TVS Surpass Bajaj Auto In EV Sales

The festive season is in full swing with several OEMs registering increased sales. But the most noteworthy was TVS, wherein the Hosur-based manufacturer managed to outsell Bajaj Auto in the EV segment. As per the Vahan portal, TVS sold 25,000 iQubes during the festive month compared to Bajaj Auto which sold 24,000 Chetaks. This has brought TVS back to the second position, which the brand had lost for a brief period to Bajaj itself.

However, TVS' ascendency shouldn't come as a surprise. The brand recently announced that it had registered its highest revenue and profits in the second quarter of FY24-25. TVS revenue in September 2024 stood at ₹9,228 crores, which is a 13 per cent increase from ₹8,145 crore it registered in the same period last year. In comparison, Bajaj's domestic sales performance also improved by 28 per cent in the same month. The Chakan-based manufacturer cumulatively retailed 2,59,333 units 

However, when it comes to electric scooters, Bajaj has more options and better price distribution. All three -- 2901, 3201 and the 3201 Special Edition were launched in quick succession in the past couple of months., The top-spec Chetak will set you back by ₹1.29 lakh only (ex-showroom, Delhi). In comparison, the TVS iQube starts from ₹1.18 lakh and goes up to ₹1.86 lakh (ex-showroom, Delhi), inclusive of subsidies – thus making it quite an expensive affair. 

If you're wondering who's leading the EV race, it's still Ola Electric. Even though the Bengaluru-based manufacturer has been plagued with controversy concerning its after-sales service and product quality, it still holds the maximum market share at 27.4 per cent. But this is a decline from August's market share when the marque had 31 per cent market share. However, legacy manufacturers like Bajaj and TVS have gradually climbed up and are now eating into the sales of new EV manufacturers like Ola. Coupled with the fact EV penetration has steadily increased by 6.42 per cent during the festive period, this trend is expected to further improve and might eventually see legacy manufacturers gain top honours pretty soon.