Ola Electric’s EV sales halve in 2025, recording registrations of 1,96,767 units

Bhavish Aggarwal-led Ola Electric’s electric two-wheeler sales halved in the calendar year 2025 compared with 2024, according to VAHAN registration data.

Ola Electric, which sold 4,07,701 EVs in the calendar year 2024, recorded registrations of 1,96,767 units as of December 26, 2025, the VAHAN data shows.

TVS Motor Company dethroned Ola Electric as the biggest electric two-wheeler manufacturer in 2025 by selling 2,95,315 units. Bajaj Auto stood second with sales of 2,66,919 units.

Tarun Mehta-led Ather Energy also pipped Ola Electric for the first time. In the calendar year 2025, Ather Energy recorded registrations of 1,97,596 units. Ola Electric witnessed a steep decline in sales in November and December, as sales fell below the 10,000 units mark, at 8,430 units and 6,479 units, respectively. In comparison, Ather Energy sold 20,468 units in November and 13,898 units in December.

On December 25, Ola Electric announced that it has received a sanction order from the Ministry of Heavy Industries for the release of incentives amounting to ₹366.78 crore under the Production Linked Incentive Scheme for Automobile and Auto Components (PLI-Auto Scheme) for claims pertaining to 2024-25.

The sanction pertains to the demand incentive for the Determined Sales Value for 2024-25 and authorises a payment of ₹366.78 crore to be released through IFCI Ltd, the designated financial institution for disbursement under the scheme.

Commenting on the development, an Ola Electric spokesperson said, “The sanction of ₹366.78 crore under the PLI-Auto Scheme is a strong endorsement of Ola Electric’s manufacturing capabilities and our commitment to building world-class EV technology in India. This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain.”

To be clear, Ather Energy does not get incentives under the production-linked incentive scheme. The ₹25,938 crore PLI scheme for the automobile and auto components sector set a revenue threshold, allowing eligibility only for automakers whose global group revenue exceeded ₹10,000 crore. Aggarwal’s Ola already had a fledgling ride-hailing business, which helped it become eligible for the scheme.