Ola Electric sells over 25,000 scooters in December

Bhavish Aggarwal, founder and CEO, Ola Electric, said, “2022 has proven to be the inflection point in India’s journey towards becoming a global EV hub. At Ola, we are committed to Mission Electric and have managed to drive EV adoption and penetration across the country. Ola is now the largest as well as the fastest growing EV company in the country. If last year has shown us the true potential of India’s EV market, next year is poised to open the floodgates for EVs in the country.”

ET reported on December 2 that EV
sales in November hit 76,148, almost touching the all-time high of 76,445 in October.

Ola Electric, founded in 2017, announced in December that it had gained revenue market share of 50% across EV and internal combustion engine (ICE) two-wheelers in the premium scooter segment (ex-showroom price of Rs 1 lakh and above). The company is India’s largest EV manufacturer, competing with brands like Ather, Okinawa and Hero Electric.

Despite the uptick in EV sales in the past two months, the industry could miss its annual target of 10 lakh vehicles in 2022-2023 by at least 20%,
according to Society of Manufacturers of Electric Vehicles (SMEV). According to the industry body, the shortfall is expected because the government has withheld subsidies worth Rs 1,100 crore.

Ola Electric is looking to make more affordable options available for its customers. In October, the company announced the launch of an affordable version of its S1 scooter, the S1 Air. The vehicle is priced at just under Rs 80,000 and is expected to be rolled out by April 2023. in October, Aggarwal said the S1 line
would be the best-selling scooter in India next year, beating Honda’s Activa.

Last month, Aggarwal had said the company was looking at
manufacturing commercial vehicles, apart from scooters and cars. “There are teams working on cars, two-wheelers, there are teams working on commercial vehicles… same software, same cells, electronics is used across products,” Aggarwal said.