Both Bajaj and TVS have been performing strongly in the two-wheeler EV space. While TVS has managed to stay ahead in the fiscal year that ended on March 31, 2025 (FY2025), Bajaj has narrowed the gap more than ever. TVS sold around 2.73 lakh iQubes – a lead of 13,000 units over the Bajaj Chetak’s approximately 2.60 lakh units. The difference was around 74,000 units in FY2024.
- Bajaj Chetak trails the TVS iQube by just 13,000 units in FY2025
- The sales gap between Bajaj and TVS was 74,000 units in FY2024
iQube and Chetak hit best-ever fiscal year sales
Both EVs record sales of over 2.5 lakh units each
Both TVS and Bajaj have delivered a stellar market performance in FY2025, each selling over 2.5 lakh units for the first time in a fiscal year. Sales surged 44 percent year-on-year for iQube and 125 percent for Chetak – as compared to FY2024, TVS sold around 83,000 additional units in FY2025, and Bajaj sold about 1.44 lakh units more. Consequently, the sales gap between theTVS iQubeandBajaj Chetakreduced to just 13,000 units in FY2025.
Both companies recorded their best-ever monthly sales in the festive period of October 2024, in which approximately 29,000 TVS iQubes and around 30,000 Chetaks were sold. It was an evenly fought battle, as the monthly sales stats indicate. In FY2025, the TVS iQube outsold the Bajaj Chetak in May, July, August, September, January and February, while Chetak fared better in the other six months.
In an expanding marketplace, which is witnessing the introduction of a number of new products, what ticks the EV sales boxes for both TVS and Bajaj is their strong brand image, well-developed and innovative in-house R&D capability and reliable after-sales support.
Hormazd Sorabjee
Anurag Chaturvedi
