Electric Vehicles

TVS Two-Wheeler EV Sales Rise 120% to 71,382 in October; Tata Motors Passenger Vehicles EV Sales Up 75%

November 1, 2026 By Vedant Pandya 5 min read
TVS: electric scooters and an electric SUV in a showroom beside a charging point
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TVS Motor Company sold 71,382 electric two-wheelers in October 2026, up 120% from 32,387 units a year earlier, according to its filing with the National Stock Exchange of India on 1 November 2026. Tata Motors Passenger Vehicles (TMPV) reported 16,244 electric vehicle (EV) sales for the month, up 75% from 9,286 units. Both totals were above the companies’ September 2026 figures, and the TVS figure is the highest in its filings since June 2026.

Key Details

The October 2026 figures, with September comparisons from earlier filings, are:

  • TVS two-wheeler EVs: 71,382 units, against 65,799 units in September 2026, a month-on-month rise of 8.5%
  • TVS total two-wheelers: 670,679 units, up 28% from 525,150 units, so EVs equal about 10.6% of that total
  • TVS total sales: 700,134 units, up 29% from 543,557 units
  • TVS three-wheelers: 29,455 units, up 60% from 18,407 units
  • TVS international business: 175,350 units, up 51% from 115,806 units
  • TMPV EVs, domestic and international: 16,244 units, against 15,384 units in September 2026, a rise of 5.6%
  • TMPV total passenger vehicles: 75,426 units including EVs, up 23% from 61,295 units, so EVs equal about 21.5% of that total
  • TMPV domestic passenger vehicles: 73,894 units, up 21% from 61,134 units

TVS has not split its EV figure between India and exports, and TMPV reports domestic and international EV sales as one number. Neither company named the models sold. Both sets of numbers are company sales, not government registration data.

The Monthly Trend

TVS’s two-wheeler EV sales have risen since June 2026, with a dip in August. Filings show 48,537 units in June, 60,934 in July, 59,453 in August and 65,799 in September. In the second quarter ended September 2026, the company sold 186,186 two-wheeler EVs, up 133% from 80,009 units a year earlier.

TMPV’s path has been flatter. Its monthly figures show 16,549 EVs in August and 15,384 in September. Subtracting those from the second-quarter total of 47,150 units leaves 15,217 units for July. October therefore sits above September and July but below August.

Management Comment

Neither October filing carries a statement on EVs. In the TMPV release of 1 October 2026, Managing Director and Chief Executive Officer Shailesh Chandra said EVs recorded their highest-ever quarterly sales of over 47,000 units, growing 90% year-on-year from 24,855 units. He said EV penetration in the company’s portfolio rose to 23%, compared with around 8% for the industry. EV and compressed natural gas models together contributed 51% of sales, he added.

TVS has not commented on October, but its release of 25 August 2026 said the iQube electric scooter had reached one million customers. In that release, the company claimed that iQube had contributed to it “emerging as the No. 1 player by market share this year” in electric two-wheelers.

Policy Backdrop

The central scheme for EV demand incentives is the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. A Press Information Bureau (PIB) factsheet of 1 October 2026 gives it an outlay of ₹11,900 crore and implementation until 31 March 2028. It lists an incentive for registered electric two-wheelers of ₹2,500 per kWh, capped at ₹5,000 per vehicle, for models priced up to ₹1.5 lakh ex-factory, with an allocation of ₹2,767 crore.

The factsheet describes the two-wheeler incentive in the present tense and gives it no separate end date. A PIB release of 8 August 2025 had kept the terminal date for registered electric two-wheelers at 31 March 2026, while extending the scheme for electric trucks, buses and testing agencies. That release gave e-rickshaws and e-carts the same date, but the factsheet says their support continues until March 2028. Neither document resolves the two-wheeler position, and neither company said how much of its October volume received an incentive.

About the Companies

TVS Motor Company is a two and three-wheeler maker that is part of TVS VENU, with four manufacturing facilities in India and Indonesia. It says it operates across 90 countries. For the second quarter of 2026-27, it reported record revenue of ₹17,103 crore, up 44% from ₹11,905 crore, and profit after tax of ₹1,377 crore, up 52% from ₹904 crore.

TMPV makes cars and sport utility vehicles, and its EV figures include sales by its subsidiary Tata Passenger Electric Mobility Limited. It reported second-quarter sales of 201,723 units, up 40% from 144,397 units.

The Companies’ Recent Pipeline

  • August 2026: TVS launched the iQube in Kenya, the scooter’s first African market.
  • August 2026: TVS introduced the iQube MillionR special edition, based on the 3.5 kWh variant.
  • October 2026: TVS’s board approved a proposed composite scheme to demerge its consumer finance and related business undertaking, subject to statutory, regulatory and shareholder approvals.
  • October 2026: TMPV, its subsidiary Tata Passenger Electric Mobility and Stellantis India signed a definitive agreement extending their partnership into technology and product collaboration.

Outlook

The companies’ November 2026 sales filings will show whether the October level holds. TVS’s third-quarter results are the next source on how EV volumes feed into its revenue, and TMPV’s quarterly results are the equivalent for its EV business. On policy, the PIB factsheet says 26.59 lakh of about 28.30 lakh supported EVs had been sold by June 2026. It also says one sub-component, registered L5 electric three-wheelers, closed on 26 December 2025 after meeting its target.

Official Sources

  1. TVS Motor Company – Sales Update for October 2026 (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/TVSMOTOR_01112026144636_TVSM_SalesupdateSD.pdf
  2. Tata Motors Passenger Vehicles Limited – October 2026 Sales Press Release (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/TATAMOTORSSJS_01112026123417_NSEBSESalesRelease.pdf
  3. TVS Motor Company – Q2 FY27 Results Press Release (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/TVSMOTOR_28102026152658_TVSM_PRESSRELEASESD.pdf
  4. Tata Motors Passenger Vehicles Limited – Q2 FY27 Sales Press Release (NSE, 1 October 2026): https://nsearchives.nseindia.com/corporate/TATAMOTORSSJS_01102026131705_NSEBSEQ2FY27.pdf
  5. Press Information Bureau – PM E-DRIVE Scheme Factsheet (1 October 2026): https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/oct/doc_10062_20261001_19244601.pdf
  6. Press Information Bureau – Ministry of Heavy Industries Extends PM E-DRIVE Tenure (8 August 2025): https://www.pib.gov.in/PressReleasePage.aspx?PRID=2154408&reg=48&lang=2

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