(continued…)

Electric 2W sales 1st 15 days of Dec… compared to November 2025

Key Market Takeaways
Industry-wide Slowdown: The overall market saw a sharp correction after the festive season highs of October and November.
TVS Leads: TVS continued to lead the segment, securing the top spot for most of 2025.

Hero Vida’s Resilience: Hero MotoCorp’s Vida was the most resilient brand, experiencing the lowest percentage drop in sales among the top players, holding steady with 4,918 units sold in this period.

Ola’s Challenges: Ola Electric faced a significant crisis, with a major drop in sales, falling behind competitors like TVS, Bajaj, Ather, and Hero Vida. This was partly due to:

1. Becoming the most EXPENSIVE Option eg:
2. Hero Vida BaaS = Rs 45,000,
3. Ather Rizta BaaS = Rs 76,000
4. Ola = Rs 85,000 (most expensive of the lot).

1. 2. Refusal by Ola to implement BaaS even though customer loves it. Customers think that he gets a huge discount with BaaS… when in truth he ends up paying much more. Withh BaaS he pays almost 3x more (in lifetime of the scooter).

1. 3. Refusal of Ola to release economy scooters like Gig And Zseries Scooters.

4 Delay by Ola in clearing NonWorking scooters from public view and moving themnat least into some godown before attempting to repair them.