TVS sees record monthly sales as overall EV sales rise in January
Bhavish Aggarwal’s Ola Electric saw its sales slip after rising momentarily in December as it struggles to navigate competition from legacy automakers and peer Ather Energy.
TVS Motor Company’s EV sales are off to a solid start this year as it posted its highest ever monthly sales of its electric two-wheelers in January. The company sold 31,731 units this month, commanding a 28.8% market share.
The legacy automaker also sold the most number of EVs in 2025, which stood at 2,99,195 units.
Meanwhile, peer Bajaj Auto sold 22,921 units, taking 20.7% market share in January. Sequentially, the company saw its sales increase 21% from 18,939 units in December, according to Vahan data.
Tarun Mehta-led Ather Energy, which is slated to post its third-quarter results today, sold 19,760 units last month, commanding a 17.9% market share. The firm maintained its position as the third largest E2W manufacturer in India—a position it had gained after rival Bhavish Aggarwal-led Ola Electric saw plunging EV sales last year.
Ola Electric’s decline in sales has helped Hero MotoCorp to become the fourth-largest E2W maker in India. The firm sold 11,914 units in January, capturing a 10.8% of the market share, data showed.
Ola Electric saw its sales decline sequentially. The company managed to sell only 6,747 units in January, capturing a mere 6.1% of the total EV market share. The Roadster-maker had briefly seen an increase in sales in December when it sold 9,026 units.
On a year-on-year basis, Ola Electric saw its sales slump 72.4%. The company had sold 24,409 units in January 2025 at a time when the firm was the market leader in the E2W segment in terms of sales.
(All numbers as of February 30th)
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)
Edited by Jyoti Narayan