India’s electric vehicle market lost some speed in November 2025 as GST cuts made petrol and diesel vehicles cheaper. This shift encouraged many buyers to choose internal combustion engine (ICE) vehicles over electric options, even though overall demand stayed strong because of festive-season spillover and better affordability. An Equirus Securities report highlighted that EV penetration fell across two-wheelers, cars and light trucks.
Two-Wheelers
Electric two-wheeler sales dropped 3% year-on-year to 1.17 lakh units, and market penetration declined to 4.6%, down from around 7% earlier in the year. The fall was mainly due to higher demand for cheaper ICE models after GST cuts and continued supply problems for EV makers.
TVS Motor returned to the top with a record 26% share, helped by the new Orbiter scooter. Bajaj Auto held 22%, while Ather Energy slipped to 17%. Hero MotoCorp grew sharply and reached 10% share, overtaking Ola Electric, whose sales fell 71% as competition increased.
Despite weaker EV numbers, total two-wheeler demand stayed strong, rising 21% year-on-year in October–November.
Passenger Vehicles
Electric car sales rose 63% to 14,700 units, but EV penetration fell to 3.7% from the pre-GST level of 5%. Buyers increasingly preferred ICE cars after GST cuts made them more affordable.
Tata Motors’ EV share fell to 41% from 49% last year, although new models like Harrier EV helped stabilise sales. JSW MG Motor held around 25% share, while Mahindra grew from 6% to 20% with new launches.
Overall car retail sales jumped 20% in November due to better stock availability and festive momentum. CNG vehicle share slipped slightly, while mild hybrids increased to 6%.
Buses, Trucks and Three-Wheelers
Electric bus penetration rose from 2% to 5% in a year, though the segment remains unstable due to dependence on government orders. Olectra led with 24% share.
In light and medium trucks, diesel dominated with 80% share, followed by CNG at around 15–16%. EV truck penetration stayed low at 2% as GST cuts favoured ICE models.
The three-wheeler segment remained the strongest EV category. Electric three-wheeler penetration rebounded to 62%, with sales rising 32% year-on-year. Mahindra led e-auto sales with 46%, followed by Bajaj at 37%, while Piaggio fell to 6%.
