E2W Registrations Rise 5% MoM To 1.81 Lakh In June; TVS Leads, Ola Slips

June electric two-wheeler registrations grew 5% MoM and 71% YoY to 1.81 lakh units. TVS retained the top spot at 44,467 units (24.5% share), with Bajaj close behind at 40,576 (22.4%). Ather gained to 29,422 (16.2%) while Ola fell to 15,096 (8.3%). Delhi's new EV policy backs the momentum.

— Source publishedTue, 30 Jun, 2026, 17:18 IST·First seen Tue, 30 Jun, 2026, 18:10 IST·Source Inc42 · Buzz

What happened

Ola Electric · June E2W registrations rose 5% MoM to 1.81 lakh units. TVS leads, Bajaj close behind; Ola declined while Ather, Hero, Greaves gained. Delhi's new

Key facts

  • 1.81 Lakh units June E2W
  • 5% MoM growth
  • 71% YoY growth
  • Ola 15,096 units, 8.3% share
  • Ather 29,422 units, 16.2% share
  • TVS 44,467 units, 24.5% share
  • Bajaj 40,576 units, 22.4% share
  • Hero 20,198 units, 11.2% share
  • Greaves 10,098 units
  • Ather ₹2,500 Cr raise
  • Delhi EV policy ₹15,000 Cr
  • ₹30,000 purchase incentive year 1

Why this matters

With TVS, Bajaj, and Ather consolidating ~63% combined share and Ola weakening, the fragmented challenger tier and supportive policy tailwinds (Delhi EV) create openings for partnership or acquisition plays.

What to watch

  • July registration data for sustained MoM momentum vs one-off
  • Ola earnings/guidance and any pricing or warranty announcements
  • New state-level EV subsidy changes or FAME-style central support
  • Battery/component cost moves affecting OEM margin and price competition
  • Festive-season inventory build-up signals (Sep-Oct)
  • Track TVS/Bajaj month-on-month share to confirm consolidation thesis
  • Monitor Ola's discount intensity and inventory/service complaint trends as turnaround signal
  • Watch Ather premium-segment defensibility against TVS iQube and Bajaj Chetak upmarket pushes
  • Map Delhi EV policy uptake against other state subsidy timelines for demand durability

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