Greaves Electric Mobility Overtakes Ola in E2W Sales as Market Dynamics Shift

Greaves Electric Mobility (GEM) has overtaken Ola Electric in electric two-wheeler sales, with 1,580 units sold in the first week of November (Vahan data), compared to Ola’s 1,335—marking the first time Ola has fallen out of the top five. This follows GEM’s record 7,635 e-scooter sales in October, driven by strong demand for its flagship Ampere Nexus model priced at ₹1.2 lakh. Under the Ampere brand—acquired in 2019—GEM offers a wide portfolio including Magnus, Reo, and Nexus scooters, backed by retail financing partnerships with Shriram Finance and Perpetuity Capital that are expanding its reach. In contrast, Ola Electric continues to lose market share due to poor after-sales service and strategic missteps. The company has slashed its FY26 revenue forecast to ₹3,000–3,200 crore (from ₹4,200–4,700 crore) and cut annual sales target to ~220,000 units (from 325,000+), citing competitive pressures. CEO Bhavish Aggarwal said Ola is prioritizing “sustainable and profitable growth” over volume, dismissing rivals’ discount-led strategies. Meanwhile, TVS Motor leads monthly sales with 5,353 units, followed by Ather Energy (4,871) and Bajaj Auto (4,582), while Hero MotoCorp climbed to fourth with 1,987 units. The shift highlights intensifying competition and the importance of product reliability, service networks, and financial accessibility in India’s evolving e-mobility landscape.