Updated January 1st, 2024 at 21:08 IST

Ola Electric secures 40% market share in 2W EV segment with 30,219 registrations in Dec

In December, Ola Electric marked a record month with a 74% YoY growth and a 48% QoQ increase in registrations for its electric scooters.

Reported by: Business Desk
Ola Electric
Ola Electric | Image:Ola Electric

Ola Electric concluded the year with a steady performance, recording 30,219 registrations in December. As per the VAHAN Portal, the company secured a 40 per cent market share in the 2W EV segment, indicating a notable presence in the market.

Ola Electric's December growth

December marked a significant month for Ola Electric, with the highest-ever monthly registrations and a year-on-year (YoY) growth of 74 per cent. The quarter ending December also saw quarter-on-quarter (QoQ) growth of 48 per cent, reflecting sustained demand for the company's electric scooters.

For the calendar year 2023, Ola Electric reported a total of over 2.65 lakh registrations, consolidating its position in the 2W EV market.

Anshul Khandelwal, CMO, Ola Electric Technologies Private Limited, mentioned the diverse product lineup, including the flagship premium EV scooter S1 Pro, S1 Air, and the recently introduced S1 X+. Khandelwal said, "Our 'December to Remember' campaign has gained traction, contributing to increased adoption of electric vehicles."

In addition to the surge in registrations, Ola Electric achieved a production milestone, reaching 4,00,000 scooters within two years. The company also stands as the first EV 2W manufacturer to surpass 2.65 lakh registrations in a calendar year.

EV portfolio expansion

Ola Electric recently expanded its scooter portfolio to five products, accommodating various consumer preferences. The S1 Pro (2nd Generation), the flagship premium model, is priced at Rs 1,47,499, while the S1 Air is available at Rs 1,19,999. The company introduced the S1X in three variants - S1 X+, S1 X (3kWh), and S1 X (2kWh), with competitive pricing to meet diverse consumer needs.

Ola Electric has proposed an initial public offering (IPO) of its equity shares, as indicated in the draft red herring prospectus (DRHP) filed on December 22, 2023, with the Securities and Exchange Board of India (SEBI). Investors are advised to review the associated risks outlined in the DRHP before making any investment decisions. Notably, the equity shares have not been registered, listed, or otherwise qualified in any jurisdiction outside India.


Published January 1st, 2024 at 21:08 IST

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