 30% it had in FY2025 and 35% in FY2024. As a result of the lacklustre performance, Ola has slipped three ranks in FY2026 to be the No. 4 e-2W OEM.

Ola’s highest monthly sales in FY2026 were in June 2025 (20,285 units), after which retail demand kept falling and hit a 42-month low in February 2026 (3,973 units) albeit March 2026 (10,117 units) saw the company clock five-figure sales after a four-month gap. Among the few positives for the company was Ola commencing mass deliveries of e-2Ws equipped with its indigenously manufactured 4680 Bharat Cell battery packs in early December and receiving Rs 366.78 crore under the PLI-Auto Scheme. It is imperative that Ola Electric will have to come up with a renewed customer-friendly product and sales strategy if it is to regain the vigour and shine it had displayed not very long ago as the e-2W market leader.

HERO MOTOCORP (VIDA)
FY2026: 144,313 units, up 196% / Market share: 10%
FY2025: 48,736 units, up 175% / Market share: 4%
FY2024: 17,719 units / Market share: 2%

A near-200% YoY sales increase means the world’s largest two-wheeler manufacturer has been among the key newsmakers of FY2026, both on the ICE and EV fronts. As a result of surging demand for its Vida VX2 e-scooter, Hero MotoCorp (Vida) surpassed the 100,000 milestone for the first time. In FY2026, Hero Vida retail sales were 144,313, up 196% YoY (FY2025: 48,736 units). This gives it a market share of 10%, a marked improvement on the 4% in FY2025 and 2% in FY2024. Monthly sales crossed 6,000 units for four straight months (March-June) and then crossed the 10,000-units mark for the first time in July (10,547 units) and maintained that momentum for nine straight months. March 2026 (21,434 units) is now its best month to date.

Hero Vida’s robust performance in a competitive market is amply reflected in the monthly Top 10 e-2W OEM listing where it has been a consistent entry from early CY2025 year. Ranked No. 7 in January 2025, Hero MotoCorp rose to sixth in February, maintained its No. 5 position in March, April, May, June, July, August, September, and October and then wrested No. 4 rank from Ola Electric in November where it has remained till March 2026.

GREAVES ELECTRIC MOBILITY
FY2026: 61,651 units, up 51% / Market share: 4%
FY2025: 40,892 units, down 26% / Market share: 4%
FY2024: 55,048 units / Market share: 6%

Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton which markets the Ampere brand of e-scooters, remains the firm No. 6 on the OEM ranking list with retail sales of 61,651 units (up 51% YoY) and a 4% market share. This is GEM’s highest fiscal year retail sales after FY2024 (55,048 units). GEM and Ampere Vehicles, which are witnessing a revival of demand driven by new products like the Nexus, Magnus Neo and the Grand, has surpassed cumulative retail sales of 275,000 units since market entry in CY2019.

Meanwhile, Bgauss Auto, a Mumbai-based startup spawned by electrical solutions major RR Kabel, is ranked seventh amongst the Top 10 e-2W OEMs. Bgauss sold 26,200 units (up 51%) of its e-2Ws comprising the RUV 350 and Max C12.

Bengaluru-based River Mobility, which has a single product – the River Indie – is now a regular fixture in the Top 10 e-2W listing and the No. 8 OEM in FY2026. The company sold 22,350 Indie e-scooters, up 426% YoY on a low year-ago base (FY2025: 4,247 units). River Mobility, whose sales crossed the 1,000-unit mark for the first time in June 2025 (1,264 units), has gone on to scale a new monthly high this March (4,146 units).

Kinetic Green Energy, Kinetic Green, which sells the E-Zulu and Zing e-scooters along with the E-Luna moped, registered sales of 11,557 units, up 37% YoY while e-motorcycle maker Revolt Motors (10,443 units) was down 10% YoY.

The three mass-market Japanese OEMs sold 4,746 electric scooters in FY2026, split between Honda (3,856 QC1 and Activa-e), Suzuki (854 e-Access) and Yamaha (36 EC-06).

HONDA, SUZUKI AND YAMAHA SELL LESS THAN 5,000 UNITS IN FY2026

Compared to homegrown legacy OEMs like Bajaj Auto, TVS and Hero MotoCorp, the top three mass-market Japanese manufacturers Honda, Yamaha and Suzuki have been late in plugging into the Indian e-2W market. As per the Vahan retail sales data, combined sales of this triumvirate in FY2026 were just 4,746 units, split between Honda (3,856 units), Suzuki (854 units) and Yamaha (36 units).

Much was expected of Honda, which was the first to launch its e-scooters (Activa-e and QC 1) in February 2025. However, the market response has been extremely underwhelming and Honda Motorcycle & Scooter India managed to retail only 3,723 units in the first 12 months of sale.

Suzuki Motorcycle India, which began sale of its e-Access in January 2026, has sold 854 units: January (202 units), February (332 units), March (320 units). Priced at Rs 188,000, Suzuki’s first e-scooter for India is among the expensive two-wheeled EVs.

India Yamaha Motor entered the EV market in early February this year with the EC-06 and dispatched 92 units to its premium Blue Square showrooms that month. Priced at Rs 167,600 (ex-showroom, Delhi), it is available only in select cities in three states – Karnataka, Tamil Nadu and Maharashtra – through Yamaha’s. This explains the double-digit sales (00 units) in the past two months.

WHAT’S THE GROWTH OUTLOOK FOR FY2027?

Having set a new annual sales benchmark of 1.4 million units in FY2026, where does the e-2W industry go from here? Will it continue to achieve high double-digit growth throughout FY2027 or will growth falter after the PM e-Drive Scheme subsidy expires on July 31, 2026 and OEMs are compelled to hike prices? Or will the current global and Iran crude oil crisis accelerate consumer buying towards zero-emission two-wheelers?

The answers to these questions are difficult to pin down at the beginning of the new fiscal but what’s true is the resilience shown by the e-2W industry. When GST 2.0 with its ICE-price-reducing dynamics kicked in from end-September, it was felt that the EV industry will bear the brunt but the high double-digit growth witnessed from December 2025 through to March 2026 proves otherwise.

The draw of the two-wheeled EV remains its lower cost of operation, far easier on the pocket than tanking up on expensive petrol – e-2Ws cost as little as 30 paise per kilometre compared to Rs 2 per kilometre for petrol-powered e-2Ws. Furthermore, with no need for oil change or regular servicing, maintenance costs for EVs are far lower. And, of course, the e-2W user is contributing to the larger mission of green mobility and a cleaner world.

Stay firmly plugged into Autocar Professional as we bring you up-to-date on the advance of the e-mobility segment, across categories, in India and worldwide. And also take a closer look at the comprehensive data table of India’s Top 35 electric 2W manufacturers in FY2026, given below.