TVS Motor overtakes Bajaj in EV two-wheeler registrations

TVS Motor Company reportedly overtaken its main competitor Bajaj Auto in two-wheeler electric vehicle (EV2W) registrations (pure EV and battery-operated vehicle) in November.

The electric bike model iQube also substantially increased its market share in November while Ola Electric saw a steep fall, according to Vahan data as of Sunday, 430 pm.

TVS recorded registrations of 29,751 in November with a market share of 26.12 per cent as against 29,656 in October with 20.59 per cent. TVS was ahead of Bajaj (Chetak) with a difference of 4,677 units in the month.

Ola’s volume in November dropped by nearly half to 8,254 units as against 16,049 in October. Its market share in November declined to 7.25 per cent as against 11.14 per cent in October. Overall, EV two-wheeler registrations declined 21 per cent MoM in November as the demand slowed down after October’s robust festival season sales.

EV2W registrations

As per the industrial sources, the demand is likely to pick up in December, industry sources said. From January 1, 2025 to November 30, the total number of EV2W registrations stood at 2,76,859 as against 1,97,053, an increase of 41 per cent, YoY, data shows.

Anuj Sethi, Senior Director, Crisil Ratings, on the November 2WEV data said effective September 22, 2025, GST reforms saw rates revised on internal combustion engine (ICE) including petrol two-wheelers under 350cc from 28 per cent to 18 per cent . The rate on EV two-wheelers (E2Ws) continued to attract 5 per cent GST. This increased the price gap between the two, making EV2Ws relatively less cost-attractive, though the costing over lifetime still works in favour of E2Ws.