India’s electric vehicle (EV) market is no longer a startup playground.
Bajaj Auto, a ‘legacy’ two-wheeler maker once far behind the EV race where Ola Electric and other startups were shaping the market, has nearly doubled its market share since the start of the fiscal in April. Bajaj has positioned itself to challenge the market leader Ola Electric, whose grip on the market slipped to a precarious 27% in September 2024, down from nearly 50% in April and below 30% for the first time in a year, a Mint analysis of the government’s vehicle registration data showed.
Ola Electric has dominated India’s electric two-wheeler market for the past three years, but September 2024 marks a turning point.
For the first time in 12 months, Ola’s market share dropped below 30%, a threshold it had previously dipped under only in September 2023. The company’s dominance peaked in April 2024, when its…
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