TVS Motor Company retained its position as India’s largest two-wheeler electric vehicle (EV) manufacturer in June, with about 27% of the market share in the country. This is the third consecutive month that the iQube maker saw demand for its vehicle soar amid intense competition from Bajaj Auto and Ola Electric.
The company sold 25,274 units in June, followed by Bajaj Auto, which sold 23,004 units with a 24.5% market share, according to data from Vahan.
Meanwhile, Ola Electric continued to see its sales plummet year-on-year. The Bhavish Aggarwal-led company, which was the biggest E2W manufacturer until December last year, saw its sales fall by about 45% from June 2024 to 20,189 units this year.
Shares of the company were trading at Rs 42.22 apiece as of 10 AM on Tuesday.
As competition heats up between the top three players, newly listed Ather Energy saw its monthly sales jump by 2.3X. The EV-maker sold 14,512 units in June this year, compared to 6,216 units in the year-ago period.
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The EV sales data comes amid heightened discussions around the ongoing rare earth magnet crisis recently triggered by China’s export restrictions. Most EV manufacturers rely on these magnets for their motors, and many EV makers like Mahindra and Bajaj Auto had rung warning bells regarding their production.
During their post-earnings call in May, Bajaj Auto had warned that its production could be affected if the restrictions on rare earth magnets are not eased by July. It had also said that the launch timeline for its upcoming electric vehicle variants might be impacted if the situation is not solved. The company has a single EV scooter model, the Bajaj Chetak, with varying battery capacities.
Additionally, the company also manufactures electric three-wheelers.
Edited by Affirunisa Kankudti
