Ola Electric exits top 5 EV makers as sales plunge 47%

Ola Electric, an Indian EV maker, fell out of the top five electric two-wheeler makers in February after sales dropped 47% month-on-month to 3,968 units and market share fell to 3.55%, Vahan data showed. Overall EV two-wheeler registrations fell over 9% to 111,680 units.

TVS Motor maintained its lead with a 28.3% market share, followed by Bajaj Auto (22.6%) and Ather Energy (18.4%). Hero MotoCorp took fourth place, while Greaves Electric Mobility edged into the top five with a 4.23% share.

As of February 28 2026, Ola Electric’s market capitalization stood near 11,137 crore rupees (US$1.21 million), with shares closing at 25.25 rupees (US$0,28).

🔗 Source: Entrackr

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Implications, context, and why it matters.

Ola’s sales collapse ties back to a multi-year crisis

February sales fell 47% month on month to 3,968 units, adding to a long slide from earlier dominance.
In 2024, Ola held over a third of India’s electric two-wheeler market. By late 2025, it sank to single digits, around 7.2% in November 2025, then 6% as of Q3 FY26 1 2.
The company’s CEO said “service challenges” eroded trust and reduced sales. Customers and analysts also raised alarms about safety incidents and part failures, including scooters catching fire and front suspensions breaking 3 4.
Strategy shifts added strain. Ola grew its store network past 4,000 to respond to service complaints in late 2024, then cut it to 700 by February 2026 under a cost restructuring plan 5.

The market is backing reliability and service networks over fast expansion

Ola’s slump tracks a broader change in India’s electric two-wheeler market, with tougher expectations for hardware startups.
TVS Motor and Bajaj Auto now lead, drawing on long-built brand trust plus wide service reach where Ola has struggled 4.
Rival startup Ather Energy took a steadier path on product quality and after-sales service, including maintenance and repairs, which investors appear to reward 6.
As of March 1, 2026, Ather’s market capitalization was about Rs 27,150 crore versus Ola’s about Rs 11,137 crore. The gap underlines the risk of a “move fast and break things” approach for physical products that rely on safety, reliability, and after-sales support 4.