TWO WHEELERS
Ola Electric Q2 revenue slumps 39% to Rs 421 crore, losses narrow
The company said it has stopped orders from its direct-to-consumer stores on November 1, and plans to close them by December. The company, which had announced a pivot to a dealership model in August, now has 255 dealer partners operating over 300 stores, it said in the shareholder letter.
Ola Electric says demand outstrips supply, targets 25,000 vehicles in December
Ola Electric Mobility is experiencing high demand for its electric two-wheelers, causing supply constraints. The company plans to ramp up production to approximately 25,000 vehicles by December. Despite these plans, recent losses were reported along with a decline in consolidated revenue from operations. Ola Electric has significantly reduced its borrowings and expects to generate free cash flow soon.
Online festive sales miss estimates; Munjal steps down as Unacademy CEO
Happpy Thursday! Online festive sales grew, but fell short of expectations amid weak smartphone demand.This and more in today’s ETtech Morning Dispatch.
EV makers turn to family scooters to drive mass-market adoption
Both new-age companies and legacy manufacturers expect mass-market buyers to drive the next phase of growth for electric two-wheelers. Ather Energy's Rizta, launched in April 2024 as its first family-oriented electric scooter, has crossed 3 lakh in cumulative sales and accounted for 76% of the company's volumes in FY26.
Warburg Pincus leads race to buy stake in Pricol unit valued at ₹5,000 crore
Warburg Pincus is currently in discussions to acquire a 10-20% minority stake in Pricol's demerged unit. This unit specializes in creating digital dashboards and instrument clusters, which are crucial for two-wheelers. The initiative could see a valuation of approximately ₹5,000 crore based on recent evaluations. Pricol's promoter and his family remain committed to retaining their stake in the existing company.
India's three-wheeler market takes an electric turn, with one in two new sales now EVs
Electric three-wheelers are increasingly popular in India, with sales significantly rising and concerns about fossil fuels decreasing. Mahindra Last Mile Mobility now produces a large number of e-rickshaws to meet growing demand. Drivers like Afroz Alam have reported substantial savings after switching from gas-powered models to electric versions. Analysts attribute this shift to lower operational costs and government subsidies promoting EV adoption.
Vehicle registrations fall 24% in October on high base
Registrations of vehicles in October experienced a significant decline compared to the previous year's records. This drop was largely due to an earlier festive season that drove higher demand last year. Despite the decrease, certain vehicle segments like electric vehicles showed remarkable growth in registrations. The upcoming Dhanteras and Diwali festivities are expected to positively impact sales this month. Dealers remain cautiously optimistic about demand, especially in rural markets.
Auto sector sees strong Dhanteras deliveries, expects momentum to continue till Diwali
Automakers and dealerships reported strong Dhanteras deliveries following robust Navratri sales, with Maruti Suzuki expecting over 30,000 deliveries and Tata Motors targeting 12,000 units. Hyundai anticipates nearly 14% growth in festive deliveries. Dealers reported healthy demand across vehicle segments, while the pre-owned car market also witnessed a significant sales uptick.
Electric vehicle sales jump 45% to 3,54,625 units in October, led by e-two wheelers and burgeoning demand
Electric vehicle sales in India experienced significant growth in October, reaching 354,625 units. E-two-wheeler sales contributed most, totaling 224,064 units this year. There was also a notable increase in e-passenger vehicles, with volumes rising to 37,049 units. Electric three-wheelers grew to 88,570 units, continuing the overall upward trend in the EV market. The report indicates that demand continues to exceed supply due to rising fuel prices.
Delhi vehicle registrations hit 2026 high ahead of Diwali
Vehicle registrations in Delhi rose by 8.67% month-on-month to reach 91,153 in October 2023. Two-wheelers constituted a large percentage of the registrations, while car registrations saw a sharper month-on-month increase. The festive season, especially around Dhanteras and Diwali, influenced buying trends significantly this year. Electric vehicle registrations also grew substantially, indicating a shift towards sustainable transport. November's data will be critical in understanding ongoing vehicle purchase trends.
Indian auto dealers flag post-festive demand risks as vehicle stocks stay high
Indian auto dealers warned that high vehicle inventories and rising financing costs could hurt post-festive demand. Passenger vehicle stocks remained at 43-45 days despite record wholesale dispatches, though dealers expect strong retail sales in the coming weeks to help clear inventory, the Federation of Automobile Dealers Associations said.
Bajaj Auto's October sales grow 14%
Bajaj Auto reported a 14% year-on-year rise in total wholesales to 5,91,876 units in October, driven by growth in both two-wheelers and commercial vehicles. Domestic sales increased 12% to 3,51,148 units, while exports rose 18% to 2,40,728 units.
Honda not moving out of Karnataka, says Industries Minister Patil; Calls Kumaraswamy's claim baseless
Large and Medium Industries Minister MB Patil has dismissed claims from Union Minister HD Kumaraswamy regarding Honda Motors. He described the allegations as baseless and said they could adversely impact investment in Karnataka. Patil emphasized that Honda has been successfully operating in Karnataka for over a decade and is expanding their production capabilities. The company is set to manufacture electric two-wheelers soon at their Narasapura facility.
Electric two-wheeler sales hit record 2.24 lakh units in October on festive demand, new models
TVS Motor retained its leadership in October, nearly doubling registrations to 60,433 units and expanding its market share to 27% from 20.6% in the same month last year. Hero MotoCorp also gained ground, with its share rising to 13.4% from 10.9%, while Bajaj Auto maintained its market share at nearly 22%.
TVS Motor sales rise 29% to 7 lakh units in October; EV sales jump 120%
TVS Motor Company reported a 29% year-on-year sales increase to 7,00,134 units in October 2026. Two-wheeler sales also rose by 28% to 6,70,679 units during the same period. Domestic two-wheeler sales grew to 5,14,764 units, marking a 22% rise. Electric two-wheeler sales saw significant growth of 120%, reaching 71,382 units. International business sales increased by 51%, while three-wheeler sales rose by 60% year-on-year.
Hero MotoCorp to increase EV capacity to 80,000 units per month by Q2 FY28
By the end of March, Hero MotoCorp intends to enhance the production capacity of its Vida electric two-wheelers from 30,000 to 45,000 units monthly. Furthermore, forecasts suggest a potential increase to over 80,000 units by the second quarter of FY28. The surge in electric two-wheeler demand has led to reduced dealer stocks, prompting a wave of capacity expansions among major manufacturers to meet this growing need.
TVS Motor to make 80,000 electric two-wheelers a month as EVs capture over 20% of India's scooter market
TVS Motor Company plans to raise its electric two-wheeler manufacturing capacity to 80,000 units per month by March 2027 as sales surge and demand for electric scooters grows. The company's EV sales more than doubled in the second quarter, while rivals Bajaj Auto and Ather Energy are also expanding production to meet rising demand.
Ather targets over 20% market share as capacity expansion, store additions resume
Ather’s market share fell to 15.1% in the July-September quarter from 17.2% a year earlier. Registration of its electric two-wheelers with state transport authorities grew 60% year-on-year last quarter, but underperformed the market that expanded 82%.
Bajaj Auto CFO flags production crunch for electric two-wheelers and three-wheelers
Bajaj Auto is currently experiencing significant demand for its electric two-wheelers and three-wheelers. Despite these constraints, electric vehicles contributed greatly to the company's growth this quarter. The electric portfolio's revenue grew substantially, indicating a shift in consumer preference towards these vehicles. Bajaj plans to enhance its production capacity to meet this rising demand and address supply challenges.
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