 "IPO-bound Ola Electric clocks highest registration of 35,000 units in Feb")
IPO-bound Ola Electric clocked the highest monthly registration of over 35,000 units in February, as the company comfortably maintained its pole position in the EV (electric vehicle) two-wheeler segment, cornering a market share of 42 per cent.
The SoftBank-backed company reported its highest-ever monthly registrations during the month and posted a year-on-year (Y-o-Y) growth of nearly 100 per cent compared to the same month last year.
Ola Electric has recorded close to 1,00,000 registrations in the last three months, with more than 30,000 units registered consistently in December, January, and February.
In December last year, the company became the first EV 2W manufacturer to record 30,000 registrations in a month.
Ola Electric competes with players such as Ather, Bajaj, Ampere, Hero MotoCorp, and TVS Motor Company.
“We have seen consistent growth in our registrations and market share, and are confident in continuing our market leadership with best-in-class products and a strong EV infrastructure,” said Anshul Khandelwal, chief marketing officer, of Ola Electric Technologies Private Limited.
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The firm said the move addresses the biggest barrier to EV adoption by extending the lifespan of vehicles by 2X of ICE vehicles.
Additionally, the company also unveiled plans to expand its service network by 50 per cent across the country by April 2024.