Ola Electric sells over 50,000 units, registers 41,605 units in Oct

With a market share of 30 per cent, the company said it continues to dominate the EV 2W segment in India

Driven by strong festive demand, Ola Electric sold over 50,000 units in October, the company said on Friday, asserting that it continues to dominate the EV two-wheeler (2W) segment in India with a market share of 30 per cent.

 

According to Vahan data, the company saw an uptick in vehicle registrations with 41,605 units registered during the month, cementing its market leadership in the EV 2W segment.

 

The company also reported Y-o-Y growth of 74 per cent in registrations in October 2024 as compared to the same month last year.

 

“The festive season has been really strong for us on the back of our expansive portfolio, an uptick in consumer demand, and the strengthening of our sales network across India. We have witnessed an increase in EV adoption, especially in Tier-II and  Tier-III markets and are confident that this positive growth will cascade in the coming months as well,” said  a spokesperson of  Ola Electric Mobility Limited.

 

 

The company recently announced a series of initiatives to enhance the after-sales and ownership experience. It unveiled the HyperService campaign to double its company-owned service network to 1,000 centres by December 2024.

 

As part of the Network Partner Programme, it will onboard 10,000 partners across sales and service by the end of 2025. The company also announced its EV Service Training Programme with the aim of training 1 lakh third-party mechanics to make every mechanic EV-ready across India.

 

Ola Electric offers an expansive S1 portfolio with six offerings across attractive price points catering to customers with different range requirements. While the premium offerings S1 Pro and S1 Air are priced at Rs 1,34,999 and Rs 1,07,499, respectively, the mass market offerings include S1 X portfolio (2 kWh, 3 kWh, and 4 kWh) priced at Rs 74,999, Rs 87,999, and Rs 101,999, respectively.

 

At its annual ‘Sankalp’ event in August 2024, the company announced the launch of its Roadster motorcycle series, comprising Roadster X (2.5 kWh, 3.5 kWh, 4.5 kWh), Roadster (3.5 kWh, 4.5 kWh, 6 kWh), and Roadster Pro (8 kWh, 16 kWh). The motorcycles offer many segment-first technology and performance features, with their prices starting from Rs 74,999, Rs 1,04,999, and Rs 1,99,999, respectively.

 

On October 9, the Ministry of Heavy Industries directed the Automotive Research Association of India (ARAI) to investigate consumer complaints related to Ola Electric.

 

This action followed a show-cause notice issued to the EV manufacturer by the Central Consumer Protection Authority (CCPA) on October 3. The notice was prompted by 9,948 complaints received between September 2023 and August 2024, primarily concerning delayed deliveries, defective products, and misleading advertisements related to Ola Electric. The association also recently flagged Ola’s failure to inform it about a price reduction for its S1 X 2 kWh model before the launch of the ‘BOSS’ sale.

 

In a report on October 25, HSBC Global Research said it revisited Ola Electric service centres after a month and found the situation to be improving fast while it may take some time for it to fully normalise. HSBC report also highlighted that the company was undergoing multiple initiatives to improve service quality.

 

The report noted that despite the fall, the stock remains a high-risk-reward stock proposition – where the upside is contingent on the success of EV bikes and in-house batteries. The report further pointed out that EV bikes from Ola are at least 2-3 years ahead of competition and a successful battery venture will provide the company with a sustainable competitive advantage.  

The report also mentioned that Ola Electric was expanding its service network and scouting for space for large new service stations.