It was Earth Day yesterday, and fittingly, two key growth drivers of the Indian electric vehicle industry have reached a major milestone: over a million units sold. Combined sales of the TVS iQube and the Bajaj Chetak electric scooters — both launched in January 2020 — have now crossed the 10-lakh (one million) mark.
- Bajaj Chetak and TVS iQube cross one million in cumulative sales
- TVS iQube accounts for 57 percent of the total sales
- Both models were launched in January, 2020
Chetak and iQube cross one million in total sales
Both these models were launched in January, 2020
Combined sales of the TVS iQube and Bajaj Chetak electric scooters, which were launched back in January 2020, have surpassed the 10 lakh milestone. The two EVs have been among the key drivers behind the strong growth of the Indian electric two-wheeler industry and account for 31 percent of the 3.19 million units sold between CY2020 and mid-April 2025.
As per SIAM’s dispatch data, combined sales of the TVS iQube and Bajaj Chetak from January 2020 through till end-March 2025 were over 9.93 lakh units – just over 6,700 units shy of the 10 lakh-units mark. Given the rapid pace of sales for both these EV scooters, this minuscule gap would have been surpassed in the first few days of April 2025 itself.
The TVS iQube has sold over 5.71 lakh units, accounting for a 57 percent share of the combined sales of over 9.93 lakh units till end-FY2025. The Bajaj Chetak, with just under 4.23 lakh units, has the remaining 43 percent share. TVS' sizeable lead of just under 1.50 lakh units is because it had a wider sales network for its EV much earlier than Bajaj had for its Chetak.
However, the sales difference between these two legacy OEMs has substantially narrowed, particularly in the past two fiscal years. In FY2024, TVS sold just under 1.90 lakh units compared to Bajaj Chetak’s over 1.15 lakh unit dispatches – a difference of around 74,000 units. FY2025 was a stellar year for both companies as they each clocked their best-ever fiscal year sales and rode past the 2 lakh milestone for the first time.
Hormazd Sorabjee
Anurag Chaturvedi
