Ampere Narrows the Gap to Ola Electric as Magnus Registrations Cross 10,000 in October 2026

Greaves Electric Mobility nearly caught up with Ola Electric in October 2026, with the gap between their monthly registrations shrinking to just 1,268 units.

Greaves recorded 10,843 electric two-wheeler registrations in October, up from 9,319 in September. Ola Electric, meanwhile, recorded 12,111 units, down from 13,459 the previous month, according to the VAHAN OEM registration dataset.

In September, Ola was ahead of Greaves by 4,140 registrations. By October, that lead had narrowed by approximately 69%. Much of the change came from Ampere's Magnus scooter family, which crossed 10,000 monthly registrations. Ola's S1 X, its largest volume contributor, moved in the opposite direction.

Greaves Electric Mobility vs Ola Electric — Registration Comparison

Ampere Magnus Drives Greaves' Growth

Greaves' October registrations represented 16.35% growth over September. Compared with 7,743 registrations in October 2025, the manufacturer's volume increased by 40.04%.

The model-wise figures reveal that this improvement was overwhelmingly driven by Ampere Magnus. The scooter family recorded 10,051 registrations in October 2026, compared with 8,721 in September and 6,475 in October 2025.

That translates to 15.25% month-on-month growth and 55.23% year-on-year growth. Magnus accounted for approximately 92.7% of Greaves Electric Mobility's total October registrations.

This concentration highlights the importance of the Magnus family to Greaves' electric two-wheeler business. Strong volumes from one product family can drive growth, but they also leave a manufacturer more exposed if demand or availability weakens.

Ampere's Nexus family provided some additional support, increasing from 597 registrations in September to 788 in October. However, its volume remained considerably smaller than Magnus.

Ola's S1 X Remains Its Biggest Contributor, but Volumes Decline

Ola Electric stayed ahead of Greaves, although its October registrations fell 10.02% month-on-month to 12,111. Compared with 16,439 registrations in October 2025, the company was down 26.33% year-on-year.

The S1 X recorded 9,592 registrations in October, compared with 10,633 in September and 10,756 in October 2025. That represents a 9.79% monthly decline.

Despite the fall, the S1 X was still Ola's largest model family, making up roughly 79% of its mapped October model registrations. Other products, including the S1 X+, S1 Pro and Roadster models, also contributed, but did not offset the manufacturer's overall decline.

Both companies therefore depend heavily on a single model family for volume: Magnus for Greaves and S1 X for Ola. October demonstrated how changes in these two product families can affect their competitive positions.

Why Did the Gap Narrow So Sharply?

Two movements occurred at the same time. Greaves gained 1,524 registrations compared with September, while Ola lost 1,348. Together, those changes reduced Ola's lead by 2,872 units in a single month.

Importantly, the wider market was growing. India's electric two-wheeler registrations increased from 2,08,794 in September to 2,24,585 in October 2026 in the OEM dataset.

Greaves therefore gained registrations while the overall market expanded, whereas Ola declined during the same period.

The figures establish what happened, but not its precise causes. Festive demand, dealership availability, prices, financing offers, regional demand and vehicle availability may influence registrations. Without additional evidence, it would be premature to attribute either company's movement to one specific factor.

What Does This Mean for the Market?

Ola accounted for approximately 5.39% of October's OEM-level electric two-wheeler registrations, compared with 4.83% for Greaves.

The difference was still in Ola's favour, but it became much narrower. For industry readers, the key question is whether Greaves can maintain its Magnus-led gains and whether Ola can stabilise the S1 X.

One month alone cannot establish a lasting shift in buyer preferences. A more reliable assessment will require several months of comparable registrations, alongside evidence about product availability and demand.

Can Ampere Overtake Ola Electric?

October did not produce a change in their positions: Ola Electric remained ahead of Greaves Electric Mobility. But it did make their contest substantially closer.

Ampere Magnus crossed 10,000 registrations, Greaves grew 16.35%, and Ola declined 10.02% month-on-month. The gap narrowed from 4,140 units in September to just 1,268 in October.

Whether this becomes a sustained trend will depend on how both manufacturers perform in the coming months.