Ola Electric becomes first EV company to sell over 2.5 lakh units in a year

Ola Electric consistently averaged sales of 20,000 units a month; has highest market share.

Published On Dec 22, 2023 02:22:00 PM

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Ola Electric has just recorded yet another sales milestone. With retail sales of 2,52,647 electric scooters from January 1, 2023 through to December 21, 2023, it has become the first electric two-wheeler manufacturer in India to surpass the 2.5 lakh-unit milestone in a calendar year. That’s also 31 percent of the 8,28,537 electric two-wheelers sold in India till the penultimate week of this year.

Ola sells 2,52,647 units in January 1 to December 21, 2023 period
TVS Motor and Ather Energy in second and third place, respectively

As per Vahan data (as of December 21) of retail electric two-wheeler sales, Ola has recorded a handsome 131 percent year-on-year growth in CY2023 (with 10 days still to go in December 2023). Retail sales stood at 1,09,395 units in CY2022.

With retail sales consistently averaging at about 20,000 units a month, it shows just how strong and sustained demand has been for the company throughout the year. Ola opened CY2023 with 18,353 units in January, crossed the 20,000-unit mark for the first time in March (21,434 units) and notched a monthly best in the festive month of November (29,898 units).

For the entire 12-month period, Ola’s market share stands at 30.50 percent. Two other electric two-wheeler manufacturers have crossed the six-figure sales mark this year, albeit Ola has a huge lead over them. While TVS Motor Co, with 1,62,399 units, has a 19.60 percent share, Ather Energy, with 1,01,940 units, has a 12.30 percent share.

Ola recently expanded its S1 portfolio to five scooters. Priced at Rs 1.47 lakh, the S1 Pro is the company’s flagship scooter, while the S1 X (2kWh) at an introductory price of Rs 90,000 is the entry into the range. This year has also seen Ola expand its D2C omnichannel distribution network and as of end-October 2023, the EV OEM has 935 experience centres and 392 service centres across India.

Also see:

Ola Electric reports Rs 1,472 crore loss in FY23

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