HMSI CEO: Premium motorcycle electrification still early-stage; Honda EVs trail rivals in India
Honda's Activa E (318 units) and QC1 (2,773 units) lag FY26 leaders TVS iQube (3.67L), Bajaj Chetak (3.02L), Ather Rizta (1.98L) and Hero Vida (1.48L). HMSI backs a multi-pathway approach across ICE, EV and flex-fuel, betting premium EV adoption stays nascent near-term.
What happened
Honda Motorcycle and Scooter India · HMSI CEO says EV adoption in premium motorcycles remains early-stage in India; Honda pursues multi-pathway strategy across
Key facts
- 318 units Activa E FY26
- 2,773 units QC1 FY26
- 3,67,501 TVS iQube
- 3,02,674 Bajaj Chetak
- 1,98,577 Ather Rizta
- 1,48,478 Vida
Why this matters
Honda's lagging EV volumes and cautious premium-electrification stance create partnership or platform-acquisition openings to close the gap on scaled rivals TVS and Bajaj.
What to watch
- Monthly VAHAN registrations for Activa E/QC1 vs iQube/Chetak/Rizta/Vida
- FAME/PLI or state EV subsidy changes shifting adoption economics
- HMSI capex/new-model roadmap disclosure for FY27
- Premium (>125cc equivalent) EV motorcycle launch timing across OEMs
- Flex-fuel policy mandates from central government
- Watch HMSI for a repositioned/cheaper EV SKU or aggressive dealer incentives on Activa E/QC1
- Expect PR framing around flex-fuel and hybrid to justify slow EV cadence
- TVS/Bajaj/Ather likely accelerate premium-segment launches to preempt Honda entry
- Battery-swap and charging tie-up announcements to signal seriousness