Last month’s electric vehicle sales once again highlighted Ola Electric’s struggle to recover its lost market position, with the Bhavish Aggarwal-led firm continuing the downward trend seen since January. In November, the company recorded sales of just 7,567 units, securing only 7.2% of the EV market, reports Yourstory.
The decline is stark when compared to January, when Ola Electric sold 22,656 units and regained the market lead with a 25% share. Since then, the company has steadily lost ground, driven by rising customer service complaints, concerns over product quality, and intensified competition from established players such as TVS Motor and Bajaj Auto.
Despite this, Aggarwal has maintained a confident stance. During the company’s second-quarter earnings call earlier this month, he said several manufacturers were focusing on short-term market share through heavy discounts and high dealer incentives at the expense of profitability—an approach Ola Electric has faced criticism for in the past.
As Ola’s market share shrinks, rival Ather Energy has emerged as the third-largest EV manufacturer in the country based on sales. The Tarun Mehta-led firm maintained its strong position in November, selling 18,356 units and capturing a 17.4% market share.
Although this reflects a 41.6% jump compared to the same period last year, Ather’s sales dipped from October, when it sold a record 26,713 units. October marked the end of the festive season, which typically boosts vehicle demand due to major festivals falling between September and October.
Among traditional automakers, the competition intensified. In November, TVS Motor regained the top spot from Bajaj Auto. Bajaj sold 27,382 units, earning a 26% market share, while TVS sold 23,097 units, securing a 21.9% share.
Historically, electric vehicle sales in November and December remain lower than in October. This year followed the same pattern, with total EV sales dropping to 1,05,291 units—a 27.2% fall from the previous month. Sales were also lower than a year ago, as November 2024 recorded 1,19,996 units sold.
