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					</table><p>Electric vehicle (EV) sales in India reached 951,884 units in the third quarter (Q3) of 2026, a year-over-year (YoY) increase of 64.4% from 578,987 units recorded in the corresponding quarter of 2025.</p>
<p>According to data released by the <a href="https://morth.nic.in/" target="_blank" rel="noopener">Ministry of Road Transport and Highways</a> through its Vahan Dashboard, EVs accounted for about 12.5% of overall automobile sales, which totaled 7,636,606 units during Q3 2026.</p>
<p>India now has over 10.41 million registered EVs.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Electric two-wheelers accounted for 62.8% (597,637 units) of total EV sales in Q3 2026, an 82.2% YoY increase from 328,082 units in the corresponding quarter of 2025.</p>
<p><a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS Motor Company</a> retained its lead in the segment with 159,159 units sold, followed by <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> (135,622), <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a> (90,237), <a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero MotoCorp</a> (66,453), and <a href="https://www.olaelectric.com/" target="_blank" rel="noopener">Ola Electric</a> (41,633).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Electric three-wheelers constituted 26.8% (255,272 units) of total EV sales during the quarter, increasing 31.1% YoY from 194,643 units.</p>
<p><a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> led the segment with 43,603 units sold, followed by <a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra Last Mile Mobility</a> (42,066), <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS Motor Company</a> (14,117), <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric Vehicle</a> (6,950), and <a href="https://www.dillielectricauto.com/" target="_blank" rel="noopener">Dilli Electric Auto</a> (5,335).</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers accounted for 10.2% of total EV sales in the country, with 96,657 units sold during the quarter, a 75.5% increase from 55,072 units in Q3 2025.</p>
<p><a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Passenger Electric Mobility</a> led the segment with 41,791 units, followed by <a href="https://www.mahindra.com/our-business/automotive" target="_blank" rel="noopener">Mahindra Electric Automobile</a> (21,441) and <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">JSW MG Motor</a> (15,682). <a href="https://www.marutisuzuki.com/" target="_blank" rel="noopener">Maruti Suzuki</a> ranked fourth with 4,143 units, while <a href="https://vinfastauto.in/" target="_blank" rel="noopener">VinFast Auto</a> completed the top five with 2,559 units.</p>
<p><strong>Electric buses</strong></p>
<p>The quarter saw the sale of 2,318 electric buses, a 94.8% YoY increase from 1,190 units.</p>
<p><a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a> led the segment with 577 units sold, followed by <a href="https://www.jbmgroup.com/" target="_blank" rel="noopener">JBM Auto</a> (552), <a href="https://pmielectro.com/" target="_blank" rel="noopener">PMI Electro Mobility Solutions</a> (335), <a href="https://www.switchmobilityev.com/" target="_blank" rel="noopener">Switch Mobility Automotive</a> (295), and <a href="https://pinnacleindustries.com/" target="_blank" rel="noopener">Pinnacle Mobility Solutions</a> (260).</p>
<p>EV sales in India <a href="https://www.mercomindia.com/evs-account-for-over-10-of-vehicle-sales-in-q2-2026/" target="_blank" rel="noopener">reached</a> 837,453 units in the second quarter of 2026.</p>
<p>The Parliament’s Standing Committee on Industry <a href="https://www.mercomindia.com/parliamentary-panel-flags-low-ev-program-utilization-and-skewed-spending-by-mhi/" target="_blank" rel="noopener">raised</a> concerns about the dominance of the automobile and EV ecosystem in the MHI budget, which is around ₹75.37 billion (~$802.49 million), accounting for about 94.9% of total MHI demand. The Committee warned that these enhanced outlays must be backed by realistic implementation pipelines and constant monitoring to avoid under-utilization and cuts at the revised estimates stage.</p>



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					</table><p><a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a>’s subsidiary, <a href="https://eveytrans.com/" target="_blank" rel="noopener">EveyTrans</a>, has secured two orders from the Telangana State Road Transport Corporation (<a href="https://www.tgsrtc.telangana.gov.in/" target="_blank" rel="noopener">TGSRTC</a>) for the supply, operation, and maintenance of 1,085 electric buses, comprising 1,025 (12-meter non-AC) buses and 60 (12-meter AC) buses, for intracity operations.</p>
<p>EveyTrans will procure buses from Olectra Greentech, valued at approximately ₹18 billion (~$198.38 million).</p>
<p>The buses will be delivered over 20 months.</p>
<p>These orders for the supply of 1,085 electric buses are on a gross cost contract/OPEX model for 12 years.</p>
<p>Olectra Greentech will also maintain the buses during the contract period.</p>
<p>EveyTrans operates electric buses in Ahmedabad, Mumbai, Pune, Surat, Silvassa, Goa, Hyderabad, Dehradun, Nagpur, Tirupati, and Puducherry, and has deployed nearly 3300 electric buses across India. The company also operates a luxury e-bus service from Mumbai to Pune.</p>
<p>The company has been operating electric buses in collaboration with BEST and the Pune Mahanagar Parivahan Mahamandal since 2018.</p>
<p>In 2023, Olectra Greentech had <a href="https://www.mercomindia.com/olectra-550-e-buses-in-south-india-from-tsrtc" target="_blank" rel="noopener">received</a> an order for 550 electric buses from TGSRTC in 2023.</p>
<p>Also in 2023, Olectra Greentech <a href="https://www.mercomindia.com/olectra-%E2%82%B93-95-billion-contract-ev-manufacturing-unit" target="_blank" rel="noopener">awarded</a> the contract for the construction of its greenfield electric vehicle manufacturing facility at Seetharampur, Hyderabad, to Megha Engineering and Infrastructures.</p>
<p>Earlier, the consortium of Olectra Greentech and EveyTrans had <a href="https://www.mercomindia.com/daily-news-wrap-up-vikram-solar-supply-350-mw-modules-arizona" target="_blank" rel="noopener">received</a> a letter of award from one of the state transport corporations for 123 electric buses. The order was on a gross cost contract/OPEX model basis for 15 years, with an estimated value of around ₹1.85 billion (~$20.39 million).</p>
<p>In 2023, the bidding process conducted by Convergence Energy Services (CESL) <a href="https://www.mercomindia.com/e-buses-cost-effective-cesl-bidding-results-show" target="_blank" rel="noopener">showed</a> that electric bus services were the most cost-effective approach to urban public transport, with or without subsidy. The unsubsidized per-km prices discovered under the gross cost contracting model were 23-27% lower than the cost of diesel/CNG bus services and 31-35% lower if the government’s FAME II subsidy were to be included.</p>
<p>According to CESL, India will require over 100,000 electric buses by 2030.</p>


Olectra Greentech Bags Two Orders for Electric Buses Worth ₹18 Billion


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					</table><p>Electric bus manufacturer <a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a> has awarded the contract for the construction of its new greenfield electric vehicle (EV) manufacturing facility at Seetharampur in Hyderabad to <a href="https://meil.in/" target="_blank" rel="noopener">Megha Engineering and Infrastructures</a>.</p>
<p>The proposed value of the contract is ₹3.95 billion (~$48.12 million).</p>
<p>As per the contract, the facility will be developed on 150 acres of land at Seetharampur and completed within 12 months from the shareholders&#8217; final approval date, i.e., July 19, 2023.</p>
<p>The greenfield EV manufacturing facility will have a projected annual production capacity of 5,000 buses/trucks and other EVs with scalability of up to 10,000 units.</p>
<p>The company had previously floated a public tender to identify a suitable vendor for the construction of the manufacturing facility.</p>
<p>Pursuant to the tender, Suroj Buildcon and Megha Engineering and Infrastructures participated in the bidding process. The price quoted by Megha Engineering and Infrastructures was lower than that quoted by the other bidder and was also less than the company&#8217;s estimated cost for the project.</p>
<p>Based on the above evaluation, the company&#8217;s board of directors, in their meeting held on June 19, 2023, evaluated all possible options available and approved the engagement of Megha Engineering and Infrastructures to establish the greenfield EV manufacturing facility.</p>
<p>As of March 2023, Olectra Greentech has an order book of 3,394 buses on hand and has delivered 1,100 plus electric buses.</p>
<p>The company is targeting a growth of about 2.5 to 3x to the current number, which amounts to approximately about 1,200 to 2,500 electric buses and tippers in the financial year (FY) 2024.</p>
<p>Currently, the company has the capacity to manufacture 125 e-buses each month.</p>
<p>The company recently recorded an increase of 86% in profit after tax to ₹656 million (~$7.99 million) in FY 2023.</p>
<p>Recently, Olectra Greentech received a letter of intent from the Maharashtra State Road Transport Corporation relating to the supply, operation, and maintenance of 5,150 electric buses and allied electrical and civil Infrastructure on a gross cost contract basis.</p>
<p>During the fourth quarter of FY 2023, the company added three more new customers to its portfolio. The new customers are the Karnataka State Road Transport Corporation, the Maharashtra State Road Transportation Corporation, and Thane Municipal Corporation, by delivering intercity and city electric buses.</p>
<p>Earlier this year, Olectra Greentech <a href="https://www.mercomindia.com/olectra-550-e-buses-in-south-india-from-tsrtc" target="_blank" rel="noopener">received</a> an order for 550 electric buses from the Telangana State Road Transport Corporation (TSRTC). Olectra said its e-buses would significantly reduce the noise and emission levels in Hyderabad.</p>


Olectra Awards ₹3.95 Billion Construction Contract for EV Manufacturing Unit

<p>Olectra-BYD, an electric vehicle maker, has deployed 10 commercial grade electric buses in collaboration with the state’s road transport corporation to take pilgrims to the Sabarimala shrine, located in the southern state of Kerala</p>
<p>With this, Olectra-BYD it has reportedly become the first company to deploy electric buses in Kerala in this capacity.</p>
<p>&#8220;We are sure that like other states, our 10 buses will repeat the success in Kerala as well. The eBuzz K7 has already proved its reliability as it has been successfully plying at a high altitude and steep gradient of 13,000 feet in Himachal Pradesh,&#8221; stated N Naga Satyam, Executive Director of Olectra Greentech.</p>
<p>These electric buses have been manufactured in India by Olectra Greentech which has a strategic partnership with <a href="http://www.byd.com/en/index.html" target="_blank" rel="noopener">BYD Auto Industry Co. Ltd</a>. of China.</p>
<p><a href="https://mercomindia.com/kerala-announces-ev-policy/" target="_blank" rel="noopener">Recently</a>, Kerala announced its Electric Vehicle Policy (EVP) and has put up ambitious targets for the full electrification of all classes of motor vehicles by 2030. It includes bringing one million EVs on the road by 2022 and creating a pilot fleet of 200,000 two-wheelers, 50,000 three-wheelers, 1,000 goods carriers, 3000 buses and 100 ferry boats by 2020.</p>
<p>Under this early adoption support scheme, an incentive of ₹30,000 (~$406) or 25 percent of the EV (whichever is lower) for three wheelers will be provided for an initial period of one year.</p>
<p>In the recent past, <a href="https://mercomindia.com/karnataka-procure-640-electric-vehicles/" target="_blank" rel="noopener">Karnataka </a>and <a href="https://mercomindia.com/maharashtra-cabinet-electric-vehicle-policy-evs/" target="_blank" rel="noopener">Maharashtra </a>also launched their own EV policies that provide various subsidies and incentives to consumers. EV market in India is slowly <a href="https://mercomindia.com/electric-vehicles-opportunity-india/" target="_blank" rel="noopener">gaining momentum</a> after three years of relative inaction. However, India still lags far behind other nations when it comes to EVs.</p>
<p><a href="https://mercomindia.com/ev-adoption-lags-most-states/" target="_blank" rel="noopener">Mercom has reported that</a> electric vehicle sales so far have been inconsistent under the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) program. According to data by the <a href="https://www.fame-india.gov.in/" target="_blank" rel="noopener">Department of Heavy Industries’</a> official website, Maharashtra is the leaders when it comes to the number of vehicles sold under the FAME scheme.</p>
<p>Image credit: Wikipedia</p>


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