TVS Motor, Bajaj beat Ola in e-scooter sales in May

TVS Motor retained its position as the top-selling electric two-wheeler brand in May 2025, with sales of 26,144 units.

This marks the second consecutive month of market leadership, giving TVS a 26% market share driven by demand for the TVS iQube Electric.

Bajaj Auto followed closely, selling 28,062 units of its Chetak Electric and capturing a 27% market share.

This represents a significant increase from 24,647 units sold in April, marking a threefold year-on-year growth.

Ola Electric, once a leader in the market, saw its market share drop to 17.89% in May with sales of 17,947 units, down from 19,784 in April.

The company’s sales have declined sharply from 37,388 units sold during the same month last year.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Legacy manufacturers leverage their advantages in the E2W race

The rise of traditional manufacturers like TVS and Bajaj in the electric two-wheeler segment demonstrates the power of established distribution networks and brand trust.

TVS’s sustained leadership with 26% market share and Bajaj’s 3x year-over-year growth illustrate how legacy players can successfully transition to electric mobility by leveraging existing capabilities 1.

These companies benefit from decades of manufacturing experience, established quality control systems, and nationwide service networks that new entrants like Ola Electric struggle to match quickly.

The trend aligns with other markets where traditional automakers eventually caught up with pure-play EV companies after their initial market entry disadvantage.

Manufacturing expertise particularly matters in the price-sensitive Indian market, where production efficiency directly impacts affordability and margins in a segment where consumers are highly cost-conscious.

2️⃣ Financial sustainability emerges as the key challenge for E2W players

Ola Electric’s financial difficulties reveal the underlying economic challenges in the E2W market, with the company reporting a 62% revenue decline and losses widening to ₹870 crore in Q4 FY25 2.