Ola Electric Sales Fall
India's electric two-wheeler market saw a dramatic reshuffle in November 2025. While the overall industry held steady, former leader Ola Electric faced a staggering collapse. The company's sales plummeted to a three-year low, raising serious questions about its revised annual goals and long-term strategy.
According to the latest VAHAN registration data, Ola Electric sold only 8,400 units in November 2025. This marks a shocking 71% drop compared to the 29,322 units it sold in November 2024. This figure is the company's lowest monthly sales since at least September 2022. The collapse is part of a steep decline from its peak of over 53,000 units in March 2024. This sales crash had an immediate impact on the market rankings, pushing Ola from the top spot down to fifth place.
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The loss for Ola was a gain for its competitors. The leading three positions were claimed by known players and a tough competitor. TVS Motor took first place with 30,309 units, rising 11% over last year. Bajaj Auto secured second with 25,526 units, while Ather Energy recorded an impressive 57% increase to hit 20,323 units. Hero Vida, still a fresh entrant, even overtook Ola by selling 12,199 units and growing 66%. The most striking result came from River Mobility, which posted a huge 649% jump, though it expanded from a smaller starting point.
Ola Electric has described this phase as a "sacrifice for survival." In communications to shareholders, the company acknowledged a "flat" market but pointed to intense competition. It claims rivals are pushing for market share through heavy discounts and incentives, hurting profitability. Ola says it has chosen the opposite path. "We have taken the opposite approach—focusing on improving cost structure, deepening product quality and reliability, and driving margin expansion," the company stated. This strategy prioritizes financial health over sheer sales volume.
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This sharp monthly drop casts a long shadow over Ola Electric's already-downsized annual forecast. After poor second-quarter results, the company slashed its FY26 sales target by 40% to 221,000 units. With only 133,521 units sold between April and November, the road ahead is steep. To meet its lowered goal, Ola must now sell an average of nearly 22,000 units every month for the rest of the fiscal year—a tall order given its recent performance of around 12,000 units per month in October-November.
