New Delhi, Nov 30 Ola Electric, once the top player in India’s electric two-wheeler market, slipped to fifth place in November as competition from established manufacturers intensified.
According to data from the government-run Vahan portal, the company sold 8,254 scooters during the month, giving it a 7.4 per cent market share.
This is a sharp fall from more than 25 per cent in the same period last year. The decline comes at a time when Ola is facing regulatory scrutiny, operational challenges, and rising competition from both legacy companies and newer rivals.
Hero MotoCorp, which has been expanding rapidly in the EV space with its Vida brand, overtook Ola to claim the fourth spot.
It sold 11,795 electric scooters in November, securing a 10.6 per cent market share. The growth is driven by new products launched in the affordable segment under the Vida range.
Meanwhile, traditional two-wheeler giants are strengthening their leadership. TVS Motor remained the top seller with a 26.8 per cent share, powered by demand for its iQube.
Bajaj Auto followed with a 22.6 per cent share, thanks to the popularity of its Chetak lineup.
Ather Energy held on to third place, selling over 20,000 units and capturing 18.7 per cent of the market.
The shifting rankings show how companies with strong manufacturing capacity, wide distribution networks, and established supply chains are beginning to dominate the fast-growing electric two-wheeler category.
Ola’s weaker market performance is reflected in its financial results. The company reported a 43 per cent year-on-year drop in operating revenue to Rs 690 crore for the second quarter of FY26, although it managed to reduce losses through cost-cutting.
In contrast, Ather Energy -- seen as Ola’s closest competitor -- is widening its lead. Executives in the industry credit Ather’s rise to better product quality, strong after-sales service, and its extensive Ather Grid charging network.
Ather reported Rs 899 crore in operating revenue for the same quarter, up 54 per cent from last year, while its net loss fell 22 per cent to Rs 157 crore.
Ather’s asset-light model, which relies on dealerships instead of company-owned stores, has also helped keep costs under control. Ola, which operates more than 3,000 company-run outlets, carries a heavier cost structure.
The contrasting fortunes of the two companies are visible in the stock market. Ather, which was listed in May 2025, now has a market value of Rs 24,348 crore -- higher than Ola Electric’s Rs 18,168 crore. Ola went public earlier, in August 2024.
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