Greaves overtakes Ola Electric, enters top five E2W makers in September

Greaves Electric Mobility (GEML) has strengthened its position among India’s leading electric two-wheeler players, entering the country’s top five E2W manufacturers in September 2026.

The company surpassed Ola Electric, which ruled the Indian electric two-wheeler market until two years ago, to become the fifth-largest player in the country so far in September, according to Vahan data, the company said in a statement. GEML recorded 2,645 E2W registrations and secured a 4.6 per cent market share, moving to the No. 5 position and ahead of Ola Electric, which recorded 2,607 units and a 4.5 per cent market share during the same period.

Ola's dip comes from a peak market share of 35 per cent in 2024, when it sold 429,187 electric two-wheelers, becoming the first company to clock four lakh units in a year. From the peak, it dipped 52 per cent to 204,542 units in 2025, with a market share of 15 per cent, and further to 7 per cent, with 88,910 electric two-wheelers sold between January 1 and August 24. Ola's market share was seen at 4.5 per cent between September 1 and 9.

GEML said the milestone reflects not an isolated month of performance, but the continuation of a sustained growth trajectory for the company, marked by consistent volume growth, market share gains and an increasing focus on strengthening business fundamentals. Vikas Singh, managing director, Greaves Electric Mobility, said: "Entering India's Top 5 electric two-wheeler manufacturers validates the disciplined foundations we have built over the last few quarters. We are focused not on volume at any cost, but on quality growth—combining market-share gains with stronger unit economics, capital discipline, operating efficiency and products that resonate with Indian customers. This momentum reinforces our confidence in building a sustainable, profitable and scalable electric mobility business. "

The September performance builds on GEML’s continued momentum in the electric two-wheeler market. The company’s volumes grew 66 per cent over the previous month, from 1,597 units in August to 2,645 units in the first nine days of September, significantly ahead of the broader E2W market, which grew 33 per cent over the comparable period, recording sales of 57,505 units. GEML also gained 0.9 percentage points in market share over August, improving from 3.7 per cent to 4.6 per cent.

This momentum follows strong first-quarter sales in FY27, during which GEML recorded 101 per cent year-on-year growth in E2W volumes and reached a market share of 5.6 per cent in June 2026. Together, these performances underline the company’s growing ability to consistently expand volumes and strengthen its presence in India’s increasingly competitive electric two-wheeler market. Importantly, GEML’s growth journey is being supported by an increasing focus on building a more sustainable and disciplined electric mobility business. Alongside expanding volumes and market presence, the company has continued to work towards reducing cash burn, improving operating efficiencies and strengthening the underlying economics of the business, reinforcing its journey towards profitability.

The company’s performance reflects continued customer acceptance of its ‘Built for Bharat’ electric two-wheeler portfolio and the growing momentum behind its products across markets. The company has continued to strengthen its portfolio with products designed around evolving customer needs, including the performance scooter Nexus EX+, Magnus Neo, Reo Vyb and the Magnus GMax, which was recognised as “Family Scooter of the Year”. Combined with an expanding retail and financing ecosystem and continued investments in technology and customer experience, these efforts are helping GEML build a stronger foundation for sustainable growth.