Automotive major TVS Motor reclaimed the top spot in electric two-wheeler (E2W) registrations in November, with Bajaj Auto dropping to the second position. 

TVS Motor, which sells models like iQube and Orbiter, registered 30,309 units in November, marking a 2.18% rise from 29,661 units in October. 

Meanwhile, its closest rival Bajaj saw a contrasting trend. Its registrations dipped nearly 19% to 25,527 units last month from 31,393 units in October, as per Vahan data as of December 1. 

The drop in registrations also mirrored the broader slump in the overall E2W registrations, which declined nearly 20% to 1.16 Lakh units from 1.44 Lakh units in October.

Ola Electric’s Registrations Halve 

Bhavish Aggarwal-led Ola Electric, which has been seeing a steady decline in its market share for the past few months, saw its E2W registrations crash 48% to 8,400 units in November from 16,049 units in October. 

The monthly registrations for the company, which has been struggling with after-sales service issues, were the lowest in 2025 last month. 

In its Q2 FY26 shareholders’ letter last month, Ola Electric said that many OEMs were resorting to aggressive discounting and elevated channel incentives to gain market share. The company said it is focusing on profitability and its auto segment achieved EBITDA profitability during the September quarter.

In a statement today, the company announced the nationwide rollout of its in-app service appointment, which will enable customers to schedule service appointments within its app. Amid declining registrations and falling market share, Ola Electric is now focusing on its battery energy storage system, Ola Shakti.

Ola Electric’s loss was Hero MotoCorp’s gain, as the legacy automaker jumped one spot to take the fourth position in terms of registrations last month. However, its registration also fell 23.82% to 12,199 units. 

Ather Energy, which once trailed both Hero MotoCorp and Ola Electric, retained its third position in November amid subdued market sentiment. Its registrations stood at 20,324 units, a decline of 28% from 28,407 units in October.

Ather narrowed its Q2 FY26 net loss by 22% to INR 154.1 Cr from INR 197.2 Cr in the same quarter previous year. Operating revenue jumped 54% YoY and 40% QoQ to INR 898.8 Cr.

The company overtook Ola Electric in both sales and revenue, marking a decisive shift in India’s E2W competition. 

How Emerging E2W Players Fared In November

With the festive momentum tapering off, smaller EV players also felt the impact. Bengaluru-based Greaves Electric Mobility recorded 5,763 registrations in November, down 24% from 7,632 in October. However, River Mobility bucked the trend, with its registrations rising 10% to 1,798 units from 1,635 units in October. 

While Pure EV’s registrations were almost unchanged at 1,071 units, Pune-based Kinetic Green Energy & Power Solutions saw a 13% rise in registrations to 1,340 units in November from 1,191 units in the previous month.

Ultraviolette, which is looking to expand its domestic presence to 100 cities by March next year, saw its registrations shoot up 163.29% to 208 units from 79 units in October. 

The competition in the fast-growing E2W segment is set to heat up further as Vietnam-based EV giant VinFast prepares to enter the Indian market next year. 

Overall, EV registrations across categories jumped over 10% to 2.47 Lakh units in November from 2.24 Lakh units in October.