India’s electric two-wheeler market has been thrown a curveball in early February 2026. The Vahan dashboard—often seen as the pulse of the country’s EV transition—is currently flashing an unusual signal. As of February 6, 2026, Ampere Electric has edged past Ola Electric on the portal, registering 839 units compared to Ola’s 834.
For a market long accustomed to Ola Electric’s dominance, this brief crossover is nothing short of startling. It marks a rare moment when one of the “Original Top Three” EV manufacturers appears to be clawing its way back into contention, while the country’s most celebrated EV unicorn grapples with a sharp decline i
Ola Electric’s current position is particularly striking when viewed against its past performance. At its peak, the Bengaluru-based company routinely clocked more than 53,000 units in monthly registrations. Fast forward to December 2025, and that figure had fallen to just 7,515 units—an alarming drop that reflects weakening demand, intensifying competition, and lingering concerns around after-sales support and product reliability.
In contrast, Ampere Electric, now part of the Greaves Group, has been quietly rebuilding its presence. Known for its conservative growth strategy and focus on affordability, Ampere has steadily strengthened its foothold in Tier-2 and Tier-3 markets, where price sensitivity and service reach play a decisive role.
Despite the headline-grabbing nature of this early-February crossover, seasoned industry observers remain cautious. Many point out that this is not the first time Ampere has briefly overtaken Ola in the opening days of a month.
Historically, Ampere has often posted strong numbers in the first week, only for Ola to regain ground by month-end through aggressive retail pushes, fleet dispatches, and promotional campaigns. In industry circles, this pattern is well known: “Ampere wins the first week, Ola wins the month.”
As a result, the current data point may reflect timing and reporting dynamics rather than a fundamental shift in market leadership.
One factor complicating the picture is the presence of so-called “ghost” volumes—vehicles registered in bulk by dealers or partners to meet internal targets, even when end-user demand remains subdued. Such practices can temporarily inflate numbers, especially towards the beginning or end of a reporting cycle.
Ola, meanwhile, has historically relied on aggressive end-of-month discounting and flash sales to shore up volumes. These tactics, while effective in boosting short-term registrations, often mask underlying demand softness and lead to volatile monthly performance.
With February still in its early stages, similar tactics could once again reshape the leaderboard in the coming weeks.
While Ampere’s early lead is noteworthy, it also highlights a structural limitation in its current portfolio. The company lacks a strong offering in the increasingly important 4kWh battery segment—a sweet spot that balances range, performance, and price.
As consumers gravitate toward higher-capacity batteries for longer commutes and better real-world usability, this gap puts Ampere at a competitive disadvantage against rivals that already offer 4kWh-class scooters. Without addressing this “hole” in its lineup, sustaining momentum over the medium term could prove challenging.
The unfolding contest between Ampere and Ola increasingly resembles the classic “Tortoise and Hare” narrative. Ampere represents steady, incremental progress built on distribution strength and cautious expansion. Ola, in contrast, embodies speed, scale, and risk—capable of dramatic surges, but also vulnerable to equally dramatic slowdowns.
Whether the tortoise has finally caught the hare remains an open question. The early-February crossover is symbolically important, but it is far from conclusive.
For now, Ampere’s narrow lead over Ola on the Vahan portal is best viewed as a signal worth watching, rather than definitive proof of a power shift. The remainder of February will reveal whether this is the start of a sustained turnaround for Ampere or simply another episode in the familiar monthly cycle.
What is clear, however, is that Ola’s prolonged slump and Ampere’s quiet resilience reflect a broader maturation of India’s electric two-wheeler market—one where brand hype alone is no longer enough, and consistency, service quality, and product depth are becoming decisive factors.
