India EV sales surge in June: e-car registrations more than double, e-two-wheelers up 62% YoY
E-car registrations hit 30,454 units in June with Q1 FY26 up 89% to 82,737; e-two-wheelers rose 62% to 170,426 units. Tata Motors (32,000+ units) and Mahindra (20,000+) led e-cars while TVS topped two-wheelers with 127,763 registrations, up 74%. Ola Electric bucked the trend, falling 29% to 42,671 units, as costlier fuel and better charging infrastructure drove adoption.
The development
India EV sales accelerated in June: e-car registrations more than doubled, e-two-wheelers grew 62%. Tata Motors and Mahindra led e-cars; TVS topped two-wheelers while Ola Electric declined 29%, driven by fuel costs and better charging infrastructure.
The numbers
- e-two-wheeler registrations up 62% YoY to 170,426 units in June
- e-car registrations more than doubled to 30,454 units in June
- Q1 e-car registrations up 89% YoY to 82,737 units
- Q1 e-two-wheeler registrations up 63.6% to 480,373 units
- TVS: 127,763 registrations, up 74%
- Bajaj Auto: 114,670 units, up 73%
- Ather: 86,465 registrations, up 95%
- Hero MotoCorp: 55,373 units, up 156%
- Ola Electric: 42,671 units, down 29%
- Tata over 32,000 e-car units
- Mahindra crossed 20,000 units
- JSW MG Motor up 22% to 16,502 units, share fell to 20% from 31%
Why it matters to operators and investors
Ola Electric's 29% volume slide amid a booming market could compress its valuation and open acquisition or partnership windows, while charging infrastructure and EV component suppliers look increasingly attractive as adoption enablers.
What to watch next
- Monthly VAHAN registration data (first week of each month) — Ola share below 12% or Tata e-car run-rate above 8k/month
- PM E-DRIVE subsidy disbursement pace and any FAME-III successor announcements
- China rare-earth magnet export license approvals for Indian two-wheeler OEMs
- Mahindra BE 6/XEV 9e order book and delivery ramp updates
- Ola Electric quarterly cash burn and any capital raise announcements
- GST Council agenda items on EV battery/component tax rationalization
- Maruti eVitara and Hyundai Creta EV monthly dispatch numbers
- Overweight Tata Motors and M&M on EV mix improvement; monitor DVR/demerger dynamics at Tata
- Add TVS Motor on two-wheeler EV leadership (74% growth, 127k units) with margin discipline vs. Ola
- Screen EV supply chain: Sona BLW, Uno Minda, Exide Industries, Amara Raja for cell/component order flow
- Avoid or short Ola Electric until monthly VAHAN share stabilizes above 20%
- Track charging infra plays (Tata Power, ChargeZone exposure via ecosystem) as adoption driver cited in signal
- Watch Maruti Suzuki reaction — eVitara launch timing is the incumbent's counterpunch