Hero MotoCorp has overtaken Ola Electric to become the fourth-largest electric two-wheeler manufacturer in the country in October, according to Vahan retail data. The company’s EV arm, Vida, recorded sales of 7,258 scooters as of October 14, compared to Ola Electric’s 6,335 units during the same period.
The shift, once again marks the comeback for traditional internal combustion engine manufacturers in the electric two-wheeler market. Bajaj Auto leads the segment with 12,620 units sold so far this month, followed by TVS Motor at 12,246 units. Ather Energy remains the only startup in the top three, with 10,777 units.
Ola Electric, which dominated the market since its 2021 launch, has slipped to fifth place for the first time. The company’s decline has been linked to persistent issues with product quality and after-sales service, eroding customer confidence. Once the clear leader through 2024, the Bhavish Aggarwal-led firm is now losing ground to established players.
Hero MotoCorp’s steady performance reflects growing acceptance of its new VX2 range, launched in July. The company has maintained monthly sales above 10,000 units since then — 10,544 in July, 13,374 in August and 12,799 in September. The VX2 Go is priced at Rs 44,990 under the Battery-as-a-Service model and Rs 73,840 with the battery included, while the VX2 Plus variant starts at Rs 57,990 under BaaS and Rs 82,790 with the battery.
The company’s aggressive pricing, wider variant range, and focus on accessibility have helped attract new buyers. Alongside the VX2 range, Hero also sells three models under its V2 series, launched in December 2024, priced between Rs 74,000 and Rs 1.2 lakh. The entry-level V2 Lite, with a 2.2kWh battery, offers a claimed range of 94 km on a full charge.
Hero’s total EV sales for the first two weeks of October nearly match its entire October 2024 performance of 7,356 units. If current momentum holds, the company could double its year-on-year growth by the end of the month. Its market share in the electric two-wheeler segment has risen from about 5% in October 2024 to over 12% this month.
Industry observers attribute Hero’s rise to its strong brand trust, widespread service network, and competitive pricing strategy. A sector expert said customers are showing a clear preference for reliability and after-sales assurance offered by established manufacturers.
However, experts added that competition will intensify as Bajaj Auto and TVS, both with similar brand strength and distribution reach, continue to consolidate their position in the fast-growing electric mobility market.