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					</table><p>Electric vehicle (EV) sales in India reached 696,769 units in the first quarter (Q1) of 2026, an increase of over 35.5% year-over-year (YoY) against the 514,198 units.</p>
<p>EVs account for 9% of overall automobile sales, which totaled 7,889,101 units in Q1 2026, 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 <a href="https://vahan.parivahan.gov.in/vahan4dashboard/vahan/dashboardview.xhtml" target="_blank" rel="noopener">Vahan Dashboard</a>.</p>
<p>India now has over 8.35 million registered EVs.</p>
<p><strong>Electric two-wheelers</strong></p>
<p>Electric two-wheelers accounted for nearly 61% (427,773) of total EVs sold in Q1 2026. <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS Motor Company</a> led the segment with the highest sales at 116,290, followed by <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> (97,616), <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a> (78,858), <a href="https://www.heromotocorp.com/en-in.html" target="_blank" rel="noopener">Hero Motocorp</a> (47,442), and  <a href="https://www.olaelectric.com/experience-centre-visit-registration?utm_source=google&amp;utm_medium=cpc_search&amp;utm_campaign=Brand-Top-cities-ola-test-ride&amp;gad_source=1&amp;gclid=Cj0KCQiAhc-sBhCEARIsAOVwHuTgMIs6kH_Xjc13dhtee2m14FCz6So6bcbJr8rE2hvqoVe4DSopMLQaApFjEALw_wcB" target="_blank" rel="noopener">Ola Electric</a> (21,626).</p>
<p><strong>Electric three-wheelers</strong></p>
<p>Electric three-wheelers constituted 29.5% (205,703) of all EVs sold during the quarter. <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> sold 26,290 units, the most in this category, followed by <a href="https://mahindralastmilemobility.com/" target="_blank" rel="noopener">Mahindra Last Mile Mobility</a> (24,372), <a href="https://www.tvsmotor.com/" target="_blank" rel="noopener">TVS Motor Company</a> (8,008), <a href="https://www.ycevehicles.com/" target="_blank" rel="noopener">YC Electric Vehicle </a> (6,295), and <a href="https://www.citylifeev.com/" target="_blank" rel="noopener">Dilli Electric Auto</a> (5,109).</p>
<p><strong>Electric four-wheelers</strong></p>
<p>Electric four-wheelers accounted for 8% of total sales, or 55,200 units, in Q1. <a href="https://www.tatamotors.com/" target="_blank" rel="noopener">Tata Passenger Electric Mobility</a> led the segment again, selling 21,782 units, followed by <a href="https://www.mgmotor.co.in/" target="_blank" rel="noopener">JSW MG Motor</a>, selling 13,525 units. Other significant electric four-wheeler companies in the market include <a href="https://www.mahindra.com/our-business/automotive" target="_blank" rel="noopener">Mahindra Electric Automobile</a> (11,848), <a href="http://vinfastauto.in/en/node/3" target="_blank" rel="noopener">VinFast Auto </a>(1,560), and <a href="https://www.marutisuzuki.com/" target="_blank" rel="noopener">Maruti Suzuki </a>(1,401).</p>
<p><strong>Electric buses</strong></p>
<p>The quarter saw the sale of 1,518 electric buses. <a href="https://www.switchmobilityev.com/" target="_blank" rel="noopener">Switch Mobility Automotive</a> led the segment, selling 542 units, followed by <a href="https://www.jbmgroup.com/" target="_blank" rel="noopener">JBM Auto</a> with 451 units. Other significant electric bus companies in the market include <a href="https://pmielectro.com/" target="_blank" rel="noopener">PMI Electro Mobility Solutions</a> (256)<strong>, </strong><a href="https://aeroeagle.co.in/" target="_blank" rel="noopener">Aeroeagle Automobiles</a> (71), and <a href="https://olectra.com/" target="_blank" rel="noopener">Olectra Greentech</a> (65).</p>
<p>EV sales in India reached a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units <a href="https://www.mercomindia.com/electric-vehicle-sales-2024/" target="_blank" rel="noopener">sold </a>in 2024.</p>
<p>Recently, 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>Bengaluru-based shared electric two-wheeler company <a href="https://www.yulu.bike/" target="_blank" rel="noopener">Yulu</a> has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> and <a href="https://www.magna.com/" target="_blank" rel="noopener">Magna International</a>.</p>
<p>The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.</p>
<p>Operational since 2017, the company operates a fleet of 30,000 electric vehicles (EV) deployed across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram, addressing first and last-mile mobility needs and reducing carbon emissions.</p>
<p>Yulu also expects to raise its series C funding later this year. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth,” said Amit Gupta, co-founder and CEO of Yulu.</p>
<p>“We continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans, and the current investment is an outcome of the shared vision and strategy to realize it,” said Rakesh Sharma, executive director of Bajaj Auto.</p>
<p>In September 2022, the company <a href="https://www.mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping" target="_blank" rel="noopener">raised</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by Magna International. Bajaj Auto also participated in the funding round.</p>
<p>To accelerate the adoption of EVs in the country, the union government recently <a href="https://mercomindia.com/fame-ii-budgetary-vehicles-increased-by-million#:~:text=The%20Ministry%20of%20Heavy%20Industries,India's%20transition%20to%20clean%20mobility." target="_blank" rel="noopener">increased</a> the outlay of the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program by $180.7 million.</p>
<p>Last year, the sale of EVs <a href="https://mercomindia.com/electric-vehicle-sales-2023#:~:text=Electric%20vehicle%20(EV)%20sales%20in,Highways%20through%20its%20Vahan%20Dashboard." target="_blank" rel="noopener">registered</a> a record high of 1.53 million units, a 50% year-over-year increase from 2022. EV sales accounted for nearly 6.4% of the overall automobiles sold in the country.</p>


Yulu Raises ₹1.6 Billion to Meet Increased Demand in Shared E-Mobility

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