TVS tops August electric two-wheeler sales; Ather gains ground as Bajaj slips to fifth
Electric two-wheeler demand in India stayed hot in August, but the ranking of makers saw a reshuffle. TVS Motor retained the lead while Ather Energy made notable gains — and Bajaj Auto, hit by component shortages, fell down the pecking order.
Quick take
TVS Motor led India’s electric two-wheeler market in August, followed by Ather and Ola in the top ranks.
Supply constraints for rare-earth magnets constrained production for some manufacturers and helped reshape the monthly standings.
Bajaj Auto dropped to fifth place in August after a sharp fall in EV deliveries, while Ather posted strong month-on-month inroads.
What happened in August (numbers and context)
According to vehicle-registration data and industry reports compiled in late-August, TVS Motor held the largest share of electric two-wheeler registrations for the month, with Ather moving ahead of several rivals to take a higher rank than in previous months. Ola Electric remained competitive in the top three, while Bajaj Auto’s EV volumes fell sharply amid supply pressures.
Manufacturers and analysts point to a shortage of rare-earth magnets — a key input for e-motor manufacturing — which disrupted planned production runs for a few firms and altered monthly retail/registration outcomes. Reuters reported that Bajaj itself warned of reduced deliveries because of this constraint.
Company snapshots
TVS Motor: Continued to lead the category in August, holding a significant share and reporting healthy month-on-month growth in EV registrations.
Ather Energy: Posted a strong performance in August and climbed the rankings as it captured a larger share of the retail market. The company is also working on platform updates and capacity plans to sustain growth.
Ola Electric: Remained among the top sellers in August with solid monthly registrations.
Bajaj Auto: Reported a notable drop in EV deliveries for August and fell to fifth place in the monthly rankings — the company has publicly cited supply constraints (rare-earth magnet shortage) as a principal reason.
Hero (Vida): Hero Vida registered record monthly deliveries for the company in August, continuing its strong momentum in the e-scooter segment.
Bigger picture
Electric two-wheelers still make up a relatively small — but growing — portion of overall two-wheeler sales in India. Industry reporting places EVs at roughly a little over 6% of total two-wheeler volumes and a higher share within the scooter subsegment, underscoring that while the market is growing fast, internal supply issues can meaningfully swing short-term rankings.
Analysts say the August reshuffle is less about a sudden change in consumer preference and more about production and supply bottlenecks affecting deliveries. Manufacturers that can secure diversified magnet supplies and expand manufacturing flexibility are likely to preserve or improve market share in the coming months.
What to watch next
How quickly OEMs can hedge or resolve rare-earth magnet supply constraints.
New product launches and platform cost reductions (Ather and others have flagged platform improvements and product pipeline expansion).
Monthly registration reports (Vahan/industry trackers) over September–October to see whether the August ranking changes are temporary or the start of a structural shift.
Data sources & notes: Figures and ranking details in this story are based on vehicle-registration and industry reporting compiled in late-August and reported by the Economic Times and other industry outlets, together with supply-chain coverage from Reuters. Readers should note that monthly rankings reflect retail/registration flows and can be influenced by production, logistics and inventory timing as well as end-customer demand.
