Ola Electric, the electric two-wheeler industry market leader in India, has become the first EV maker in India to achieve retail sales of 4 lakh units in a single calendar year. As per the latest Vahan data (as of 7am on December 15, 2024), Ola has clocked a total of 4,00,099 units, confirming our sister publication, Autocar Professional’s forecast when the company had achieved 3 lakh sales. Fittingly enough, Ola had achieved the 3 lakh units milestone on September 9 – World EV Day.
4,00,099 units between January-December 14, 2024 are a handsome 50 percent YoY jump over CY2023 sales, and translate to an additional 1,32,371 units.
Ola Retails Cross 7.70 lakh units since launch
Since its entry into the Indian EV market, Ola Electric’s cumulative retail sales have gone past the 7,75,000 units mark, with the bulk of them coming this year.
Cumulative retails for the company, which commenced sales in December 2021, are 7,77,118 units till the first half of December 2024, the largest for any e2W OEM in India. And, of the 2.62 million e-two-wheelers (2,627,889 units) sold in the country from December 2021 till mid-December 2024, Ola has a market share of 30 percent.
Vahan-sourced data reveals that the company sold 1,09,401 units in CY2022, its first 12 months of sales. This was more than the combined sales of Ather Energy (51,808 units), which was the then No. 2 OEM, and TVS Motor Co (47,812 units).
Ola Electric, which commenced sales in December 2021, has sold 7,77,118 units till first half of December 2024, the largest for any e2W OEM in India.
In CY2023, Ola sold 2,67,378 units, which constitutes a handsome 144 percent year-on-year growth, which gave it a huge lead of 1,00,799 units over its immediate rival, TVS Motor Co which sold 1,66,579 iQubes.
Now, in the first 11-and-a-half months of this year (January to December 14), Ola with 4,00,099 units has registered a handsome 50 percent YoY increase over its CY2023 sales, having sold an additional 1,32,371 units in the year to date.
With the Indian e-two-wheeler industry having clocked total retails of 1,109,432 units or 1.10 million units, Ola currently has a leading 36 percent share of the e-two-wheeler market, well ahead of TVS Motor Co (2,10,666 iQubes and 19 percent market share), Bajaj Auto (1,84,577 Chetaks and 17 percent market share) and Ather Energy (1,20,721 units and 11 percent market share).
It's been a good year for EV sales and Ola, TVS Motor Co, Bajaj Auto and Ather Energy are the four OEMs to have recorded six-figure sales numbers. All these four OEMs, as also Greaves Electric Mobility, have already hit their best-ever annual sales, with a fortnight still left before 2024 comes to a close.
While Ola remains the market leader by a wide margin, the battle between the two legacy players – TVS Motor Co and Bajaj Auto – has turned intense. The sales gap between TVS and Bajaj, which was 94,642 units in CY2023, currently stands at 26,089 units, with just 2 weeks more for CY2025 to dawn.
Hormazd Sorabjee
Sahil Kukreja
