Retail public… DIIs and FIIs… sitting in those AC offices… in India and outside India… and evaluating e2W… you will NOT be able to make correct evaluation… UNLESS you remove the sale numbers of e2Wheelers made by ICE companies.

This is because their sale numbers are ABSOLUTELY DISPROPORTINATE to their presence/visibility on the Indian roads.

Where do these vehiclesbgo after registration? Who knows?

They are not there on the streets, at least in large numbers… they make up a tiny minority… Very few people can be seen using these Chart-topping vehicles (iQubes, Chetaks and Vida).

On one hand you can see Tata’s and (to a lesser extent) Mahindra’s electric cars on the road… but in case of eScooters from ICE companies they are just a tiny minority (in comparison to the presense of Ola and Ather on the roads) in spite of Chart-Topping multi year sales of e2Wheelers manufactured by ICE companies… duh!!!

Among electric scooters… the roads in India are ABSOLUTELY DOMINATED by Ola and Ather scooters… almost 90%… rest of the scooters make up 10% (that includes iQube, Chetak and Vida) so until the reality changes… it doesnt make sense to include the eScooter sales of ICE Companies to compare progress.

Now due to videos claiming that E20 is corroding of parts of 2 wheelers… coming out in huge numbers… people are afraid to buy a petrol 2 wheeler. This will affect their Month-on-Month (MoM) sales (both of car makers and 2-Wheelers). But in cars its not so bad because there is an option to use CNG.

Petrol 2-Wheeler sales were already affected and slowed down in 2025 which prompted the govt to ease their GST by 10% (from 28% to 18%). Only after this discount they were able to make record sales.

To their bad luck… on 28 Feb 2025 the Iran war started and it slowly started to put pressure on Petrol Prices in India. This prompted Indian govt to escalate adoption of Ethanol in Petrol up to 20% (E20) pan India. Plans are on for adoption of up to 85% Ethanol (E85).

But with advent of E20… videos of public complaining about Ethanol corroding the internals of Fuel Tank and Engines of the Petrol Scooters… started to come on YouTube.

By July 2026 the war in Middle East got more violent and the price of Pure Petrol to Rs 167 per Ltr (once considered unimaginable)… combined with the value of 2nd hand sales falling due to fear of E20 … Petrol 2 Wheeler have literally become burning-trains.

But people are thinking… Petrol 2Wheeler companies are cash rich… they can do ANYTHING… they have PIVOTED and are making electric 2-wheelers…

REALLY?

WHERE ARE iQubes, Chetaks and Vidas ON THE ROADS???

Which State are they selling in so large numbers?

If they are EXPORTING … pls tell us which countries has suddenly started to LOVE Indian eScooters??? Where are they exporting it to?

India… and Indian shareholders… wants to know.