TVS Motor Keeps India's EV Two-Wheeler Lead as Ola Slips 10%

TVS Motor remained India's biggest electric two-wheeler maker in October, registering 60,429 vehicles and taking a 27% share of the market, according to the latest Vahan data.

The company's registrations rose 11.08% from 54,403 units in September, widening its lead over rivals in a month when the overall market also expanded.

A growing market, uneven results

Total electric two-wheeler registrations climbed to 223,847 units in October from 208,705 in September, an increase of roughly 7%. Growth was not evenly spread, though. Ather Energy posted marginal growth of about 3% month on month, while Ola Electric's registrations declined by around 10%.

Bajaj Auto kept the second position in the rankings, according to the data.

Why it matters

The October figures show the market's momentum is being captured unevenly. TVS is gaining ground from a position of strength, Ather is edging up, and Ola Electric, once the segment's volume leader, is moving in the opposite direction. For buyers, investors and rival manufacturers, monthly Vahan registrations are the most closely watched indicator of who is winning share in the segment.

The data covers registrations, meaning vehicles registered with transport authorities, rather than factory dispatches or orders. Whether TVS can sustain double-digit monthly growth, and whether Ola can arrest its decline, will be clear when November registrations are published.