Bajaj Auto has topped the charts for the shortest month of this year. As per the latest retail sales data available on the government’s Vahan portal (as of March 1, 7am), with retail sales of 21,335 units, the Bajaj Chetak has registered strong 81 percent YoY growth (February 2024: 11,763 units). This performance sees Bajaj win the No. 1 e2W OEM title for the second time in three months, having topped the segment for the first time in December 2024.
With cumulative retail sales of 10,18,300 electric scooters, bikes and mopeds between April 2024 and February 2025, the e2W segment has clocked over a million units for the first time in a fiscal year, 26 percent up YoY (April 2023-February 2024: 8,08,162 units) and 7 percent up on entire FY2024’s 9,48,511 units, with March 2025 sales yet to be factored in.
Of the total 75,995 electric scooters, motorcycles and mopeds sold in February, Vahan stats reveal that only three OEMs have registered sales in excess of 10,000 units. The Top 10 EV OEMs’ combined sales at 71,202 units constitute 93 percent of total industry sales, with the top four – Bajaj Auto, TVS, Ather and Ola – accounting for 60,516 EVs or 80 percent of monthly sales. Let’s take a closer look at the top six e2W OEMs.
Bajaj: 21,335 units
A consistently strong performance in February has meant that the Bajaj Chetak has topped the e2W charts for the past month. With 21,335 units, YoY growth is a robust 81 percent, and gives Bajaj Auto a market share of 28 percent for February. Cumulative 11-month retails of 1,95,651 units translate into a YoY increase of 121 percent and give the Pune-based auto major a market share of 19 percent for the fiscal to date. With this, the Chetak has surpassed its total retails of FY2024.
In CY2024, Bajaj Auto clocked best-ever annual retail sales of 1,93,439 Chetaks and 169 percent YoY growth (CY2023: 71,941 units). Given the current momentum it is witnessing, expect the Chetak to sell another 25,000 units in March 2025, which would mean total FY2025 sales in the region of 2,20,000 units and a new fiscal-year high.
TVS: 18,746 units
TVS Motor Co, which had come very close to being No. 1 in January 2025, remained in No. 2 position in February with sales of 18,746 units, up 28 percent YoY, and a market share of 24 percent for the month.
With 11-month retails of 2,06,885 units, TVS is also the No. 2 in FY2025, up 32 percent YoY. With this, the iQube manufacturer has gone past the 2 lakh sales mark, making the first time that it has surpassed the 200,000-units retail milestone in a fiscal year. In CY2024, TVS sold 2,20,472 iQubes – when March 2025 sales come in, its FY2025 total will likely ride past the 2,30,000 mark.
Ather Energy: 11,788 units
With 11,788 units, Ather Energy has moved up one rank to third position from fourth in January, going ahead of Ola Electric, as per the latest Vahan data. While its February retails are up 30 percent YoY (February 2024: 9,096 units), Ather’s cumulative 11-month retails at 1,15,278 units are up 26 percent YoY and give the company a market share of 11 percent.
Along with Ola, TVS and Bajaj, Ather is the only other leading player to sell over 1 lakh units in the fiscal to date. The Rizta family e-scooter launched last year is witnessing growing customer acceptance and has helped Ather capture its market share.
Ola Electric: 8,647 units
Ola Electric, which retained its No. 1 title in January 2025, has dropped down the OEM ladder-board by three ranks in February. As per Vahan retail sales data as of March 1, 2025, the electric scooter and motorcycle OEM has sold 8,647 units last month. Importantly, it is to be noted that Ola, in a filing with the stock exchanges had cautioned of a temporary dip in Vahan retail sales registrations for February 2025 involving the renegotiation of its contracts with its vehicle registration agencies. The negotiations aim to reduce costs and streamline the registration process.
Also, on February 28, the company issued a press release that states it has “sold more than 25,000 units in February with a market share of over 28 percent, cementing its market leadership in the EV 2W segment.” Ola Electric may be down for the month but its cumulative 11-month sales of 3,20,562 units, up 16 percent, give it an overall industry leadership status for FY2025, with March sales yet to be factored.
Greaves Electric Mobility: 3,700 units
Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, sold 3,700 units in February 2025, up 49 percent YoY. The company, which has a six-model portfolio of e-scooters comprising the Nexus, Primus, Magnus LT/EX (100km+ range), Ampere Magnus Special, entry level Rio Li/La Plus and Zeal EX, has cumulative 11-month retails of 34,517 units. This is a 22 percent YoY increase and gives it a 3 percent market share.
Vida (Hero MotoCorp): 2,677 units
Hero MotoCorp’s February 2025’s retail sales of 2,677 its Vida range of e-scooters make for 52 percent YoY sales growth (February 2024: 1,757 units).
Hero MotoCorp has started scaling up brand presence for Vida and its network now stands at 203 touchpoints comprising 180 dealers across 116 cities. The company, which has the V2 lineup of models, plans to expand its portfolio – within the mid- and affordable segment – within FY2025. It already has around 2,500 charging stations in collaboration with Ather Energy, in which Hero MotoCorp is an early investor.
