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FADA's 3 October data: India EV retail hit 333,634 units in September 2026; electric two-wheelers up 88.67% YoY
Our read
TVS Motor will more likely than not stay at the top of electric two-wheeler retail in the next FADA release as EV penetration keeps rising.
For operators
India's EV retail reached 333,634 units in September 2026, with electric two-wheelers up 88.67% year on year to 207,314 and passenger EVs up 94.56% to 36,108, so dealers should weight showroom stock and EV service capacity toward TVS Motor and Tata Motors PV.
Watch
TVS Motor e-2W retail above the 54,037 reported for September, in FADA's October data, would mean its lead is widening and rivals' discounts are not winning share.
The report
TVS Motor led electric two-wheeler retail with 54,037 units, out of the segment's 207,314 in September 2026. Passenger EV retail reached 36,108 units, led by Tata Motors PV.
- Total EV retail, Sept 2026
- 333,634
- Electric two-wheeler retail
- 207,314
- up +88.67%
- TVS Motor e-2W retail (within two-wheelers)
- 54,037
- Electric passenger vehicle retail
- 36,108
- up +94.56%
Reported figures
From the report. Source details below
| Electric passenger vehicle YoY growth: | +94.56% |
|---|---|
| Two-wheeler EV penetration: | 11.6% |
| Passenger EV penetration: | 8.5% |
Why it matters for the brand
With EV penetration at 11.6% in two-wheelers and 8.5% in passenger vehicles and TVS Motor and Tata Motors PV leading their segments, sub-scale EV brands and dealer groups may be the ones to screen for partnership or consolidation.
What to track next
- E-2W penetration against September's 11.6% in the next FADA release
- Passenger EV penetration against September's 8.5% in the next release
- Tata Motors PV's passenger EV retail against September's 36,108 units
- Any change to EV purchase incentives or financing terms announced before the next FADA release
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- TVS Motor is likely to push supply and dealer reach for its electric scooters to defend the 54,037 units it retailed in September.
- Rival electric two-wheeler makers may answer with sharper pricing, extended warranties or cheaper finance to take share from TVS Motor.
- Tata Motors PV is likely to defend its lead in passenger EVs, where retail rose 94.56% to 36,108, with variant launches and dealer-level offers.
- Lenders and NBFCs are likely to widen EV loan products as penetration reaches 11.6% in two-wheelers and 8.5% in passenger vehicles.
- Other passenger-vehicle brands may bring forward EV launches to capture a segment that is now growing at nearly double its prior-year level.