The high-octane growth story of India’s electric vehicle (EV) market moderated in November 2025. Following a record-breaking festive season in October, the expected post-festival cool-down led to a significant month-on-month (MoM) dip in retail sales across key segments.
While the long-term outlook for electric mobility remains robust, the Federation of Automobile Dealers Associations (FADA) data for November highlights a distinct market correction, most acutely felt by electric two-wheeler (E2W) segment giants like Ola Electric and Ather Energy, and a similar sequential dip for JSW MG Motor in the passenger vehicle (E4W) space.
Here is a deep dive into the numbers and what they mean for India’s evolving EV landscape.
1. The Electric Two-Wheeler Shake-Up: Leaders Plunge
The E2W segment—the backbone of India’s EV volumes—bore the brunt of the slowdown, registering an 18.70% MoM decline in retail sales. This correction led to a dramatic reshuffling of the top five players.
The Steepest Declines: Ola and Ather
- Ola Electric: The company faced the steepest correction among major OEMs. Its retail sales plummeted by a sharp 47.6% MoM, dropping its volume to roughly 8,400 units. Critically, this figure also represents a devastating 71% year-on-year (YoY) decline compared to November 2024, pushing the brand down to the fifth position in the segment. Analysts attribute this sharp fall to intensifying competition and persistent customer complaints regarding after-sales service and reliability.
- Ather Energy: Ather also saw its sales cool significantly, declining by approximately 27.5% MoM. However, with sales around the 20,300-unit mark, Ather managed to retain the third spot, indicating that October’s record was likely a festive peak rather than a permanent shift in demand structure.
The Resilient Winner: TVS Motor
In stark contrast to its rivals, TVS Motor Company cemented its leadership by emerging as the only major brand to post a modest MoM increase (around 2.8%) in the shrinking market. With over 30,300 units sold, TVS topped the charts, leveraging its established network and popular iQube lineup to appeal to consumers who prioritize reliability and service accessibility.
2. Passenger EVs: A Healthy Correction, Strong Growth Trajectory
The electric passenger vehicle (E4W) segment also saw a sequential drop of 17.75% MoM from its October highs. However, it’s crucial to note that this segment is booming structurally, with a massive 61% YoY growth compared to November 2024.
- Tata Motors Dominance: Tata Motors continued its unshakeable lead, retailing approximately 6,150 units. While this marked a 15% MoM dip, its combined portfolio (Nexon EV, Punch EV, and Tiago EV) maintains a commanding market share.
- MG Motor’s Dip: JSW MG Motor India, which has successfully maintained the number two position, also recorded an 18.82% MoM decline in its passenger vehicle sales. This dip is seen as a market normalization after festive volume spikes.
- Other Gainers: The month saw new entrants like VinFast and strong performance from Mahindra & Mahindra (especially the XUV400 and its new EV models), signaling rising competition for the established leaders.
3. Beyond the Numbers: Why the Market Slowed
The November slowdown can be attributed to three main factors:
- Post-Festive Season Correction: The most dominant factor. October typically sees heightened sales due to festivals like Diwali and Dhanteras. November sales often pull back as inventory is cleared and consumers postpone large purchases.
- Intensifying Competition: As legacy automakers like TVS and Bajaj ramp up their quality, service, and product range, competition has intensified, particularly in the E2W segment, challenging the dominance of new-age players.
- Brand-Specific Challenges: The sustained and severe sales slump for Ola Electric points toward brand-specific issues, including persistent concerns over after-sales service quality, which are increasingly driving consumers toward more reliable, established rivals.
Normalization in a Growing Market
While the headline numbers suggest a slowdown, the November 2025 data reflects a necessary normalization of the market after a festive surge. The underlying momentum remains strong, evidenced by the impressive YoY growth in both the passenger and commercial EV segments.
The coming months will be crucial. Brands that can deliver product quality coupled with robust service networks—like TVS and Tata—are best positioned to convert long-term demand into stable market share, while competitors facing reliability issues must urgently address consumer confidence to regain their lost ground.
