After hitting record monthly sales of 92,345 units and 45 percent YoY growth in April 2025, the retail sales numbers for May 2025 are even better. At 1,00,266 units, demand rose 30 percent YoY (FY2024: 77,330 units) albeit 5,307 units fewer than May 2023 (1,05,573 units), which remains the best-ever May for this sub-segment of the EV industry.
As per the latest retail sales statistics on the Vahan portal (June 1, 7am), cumulative e-2W sales for the first five months of this year at 4,99,134 units are up 11 percent YoY (January-May 2024: 4,48,129 units). This is 43 percent of CY2024’s record e-2W sales of 1.14 million units (11,49,374 units), and creates a firm foundation for India e-2W Inc to build on for the remaining seven months of 2025.
Of the total 1,00,266 electric two-wheelers sold in May 2025, the Top 10 manufacturers together accounted for 93,623 units or an overwhelming 93 percent, while the Top 4 – each with five-figure sales – 77,669 units or 77 percent. Let’s take a closer look at each of the top six players in detail and how they fared in May.
TVS: 24,560 units
TVS Motor Co, which opened FY2026 on a strong note in April 2025 and topped monthly retail sales for the very first time since its launch over five years ago, continues to wear the crown in May 2025. With 24,560 units, up 107 percent YoY (May 2024: 11,866 units), the iQube has raced ahead of its rivals once again for the second straight month.
This performance gives the iQube a monthly market-leading share of 24 percent, considerably improving upon its May 2024 share of 15 percent. Cumulative sales of the iQube for the first five months of CY2025 at 118,225 units are up 55 percent YoY (January-May 2024: 76,268 units)
What would have given iQube sales a boost is TVS Motor Co slashing prices by up to Rs 26,000 and also increased the battery capacity of some variants. Speaking in a recent conference call after the company’s Q4 FY2025 results, K N Radhakrishnan, director and CEO of TVS Motor Co, said that a number of new EVs are in the final developmental stage and are slated to be launched in the coming quarters. It is understood that an affordable electric scooter targeted at first-time EV buyers in semi-urban India is in the new product pipeline and slated for launch later this year.
Bajaj: 21,770 units
Bajaj Auto, which had topped the monthly sales charts in February (21,563 units) and March (35,160 units) has moved up one rank from April’s No. 3 position (19,135 units) to No. 2 in May 2025. The Pune-based manufacturer of the Chetak e-scooter sold 21,770 units last month, a 135 percent improvement on year-ago sales of 9,249 units. This gives it a monthly market share of 22 percent, nearly double its April 2024 share of 12 percent.
For the January-May 2025 period, Bajaj Auto has sold a total of 1,19,153 Chetaks, up 107 percent YoY (January-May 2024: 57,554 units). This is 928 units more than TVS’ five-month sales on account of being ahead in two months of this year to date.
Rakesh Sharma, executive director, Bajaj Auto confirmed the launch of a new variant this month (June 2025) in an investor call on May 30. He said: “With the introduction of the third 35 Series variant (the Chetak 3503) as well as the impending launch of a new variant in June – an upgrade to the entry-level and high-selling 2903 – the Chetak portfolio will become very potent. Further expansion of this portfolio is envisaged in FY2026 to address emerging sub-segments.”
Ola Electric: 18,499 units
Ola Electric sold a total of 18,499 electric scooters and motorcycles in May 2025, down 51 percent YoY (May 2025: 37,388 units). The company had last topped the monthly sales chart in January 2025 but lost that spot to Bajaj Auto in February and March, and to TVS in April and May.
Ola’s market performance last month gives it an e-2W share of 18 percent, considerably down on its year-ago 48 percent share (May 2024: 37,388 units). Cumulative five-month sales at 94,925 units are down 50 percent on year-ago sales (January-May 2024: 191,684 units) as per Vahan data.
The bulk of Ola’s sales come from the S1 e-scooter, which straddles multiple price-points starting from Rs 85,000 and going up to Rs 2 lakh.
May 2025 saw Ola finally begin customer deliveries of its Roadster X electric motorcycle, delayed from its promised start in March. The company is targeting strong growth with the X, with the ICE motorcycle market being much bigger than scooters. Ola, which commenced deliveries of the Gen 3 model range across India in March 2025, states that Gen 3 accounted “for 56 percent of its scooter deliveries by the month-end.”
Meanwhile, Ola has stated that it is “delaying the S1 Z, Gig and some future products and will sequentially launch these products such that each product receives the right customer mindshare.”
Ather Energy: 12,840 units
Ather Energy continues to be ranked fourth on the ladder-board with 12,840 units. Sales in May 2025 were up 109 percent on May 2024’s 6,155 units which saw its market share rise to 13 percent compared to 8 percent a year ago.
Ather’s main growth driver is the Rizta family e-scooter launched a year ago – cumulative Rizta wholesales have surpassed 1 lakh units last month, 11 months after deliveries began in July 2024.
In April 2025, the Rizta (10,052 units) accounted for 73 percent of the company’s total wholesales of 10,773 units. Expect the Rizta to have sold over 10,000 units in May 2025, which would take its cumulative sales since launch to over 1.10 lakh units. In FY2025, the share of the Rizta (89,639 units) in Ather’s 12-month sales of 1,55,405 e-scooters was 58 percent.
Vida (Hero MotoCorp): 7,164 units
Hero MotoCorp has sold 7,164 Vida 2 e-scooters in May, up 191 percent YoY on its rather low year-ago base of 2,460 units. This performance sees its share more than double to 7 percent from 3 percent a year ago. This is the company’s third highest monthly sales after March 2025 (7,982 units) and October 2024 (7,355 units).
The company is benefiting from expansion of its EV portfolio with the launch of the new V2 range of models in December 2024. The Vida 2 is essentially an evolution of the V1 range and is available in three variants: Lite (Rs 74,000), Plus (Rs 85,300) and Pro (Rs 1.20 lakh).
In an earnings call held on May 14 after the Q4 FY2025 results were announced, Vikram Kasbekar, acting CEO, said: “The EV business is on a sustained growth curve helped by investments behind the brand, brand building, pricing interventions and launch of the VIDA V2 scooter. In 30-plus towns, we have 20 percent-plus market share. And in 60-plus towns, we have 10 percent-plus market share.”
Vivek Anand, CFO, added: “We are planning two new affordable products in first-half, most likely in July. And that will continue to really strengthen our product portfolio, which will help us really drive our growth, accelerate our growth and help us gain market share.”
Greaves: 4,177 units
Greaves Electric Mobility (GEM) has clocked retail sales of 4,177 e-scooters in May 2025, as per Vahan data. This sees the company maintain the same market share it had a year ago: 4 percent. GEM’s FY2025 retails of 40,161 units were up 28 percent on its FY2024 sales of 31,276 units and give it a market share of 3.49 percent, marginally improving upon its 3.29 percent share of FY2024. The Ampere Nexus, GEM’s latest premium offering, is a key growth driver.
There are three other manufacturers which have sold over 1,000 units in May 2025. At No. 7 is Pur Energy (1,270 units), which is followed by E-Sprinto Green Energy (1,149 units). Kinetic Green, with its clutch of Chinese-origin e-scooters as well as the e-Luna moped, takes ninth position with 1,128 units, and is followed by BGauss Auto (1,066 units). River Mobility with 948 units is ranked 11th and is followed by Revolt Motors, which only sells electric motorcycles, which sold 883 units.
Also See: Largest Honda two wheeler plant worldwide to be in India