Bajaj Auto overtakes Ola Electric as top 2-wheeler EV company

New Delhi: Bajaj Auto has emerged as the leading player in India's two-wheeler electric vehicle (EV) market, overtaking Ola Electric in December 2024, marking a significant shift in the segment’s competitive landscape.

According to data from the government’s Vahan portal, Bajaj Auto's market share in the two-wheeler EV segment rose by 3 percent, reaching 25 percent in December 2024, up from 22 percent in November. In contrast, Ola Electric experienced a decline of 5 percent in its market share, falling to 19 percent from 24 percent the previous month.

Alongside Bajaj, Ather Energy saw a 3 percent increase in its market share, rising to 14 percent in December from 11 percent in November. Meanwhile, TVS Auto's share remained stable at 23 percent, while Hero MotoCorp saw a significant drop of 5 percent, leaving it with just 1 percent of the market in December, down from 6 percent in November.

Ola Electric, led by Bhavish Aggarwal, is facing increased competition in the two-wheeler EV space, with companies like Bajaj and TVS launching more affordable and advanced EV scooters. To maintain its competitiveness, Ola Electric has rolled out new models and expanded its retail presence, growing its store count from 800 to 4,000 locations. Additionally, the company plans to introduce its in-house batteries for electric scooters by April 2025.

Bajaj Auto, on the other hand, has introduced a new platform that not only incorporates the latest technological features but also promises a 45 percent cost savings, which is expected to enhance its profit margins.

TVS Auto continues to expand its reach with the I-Qube electric scooter, increasing its touchpoints from 250 to 4,000 stores. Ather Energy is also expanding its footprint in North India and has seen strong demand from key EV markets such as Gujarat and Maharashtra.

With IANS inputs

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