Sales of Bhavish Aggarwal-led Ola Electric hit the lowest in 27 months as Bajaj Auto overtook the newly listed pure-play e-scooter firm to become India’s top-selling EV maker.

Ola Electric's December registrations fell to 13,569 units, the lowest since September 2022, according to Vahan data as of 3:30 pm on December 31.

Legacy automaker Bajaj Auto overtook Ola Electric to become India’s largest electric vehicle maker in December 2024 with 18,035 e-scooter registrations.

TVS Motor Company stood second, also ahead Ola Electric, with 16,971 EV registrations.

Ather Energy, which received market regulator Securities and Exchange Board of India’s (SEBI's) nod to raise funds through an initial public offering (IPO), clocked 10,239 EV registrations.

However, for the full calendar year, Ola Electric maintained its market dominance with 4.07 lakh EV registrations. TVS Motor Company came in second with over 2.20 lakh EV registrations while Bajaj Auto stood third with 1.93 lakh registrations. Ather Energy clocked around 1.26 lakh EV sales this year. India’s largest two-wheeler maker by volume, Her MotoCorp saw 43,700 EV registrations in 2024.

This comes days after Ola expanded its retail and service outlets from 800 to 4,000 on Christmas Day as the company grappled with complaints of service delays in recent months. Ola received a show cause notice from fair-trade watchdog Central Consumer Protection Authority (CCPA) for alleged violation of consumer rights, misleading advertisement and unfair trade practices after complaints of long service delays by customers went viral on social media.

Ola’s store expansion comes at a time when legacy automakers are chipping away at the new-age company’s market share. Bajaj and TVS already have a robust dealership network across the country. With 3,200 new stores, Ola Electric says it is looking to operate India's largest EV distribution network covering all pin codes.

EVs currently account for only 5% of two-wheeler sales in India and 20% of total scooter sales. The government is targeting 80% electrification in two-wheelers by 2030.

To increase volumes in 2025, Ola Electric plans to enter the light-weight commuter motorcycle segment which constitutes 75% of India’s two-wheeler sales.