EV sales of Ola Electric Mobility Ltd. fell to the lowest in at least 36 months in November 2025, even as the erstwhile market leader finds itself in “sacrifice for survival” mode.
The Bengaluru-based pureplay EV two-wheeler maker sold 8,400 electric scooters and motorcycles in November 2025, as against 29,322 units in the year-ago period—down 71% year-on-year for the month, according to VAHAN data. That’s the lowest since at least September 2022, when Ola Electric sold ~9,800 units, and down nearly 80% since peak sales of 53,647 units in March 2024.
This has pushed the erstwhile market leader to the fifth spot in India’s pecking order for electric two-wheelers, with even Hero Vida—a relatively late entrant to India’s EV space—selling more.
TVS Motor Co. Ltd., Bajaj Auto Ltd. and Ather Energy Ltd. were the Top 3 electric two-wheeler makers in November 2025, in that order.
At 1,16,859 units, India’s electric two-wheeler sales in November were the second highest for a month in 2025, but were still down 3% compared to the year-ago period, according to VAHAN data.
Ola Electric vs The Rest
Ola Electric has claimed that the electric two-wheeler market itself is flat.
“While the market has been flat, competition has intensified. Many OEMs have chosen to pursue short-term market share through aggressive discounting and elevated channel incentives, at the cost of profitability,” the company said in its shareholder letter after second-quarter results.
Between April-November 2025, electric two-wheeler sales in India grew 13.53% year-on-year to 8,74,777 units while those of Ola Electric fell 51.22% year-on-year to 1,33,521 units, according to VAHAN data.
“We have taken the opposite approach—focusing on improving cost structure, deepening product quality and reliability, and driving margin expansion,” Ola Electric went on to say in its shareholder letter. “This positions us to grow in a margin accretive way and gain profitable share as the market returns to growth.”
Ola Electric — Sacrifice for Survival
The steep decline in Ola Electric’s sales is emblematic of the financial quagmire that the company led by Bhavish Aggarwal finds itself in.
Following its second-quarter results where revenue fell 43% year-on-year, Ola Electric slashed its annual sales forecast by 40% to 2,21,000 units for FY26. “For the auto segment, we expect lower volumes than the Q1 guidance as we continue to focus on margin and cash discipline in a hyper competitive market,” according to a shareholder letter. “For H2 FY26, we target total deliveries of approximately 100,000 units.”
In the current fiscal through November 2025, the company has sold a total of 1,33,521 electric two-wheelers. In October and November, the company sold a total of 24,449 units—meaning, Ola Electric has to sell at least 18,888 units every month for the rest of the fiscal year.
The company has managed to narrow its net loss to ₹418 crore and reported an EBITDA of ₹2 crore in Q2 FY26, thanks to better operational control, but that’s come at the cost of volumes.
On Monday, Ola Electric shares fell 1.21% to ₹40.69 apiece on the BSE even as the benchmark Sensex ended the day 0.08% lower at 85,641.90 points.
