Ola Electric's EV Market Share CRUMBLES! TVS, Bajaj, Ather STEAL the Show - Who's Winning the Electric Race?

Ola Electric faces a sharp downturn in its two-wheeler sales, witnessing a significant drop in market share. Meanwhile, competitors like TVS Motor, Bajaj Auto, and Ather Energy are experiencing sales growth in the burgeoning electric vehicle segment.

The report from brokerage firm Choice Equity highlights a dramatic shift in the electric two-wheeler landscape. Ola Electric's sales have fallen considerably, impacting its once-dominant position. This comes at a time when the overall electric two-wheeler industry is showing growth, although specific monthly trends can fluctuate.

Market Share Shake-up

• Ola Electric's year-to-date sales in FY25 stand at 1,33,521 units, a stark contrast to the 2,73,725 units sold in the same period last year.
• This decline has shrunk Ola's market share to 15.3% from 35.5% in the previous financial year.
• TVS Motor Company is currently leading the market for the fiscal year to date with 1,99,689 units sold.
• Bajaj Auto follows closely with 1,72,554 units, and Ather Energy has secured the third position with 1,42,749 units.

Industry Performance and Recent Trends

• The overall electric two-wheeler industry showed a growth of 13.5% year-on-year, reaching 8,74,786 units compared to 7,70,236 units in the prior year.
• However, November 2025 saw a 2.6% decline in overall electric two-wheeler sales compared to November 2024.
• Hero MotoCorp bucked the November trend with a remarkable 62.5% year-on-year sales jump.
• Ather Energy also posted strong growth, with a 56.9% year-on-year increase, attributed to new model launches across different price points.
• TVS Motor Company's sales grew by 11% year-on-year, benefiting from the normalization of rare earth supply chains.
• Bajaj Auto, however, experienced a 3.3% year-on-year decline in sales during the same period.

Supply Chain and Production

• The report noted that electric vehicle production has normalized following earlier disruptions caused by shortages of rare-earth magnets.
• This normalization has helped manufacturers like TVS Motor Company recover and boost sales.

Importance of the Event

• This shift indicates increasing competition and evolving consumer preferences in the rapidly growing electric two-wheeler market.
• Ola Electric's performance is a key indicator for the sector, and its challenges present opportunities for established players and new entrants.
• Investor sentiment towards EV manufacturers may be influenced by these market share dynamics and sales performance trends.

Impact

• This news directly affects the stock prices and market valuations of publicly listed companies like TVS Motor Company, Bajaj Auto, and Hero MotoCorp.
• Investors will re-evaluate their portfolios based on these market share shifts and growth prospects.
• Ola Electric's performance could influence future investment and strategy within the Indian EV sector.
• Impact Rating: 8

Difficult Terms Explained

• YTD (Year to Date): The period from the beginning of the current financial year up to the current date.
• FY25 (Financial Year 2025): The financial year that typically runs from April 1, 2024, to March 31, 2025, in India.
• Market Share: The percentage of total sales in an industry that a company controls.
• YOY (Year-on-Year): Comparing data from a specific period (like a month or quarter) with the same period in the previous year.
• OEMs (Original Equipment Manufacturers): Companies that produce finished goods or components used in other companies' final products. In this context, they are the vehicle manufacturers.
• Rare Earth Magnets: Strong magnets made from rare earth elements, crucial components in electric motors for EVs.
• Brokerage Firm: A company that buys and sells stocks and other securities on behalf of investors.