Mumbai: Ola Electric attains a remarkable feat, reaching a production milestone of four lakh units in December 2023 within two years of its inception. As a prominent player in the electric two-wheeler segment, Ola holds a significant 40% market share.
Ola Electric, on the verge of an IPO launch, achieves a significant production milestone of four lakh units in December 2023. The company, having filed its red herring prospectus (DRHP) with SEBI, seeks funds for expanding its product portfolio, including electric motorcycles, cars, and a battery cell manufacturing facility, marking a milestone in India’s electric mobility sector.
Maintaining its leadership in the electric two-wheeler sector, Ola Electric achieves robust sales figures with 30,219 units retailed in December 2023, marking a substantial 74% YoY growth. The brand records a strong quarter-on-quarter growth of 48%, selling 83,963 units between October and December 2023 (Q3 FY2024).
Setting another milestone, Ola Electric becomes the first electric two-wheeler manufacturer to surpass 2.65 lakh registrations in a calendar year, according to data from the VAHAN portal. With a diverse product range catering to various price points, Ola’s success is underscored by its accessible e-scooter lineup, including the Ola S1 X starting from ₹89,999 and the S1 Pro Gen2 priced at ₹1.48 lakh (ex-showroom, India). The brand’s proactive approach includes periodic discounts and offers, such as a recent ₹20,000 discount on the S1 X+.
Get with the times. Lock and unlock your S1 with the digital key.#DecemberToRemember pic.twitter.com/hhqOo5I3lC
— Ola Electric (@OlaElectric) December 29, 2023