1st to 5th: Ola Electric loses ground in EV race
What's the story
Ola Electric, once the leader in the electric two-wheeler (e2W) market, has now slipped to fifth place. The company sold 8,254 scooters in November 2025, capturing a mere 7.4% of the market share. This is a sharp decline from its over 25% share during the same period last year. The decline is attributed to regulatory scrutiny and operational challenges amid rising competition.
Market shift
Hero MotoCorp's Vida brand surpasses Ola Electric
Hero MotoCorp's Vida brand has now overtaken Ola Electric in the monthly sales race. The company sold 11,795 vehicles in November, capturing a market share of 10.6%. This growth comes after multiple product launches under its Vida range, mainly targeting the affordable segment. Other legacy players like TVS Motor and Bajaj Auto are also strengthening their positions with models such as iQube and Chetak respectively.
Competition intensifies
Ather Energy outpaces Ola Electric
Ather Energy, a close competitor of Ola Electric, has further widened its lead. The company's operating revenues for Q2 FY26 stood at ₹899 crore, a 54% YoY increase. Its net loss also narrowed by 22% to ₹157 crore during the same period. This growth is attributed to product quality, reliable after-sales service, and a robust charging infrastructure through its Ather Grid network.
Financials
Ola Electric's financial performance and market capitalization
Ola Electric reported a 43% YoY decline in operating revenue to ₹690 crore for Q2 FY26. However, it managed to narrow losses through cost optimization. The company's market capitalization is currently at ₹18,168 crore, lower than Ather Energy's valuation of ₹24,348 crore. Ather's asset-light dealership-led retail strategy has helped it manage costs more efficiently compared to Ola's network of over 3,000 directly-managed stores.