The recovery comes after a 22% month-on-month fall in April from a record 192,000 units in March, when automakers used aggressive discounts, cashback offers and financing schemes to close FY26 on a strong note. Market leader TVS Motor retained its position in May, selling 41,558 units, up from 37,661 in April. Bajaj Auto followed with 38,012 units compared with 32,883 units a month earlier. Ather Energy reported 27,525 registrations, marginally higher than April’s 27,024 units, while Hero MotoCorp sold 18,261 electric two-wheelers, up from 15,230.
Also Read: India eyes fiscal support for domestic EV battery supply chain
Ola Electric sold 14,752 units during the month compared with 12,166 in April, as the company continued efforts to regain market share after losing ground to legacy manufacturers over the past year.
In the company’s recent earnings call, founder and chief executive Bhavish Aggarwal said demand for electric vehicles (EVs) had risen meaningfully in recent weeks.
“What we are seeing in the market now is demand for EVs has actually gone up meaningfully in the last few weeks,” Aggarwal said. “While other competitors will need to do more capex as well as new product rollouts, we have our capacity on both automotive and gigafactory covered because all the capex is now behind us.” Ola Electric is also looking to enter the commercial electric two-wheeler segment aimed at gig workers, according to people aware of the matter. The company is expected to target the business-to-business and delivery mobility segment. The commercial and B2B electric two-wheeler segment has seen strong growth , driven by logistics demand from ecommerce companies, along with hyperlocal delivery platforms including Zomato, Swiggy, Zepto and Blinkit.
Also Read: EV demand charges ahead but supply runs lowAmong smaller electric two-wheeler makers, Greaves Electric Mobility sold 7,540 units in May vs 6,884 in April. River Mobility registered 3,600 units, BGauss sold 3,247 units, while Simple Energy recorded 1,274 registrations. Bounce Electric rounded out the top 10 with 1,216 units.
The May recovery also comes amid rising fuel prices. State-run fuel retailers increased petrol and diesel prices in May following disruptions in global crude markets linked to the West Asia conflict and concerns around shipping through the Strait of Hormuz.