Record Sales In The Electric Two Wheeler Market TVS Becomes Number One Ending Ola’s Dominance – Record Sales In The Electric Two Wheeler Market, TVS Becomes Number-1, Ola’s Dominance Ending. Navbharat Live
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Record Sales In The Electric Two Wheeler Market Tvs Becomes Number One Ending Olas Dominance
Mahindra Electric has completed one year since the launch of its XUV9e and BE6 electric SUVs, with over 30,000 units sold within just seven months of availability in the market. During H1FY26, the company achieved the number one position in revenue market share for its EV division, generating over ₹8,000 crore, which is equivalent to approximately one vehicle sold every 10 minutes.
The SUV has demonstrated strong acceptance among owners, with over 65% daily usage and over 1,000 units driven over 20,000 km. Collectively, Mahindra EVs have covered over 200 million kilometers performing in diverse Indian conditions ranging from 4°C to 53°C. Specifically, 30% of owners have completed one-day trips of more than 400 km, and almost 60% of the vehicles achieve urban ranges of more than 500 km.
The customer base reflects a shift towards first-time Mahindra buyers, with 80% of owners new to the brand, driven by the appeal of urban professionals and tech-savvy consumers. BE6 gained attention through a gaming collaboration with BGMI and a limited-edition Batman version, which sold out within two minutes of launch.
Mahindra’s EV launch campaign garnered over 4 billion views, making the XUV 9e and BE 6 some of the most talked-about vehicles in India this year. Founded in 1945, Mahindra operates in sectors including farm equipment, utility vehicles, IT and financial services with 324,000 employees in more than 100 countries.
Following the resolution of last year’s rare-earth supply challenges, Bajaj Auto’s iconic electric scooter brand, Chetak, has returned to the No. 1 spot in VAHAN registrations in October. The company has also confirmed plans to launch an all-new Chetak model early next year with an aim to consolidate its leadership in India’s growing electric two-wheeler market.
Supply chain challenges overcome
During the Q2 FY26 analyst call, Rakesh Sharma, executive director, Bajaj Auto, revealed that the production disruptions earlier this year were caused by the shortage of heavy rare-earth (HRE) magnets, which affected the production of the high-demand Chetak 35 series.
“We experienced a reduction of about 50% compared to our plan due to rare-earth constraints,” Sharma said.
To counter this, Bajaj Auto diversified sourcing to secure lightweight rare-earth components and spread supplies across multiple geographies. By October, the supply chain was fully restored, enabling Chetak to regain its top position within a matter of weeks.
Strong retail presence supports growth
Bajaj Auto’s strong network – 390 exclusive stores and over 4,000 retail points across 800 cities – has strengthened Chetak’s market position. Sharma highlighted that the upcoming model will leverage this wider retail footprint to maintain the leadership momentum.
Expanding EV portfolio and profitability
The revival of Chetak is part of Bajaj Auto’s broader electric mobility strategy, which also includes the electric three-wheeler and the Yulu partnership. The EV business now accounts for about 20% of domestic revenues, delivering double-digit EBITDA margins, reflecting both scale and operational efficiency.
“With the supply chain stable and a new model on the horizon, we are confident of maintaining our leadership in the electric two-wheeler segment,” Sharma said.
The launch of the new Chetak model is set to further strengthen Bajaj Auto’s dominance in India’s EV market, offering consumers advanced features and an expanded electric mobility ecosystem.