Ola Electric, a dominant force in India's electric two-wheeler market, experienced a significant sales decline in September 2025, losing its top position to legacy automakers TVS Motor and Bajaj Auto. For potential buyers, investors, and industry watchers asking why this happened, the latest VAHAN registration data reveals a sharp month-on-month drop in volumes and a major reshuffle in market leadership, signalling intensifying competition in the electric vehicle (EV) space.
This analysis breaks down Ola Electric's September performance, compares it with key rivals, and provides an outlook on whether the company can reclaim its top spot during the upcoming festive season.
Table of Contents
- How Many Scooters Did Ola Electric Sell in September 2025?
- Who is Leading the Electric Scooter Market Now?
- Why Did Ola Electric's Sales Decline?
- What is the Outlook for Ola Electric?
- Frequently Asked Questions (FAQs)
According to VAHAN registration data published by EV Reporter India, Ola Electric sold 13,374 high-speed electric two-wheelers in September 2025. This marks a sharp 46% year-on-year (YoY) decline compared to the 24,755 units sold in September 2024. The performance also represents a significant 29.7% month-on-month (MoM) drop from the 19,020 units registered in August 2025. This sharp fall pushed Ola Electric down to the fourth position in the monthly sales rankings.
The September sales data indicate a significant shift in the competitive landscape. Traditional two-wheeler manufacturers have successfully ramped up their EV offerings, capturing a larger share of the market. TVS Motor emerged as the market leader for the month, followed by Bajaj Auto.
Here is a breakdown of the top 5 high-speed electric two-wheeler manufacturers for September 2025:
| Manufacturer |
Sep Sales |
YoY Growth |
Market Share |
| TVS Motor |
22,491 |
-7% |
26.1% |
| Bajaj Auto |
19,554 |
+2% |
22.7% |
| Ather Energy |
18,122 |
+40% |
21.0% |
| Ola Electric |
13,374 |
-46% |
15.5% |
| Hero MotoCorp |
12,740 |
+195% |
14.8% |
Source: EV Reporter India, citing VAHAN Dashboard data as of 2 October 2025.
Understand how leading players like TVS, Bajaj, and Ola Electric are shaping India’s two-wheeler automobile shares sector with the in-depth industry overview
While Ola has not officially commented on the reasons for the decline, the data points to intensifying competition as the primary factor.
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Strong Performance from Rivals: Legacy players like TVS Motor and Bajaj Auto have leveraged their extensive distribution networks and brand trust to solidify their EV market share. TVS's iQube and Bajaj's Chetak continue to be strong contenders.
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Growth of Other EV Players: Ather Energy posted a strong 40% YoY growth, indicating its premium offerings are resonating with buyers. Hero MotoCorp also saw a massive 195% YoY growth, albeit on a lower base.
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Market Saturation and Product Cycle: After an initial phase of rapid growth driven by its S1 series, Ola may be facing a more mature market where consumers are comparing a wider range of options on factors like reliability, after-sales service, and price.
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Check Ola Electric share price, detailed financials, stock trends, and valuation metrics on its Ticker company profile.
Despite the sharp drop in September, it is too early to write off Ola Electric. The company's future performance will depend on several key factors:
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Festive Season Rebound: The upcoming festive months of October and November are traditionally strong for vehicle sales in India. Aggressive marketing and festive offers could help Ola regain lost ground.
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Product Portfolio: The success of its newer, more affordable models like the S1 Air and S1 X will be crucial for driving volumes and competing with the broader market.
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Manufacturing and Delivery: The company's ability to streamline production at its Krishnagiri facility and ensure consistent delivery timelines will be critical to meeting any surge in demand.
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Profitability vs. Growth: As a high-growth EV startup, Ola's financial profile differs from its profitable, listed peers like Bajaj Auto and TVS Motor. Its long-term success will hinge on its ability to scale up profitably in a crowded market.
In conclusion, while the September sales numbers mark a significant setback, Ola Electric remains a key player in India's EV ecosystem. Its ability to innovate, compete on price, and improve its service experience will determine if it can reclaim its leadership position.
Watch Bhavish Aggarwal share insights on Ola’s Make in India vision, from lithium-ion cells to rare-earth-free motors, in this Moneycontrol interview.
How many electric scooters did Ola sell in September 2025?
Ola Electric sold 13,374 high-speed electric two-wheelers in September 2025, according to VAHAN portal data compiled by EV Reporter India.
Who is the number 1 electric scooter company in India right now?
Based on September 2025 sales data, TVS Motor was the number one electric two-wheeler company, followed by Bajaj Auto and Ather Energy. Ola Electric ranked fourth for the month.
Why are Ola Electric's sales dropping?
The sales decline appears to be driven by intensifying competition from established players like TVS and Bajaj, as well as strong growth from other EV-focused companies like Ather Energy.
Is Ola Electric still a market leader?
While Ola Electric was the market leader for many previous months, it lost the top spot in September 2025. However, it remains one of the largest players by cumulative sales volume for the fiscal year.
Will Ola's sales increase in the festive season?
The festive season is expected to boost sales across the industry. Ola Electric's performance will depend on its product offerings, pricing, and ability to meet customer demand during this critical period.