Greaves Electric Mobility (GEM), the EV arm of Greaves Cotton, has overtaken Ola Electric in electric two-wheeler (E2W) sales, pushing the former market leader out of the top five for the first time.
According to the latest data from the government’s Vahan portal, GEM sold 1,580 units in the first week of November, ahead of Ola Electric’s 1,335 units. Vahan registration data typically comes with a time lag, and OEM rankings may change as more records are updated in the coming weeks.
Greaves Electric Mobility’s climb to the top league follows its highest-ever monthly sales in October of 7,635 e-scooters. Its Ampere brand also registered 60% year-on-year growth to 46,109 units in the first 10 months of 2025.
GEM acquired the Coimbatore-based EV startup Ampere Vehicles in November 2019. Its e-scooter portfolio includes the Nexus (EX and ST), Magnus (Neo, EX, Grand), and Reo (80 and Li Plus) models housed under the Ampere brand, while its electric three-wheelers are sold under the Greaves brand. The company also owns the Ele range of e-rickshaws.
Greaves’ recent surge in sales was driven by its flagship Nexus family scooter, priced at ₹1,19,900 (ex-showroom). The company’s retail financing partnerships with players such as Shriram Finance and Perpetuity Capital have also supported its expanding sales footprint.
In contrast, Ola Electric continues to lose market share amid complaints over poor after-sales service. The Bengaluru-based EV maker recently slashed its full-year volume and revenue projections after a weak first half. The company now expects consolidated revenue of ₹3,000–3,200 crore for FY26, down from its earlier guidance of ₹4,200-4,700 crore. It has also trimmed its annual sales target to about 220,000 units, compared with the earlier plan of 325,000-375,000, signalling subdued demand and intensifying competition in the E2W segment.
Ola Electric Chairman and Managing Director Bhavish Aggarwal said on Thursday, after the second quarter results, that the company was focusing on “sustainable and profitable growth” and did not mind losing market share to rivals that he claimed were “buying sales” through discounts.
Meanwhile, TVS Motor regained the top spot in monthly E2W sales after briefly ceding the crown to Bajaj Auto in October. The Chennai-based firm sold 5,353 units so far in November, pushing Bajaj to the third place with 4,582 units. Ather Energy narrowly edged past Bajaj to claim the number two position with 4,871 units, while Hero MotoCorp, which sells the Vida range of e-scooters, climbed to fourth with 1,987 units registered so far this month.
