Ola Electric’s Two-Wheeler Sales Drop 51% to 18,499 Units as TVS and Bajaj Lead the Market

India’s electric two-wheeler (E2W) segment witnessed a strong performance in May 2025, with retail sales reaching 100,266 units, according to Vahan data. While the market overall showed growth, Ola Electric experienced a steep year-on-year (YoY) decline in sales, falling behind major competitors.

Ola Electric Slips to Third in Market Rankings

Ola Electric sold 18,499 units in May 2025, marking a 51% YoY decline in monthly electric two-wheeler sales. This significant slowdown pushed Ola down to the third position in market rankings, trailing behind TVS Motor Company and Bajaj Auto.

TVS Motor Takes the Top Spot

TVS Motor led the May E2W sales chart, selling 24,560 units and achieving a robust 107% YoY growth. The company secured a commanding 24% market share, making it the top electric two-wheeler seller for the month.

Bajaj Auto Emerges as a Strong Contender

Bajaj Auto followed closely in second place, with 21,770 units sold, reflecting a 135% increase over the previous year. This performance earned Bajaj a 22% market share, further intensifying the competition in the electric scooter segment.

Ola Electric’s Market Share Shrinks

Despite being a market leader in the past, Ola Electric’s market share declined to 18%, reflecting the ongoing pressure from rising competition and evolving customer preferences. The company, led by Bhavish Aggarwal, now faces challenges on both operational and financial fronts.

Ather Energy Maintains Momentum Post-IPO

Ather Energy, which recently went public, continued its growth trajectory with 12,840 units sold in May, capturing a 13% market share. The company’s recent IPO has bolstered its brand visibility and helped it maintain a solid foothold in the E2W space.

Ola Electric’s Financial Woes Deepen in Q4 FY25

Q4 Net Loss Doubles for Ola Electric

Ola Electric reported a net loss of ₹870 crore for the January–March quarter (Q4 FY25), more than double the ₹416 crore loss recorded in the same period last year (Q4 FY24). The financial setback was disclosed through the company's recent stock exchange filing.

Revenue Falls Sharply Amid Operational Challenges

The company's revenue from operations plummeted 61.8% YoY to ₹611 crore in Q4 FY25, down from ₹1,598 crore in Q4 FY24. This marks one of the company's weakest quarterly performances since it began commercial deliveries in late 2021.

Factors Behind the Revenue Decline

Ola’s declining financial performance is attributed to several factors:

• Rising competition in the electric scooter market.

• Uncertainty around government subsidies affecting consumer sentiment.

• Inventory correction and lower dealership offtake.

These challenges have significantly impacted the company’s revenue flow and profitability.

Full-Year Performance Reflects Slowdown

Annual Revenue Drops in FY25

For the full financial year (FY25), Ola Electric posted revenue of ₹4,645 crore, down from ₹5,126 crore in FY24. This decline aligns with the overall sluggishness observed in the final quarter.

Ather Energy’s Q4 FY25 Financial Results

Net Loss Widens for Ather

Ather Energy reported a Q4 net loss of ₹234.4 crore, up 18.5% from ₹197.8 crore in Q3 FY25. Despite the widened loss, the company saw some positive indicators in revenue.

Revenue Sees Healthy Growth

Ather’s revenue from operations jumped 29% YoY, reaching ₹676 crore in Q4 FY25, compared to ₹523.4 crore in the corresponding quarter last year. The company’s total expenses rose to ₹922 crore, showing both investment in scale and operational cost pressure.

Conclusion: Competitive Pressure Mounts in India’s EV Space

Ola Electric’s sharp sales drop and mounting losses come at a time when competitors like TVS and Bajaj Auto are rapidly expanding their market share. As the EV space in India becomes more crowded, sustaining growth and profitability will require strategic shifts, robust infrastructure development, and better pricing models.