E2W Registrations: Bajaj Auto Surpasses TVS To Claim Top Spot In Oct

Legacy automaker Bajaj Auto made a strong comeback in October, nearing the 30,000 mark in electric two-wheeler (E2W) registrations after its EV production had slowed due to the rare earth supply crisis a couple of months ago.  

The company overtook TVS Motor to claim the top spot among E2W manufacturers, posting a 50% month-on-month (MoM) growth with 29,567 registrations in October compared to 19,687 in September.

Meanwhile, TVS Motor reported 28,008 E2W registrations during the month, according to Vahan data as of October 31, 2:30 PM.

The surge in the EV giants’ sales was driven by festive season demand and the government’s decision to retain the uniform 5% GST on EVs in the 56th GST Council meeting held in September.

While RV Motor major noted a 7% YoY uptick in its quarterly EV sales in Q2 FY26, its CEO KN Radhakrishnan opined that the overall sales of EVs could have been much higher if it didn’t face constraint due to the rare earth issue.

“Had magnets been available, the industry would have reported much higher sales,” he said during its Q2 earnings call.

Important to note that the overall E2W registrations in India declined consistently on an MoM basis throughout Q2 FY26. However, E2W registrations jumped 30% MoM to 1.36 Lakh units in October, up from 1.05 Lakh in September. 

Ather Extends Lead Over Ola Electric

Ather Energy continued its growth momentum in October, maintaining its lead over rival Ola Electric at the third sport. After surpassing Ola Electric for the first time last month by nearly 5,000 units, it more than doubled the gap in October by 11,232 units. The EV maker recorded a 46% jump in its E2W registrations in the month of October, clocking 26,713 registrations compared to 18,295 in September.

Ather’s sales volumes have consistently grown in recent months on the back of it rapidly increasing its store counts across the country.  The EV major’s efforts to widen its presence included adding 95 stores in Q1, which took the total to 446 at the end of June.

“As the company has opened more stores, volumes have consistently increased over the last couple of months, despite intensifying competition from incumbents,” brokerage firm HSBC said.

In line with the company strengthening its position in the E2W market, its shares have also maintained a bull run on the bourses in recent times. To note, the company touched an all-time high of INR 790 on October 21. From a year-to-date perspective, Ather’s shares have zoomed more than 128%.

Ola Electric, too, recorded  a 15% increase in its E2W registrations in the month by selling 15,481 units against 13,420 last month. The month of October saw Ola Electric undertake multiple steps to consolidate its position in the EV market. Here are the key highlights: 

• It entered the battery storage market with the launch of its first residential battery energy storage system (BESS) solution, Ola Shakti.
• It received the ARAI certification for its in-house lithium-ion battery, 4680 Bharat Cell. The proposal, which was awarded to the 5.2 kWh configuration variant of the battery cell pack, would allow the company to use the battery in its escooters.
• Ola Electric’s board approved a proposal to raise up to INR 1,500 Cr via options like public offer, rights issue, qualified institutional placement (QIP) or private placement.
• It announced the scaling up of its after-sales service platform, HyperService, into an open platform to allow the purchase of its genuine spare parts directly through the Ola Electric Customer App and website.

On the contrary, the company also came under fire this month after an FIR was filed with the Bengaluru Police against the company, its founder and CEO Bhavish Aggarwal and a senior executive of the company. The FIR pertains to an unfortunate employee suicide, who reportedly accused them of harassment in a note before dying by suicide.

Besides, the Central Consumer Protection Authority (CCPA) has sent the EV major its investigation report in the matter pertaining to alleged violations of consumer rights, deficiency in service and misleading advertisement a couple of days ago. 

After Ather and Ola Electric, Hero Motocorp stood at the fifth position with registrations of 15,064 units this month. Other players who witnessed growth in their E2W sales include Greaves Electric Mobility, Revolt Intellicorp and Simple Energy among others. 

India’s supportive policies and growing consumer demand have fostered a thriving EV ecosystem, giving rise to several homegrown players. However, this has led to China filing a complaint against India at the WTO in October over its India’s EV and battery subsidy policies. Beijing said that India’s policies give homegrown manufacturers an edge over overseas manufacturers, effectively locking them out of the EV market.