TVS, Bajaj, Ather, Hero race to double EV two-wheeler capacity past 150K/month as petrol fears mount
Top four electric two-wheeler makers are accelerating capex toward a combined 2M annual scooter run-rate by FY27. TVS targets 370K iQube units in FY26, Bajaj Chetak hit 100K in Q4, Ather plans 1M capacity, and Hero Vida is scaling from 15K to 25K/month. EV share rose to 9.8% in March with 148K April sales, up 61% YoY.
What happened
TVS Motor · TVS, Bajaj, Ather and Hero are doubling electric two-wheeler capacity to 150,000+ units monthly, targeting 2M annual scooters by FY27 as
Key facts
- 150,000 units/month by FY-end
- 9.8% EV share in March
- 148,000 units April sales
- 61% YoY growth
- TVS iQube 370,000 units FY26
- Bajaj Chetak 100,000 Q4 sales
- Ather 1M capacity plan
- Hero Vida 15,000 to 25,000/month
- 2M annual scooters by FY27
Why this matters
Window is closing to acquire mid-tier EV component suppliers or charging networks before the top four lock exclusive partnerships en route to 2M annual run-rate.