E2W Registrations Dip 1.7% MoM In July, TVS Motor Defies Trend With 10% Growth

Electric two-wheeler (E2W) registrations declined 1.7% to 1.91 Lakh units in July from 1.94 Lakh units in June, with TVS Motor bucking the broader trend by posting double-digit growth and retaining its leadership in the segment. 

Despite the sequential decline, the market remained on a strong growth trajectory, with registrations jumping 85% YoY from 1.03 Lakh units in July 2025. The recovery follows a prolonged slowdown in the second half of last year, when monthly registrations fell to as low as 97,989 units in December. 

The momentum also reflects the broader growth in India’s EV ecosystem. Earlier this week, road transport and highways minister Nitin Gadkari informed the Parliament that cumulative EV registrations across vehicle segments have crossed 1 Cr, taking EV penetration to more than 8.5% of the country’s automobile market. 

TVS Motor Widens Lead 

TVS Motor remained the top E2W OEM in July after its registrations rose 10% to 52,032 units from 47,413 in June, taking its market share to more than 27%. 

This came amid the company’s continued push to scale its EV business. Earlier this month, TVS launched its Orbiter electric scooter in Nepal after expanding its iQube portfolio overseas. During its Q1 FY27 earnings, the company said electric scooter sales surged 86% YoY to 1,29,940 units and reiterated its expectation of outpacing industry growth in both domestic and international markets. 

Bajaj Auto retained the second position with registrations of 43,137 units in July, largely unchanged from 43,504 units in June. The OEM commanded a market share of about 22.5%. 

Last week, the company said demand for its Chetak electric scooter has exceeded production capacity and it is investing to expand manufacturing to improve availability and support international expansion. 

Ola Electric’s Slide Continues 

Ola Electric’s registrations fell 19.5% to 13,085 units in July from 16,249 units in June, with its market share slipping to about 7%. 

The continued decline comes as the Bhavish Aggarwal-led startup grapples with operational and financial challenges. It is currently facing multiple insolvency petitions filed by suppliers over alleged unpaid dues. A recent report also highlighted a sharp rise in overdue payments to MSME vendors beyond the statutory payment timeline. 

The weak monthly performance follows a stronger Q1 FY27, when Ola Electric nearly doubled registrations sequentially to 43,719 units. The company attributed the growth to operational improvements undertaken over the past few quarters. 

Meanwhile, rival Ather Energy registered 28,539 units in July, down 9.2% from 31,435 units in June. The company’s market share stood at about 15%. 

Earlier this month, the listed EV maker raised about ₹1,300 Cr through a QIP as part of a planned ₹2,500 Cr fundraise to invest in R&D, manufacturing expansion, and marketing. 

Smaller OEMs Outperform 

While the broader E2W market cooled in July, several smaller OEMs recorded strong sequential growth. 

Electric motorcycle maker Revolt saw registrations rise 27.2% MoM to 1,131 units, while electric superbike manufacturer Ultraviolette posted a 33.7% increase to 647 units. 

Electric scooter makers including River, BGauss, Simple Energy, and Kinetic Green also reported MoM growth, indicating that smaller players continued to gain traction despite the broader slowdown. 

The post E2W Registrations Dip 1.7% MoM In July, TVS Motor Defies Trend With 10% Growth appeared first on Inc42 Media.