India’s EV market slows in November; big drops for Ola, Ather and MG Motor

India’s electric vehicle market eased in November after a high-voltage festive month, with both electric two-wheelers and passenger EVs reporting softer retail activity. Data from the Federation of Automobile Dealers Associations (FADA) shows a clear reset in buyer sentiment, though the broader transition to electric mobility remains on track.

The electric two-wheeler segment, which accounts for the bulk of EV volumes in India, recorded a broad pullback. TVS Motor emerged as the month’s biggest gainer, rising to 47,337 units, an increase of 1,302 units or about 2.8% over October, reinforcing its position as the segment’s most stable performer. Smaller players also saw traction, with River Mobility growing 18% to 1,104 units.

Contrastingly, several major brands saw demand soften. Ola Electric posted the steepest correction, falling to 22,690 units — a sharp 47.6% drop and over 20,600 units wiped out in a month. Ather Energy also declined 27.5%, slipping to 8,365 units. Hero MotoCorp, Bajaj, Greaves and BGAUSS similarly saw retail movement slow after a strong October.

A similar reset played out in the electric passenger vehicle market. VinFast stood out as the top gainer, jumping 122% to 357 units as deliveries scaled up. Segment leader Tata Motors, despite cooling to 6,153 units, maintained a commanding lead supported by steady demand for the Punch and Nexon EV.

Among the laggards, MG Motor dropped 18.8% to 1,700 units, reflecting slower traction in the mid-premium EV space. Luxury brands remained under pressure as Mercedes-Benz slipped 23% to 96 units, mirroring the weaker sentiment in higher-end EVs.

Lower-tier EV categories moved differently. The electric three-wheeler market bucked the overall trend, growing 18.5% in November as commercial demand remained strong. Brands such as Mahindra, Bajaj, and several regional OEMs continued to benefit from rising adoption in last-mile mobility.

In electric commercial vehicles, overall volumes remained small but steady at 1,698 units, with players like Euler Motors and Pinnacle Mobility showing notable month-on-month gains on a low base, even as larger OEMs saw a mild correction.