[TusharK]

Ola Electric has achieved a new sales milestone. The electric scooter maker sold 2,52,647 units from January 1-December 23, 2023.



Ola Electric has become the first electric 2-wheeler brand in India to surpass the 2.5 lakh unit mark in a year. TVS posted the second-highest sales of 1,62,399 units, while Ather Energy posted sales of 1,01,940 units, securing third place.

On average, Ola has been selling around 20,000 units per month. The company registered its best monthly sales of 29,898 units in November. The company has a market share of 30.50%, followed by TVS and Ather with 19.60% and 12.30%, respectively.

Ola currently offers a wide range of e-scooters priced between Rs 90,000 and Rs 1.47 lakh. The flagship S1 Pro variant uses a 5 kW electric motor that is powered by a 4 kWh battery, offering a maximum range of 195 km on a single charge.

Source: Autocar India

Link to Team-BHP News

[bijims]

Ola is on a roll and looks like there is no stopping it, 20,000 units on average per month with over 30% market share is phenomenal, and they have got quite a head start in the electric two-wheeler market On the other hand, TVS has understood electric is the future and has taken the leap into e-scooters and is doing well, its time Honda enters the race as well. With even the Activa costing upwards of 90k on-road, it makes perfect sense to go for e-scooters now, and with range over 100 km per charge, practicality ain't compromised much either.

[Neo18]

God help the folks who are folking to buy this sub standard gizmo. Already know 2 folks in my apartment who are repenting the purchase. Everything from the delivery to the service is pathetic. Wondering what makes people so short sighted when it comes to making such purchases.

[newenergy]

Even with glitches and issues people sure are buying OLAs. Although they are now a bit better than the initial batches. Personally I have seen few buy OLA just to have that speaker and play at full volume during ride. Really irritating.

[neil.jericho]

In other Ola related news ....

A document seen by Reuters with Ola's latest financial projections shows it now expects to record 300,000 e-scooter sales in the ongoing fiscal year to March 2024, two-thirds lower than the earlier goal of 882,000 which Reuters reported in July.

The revenue target for the ongoing fiscal year period is now $591 million, versus the earlier goal of $1.55 billion - a cut of about 60%, according to the internal document.

Ola will sell 900,000 units in 2024-25 and 2.3 million units in 2025-26, the new document showed. Those targets are 60% and 21% lower than earlier estimates when incentives were in place.

If this is the good news ahead of its IPO, I wonder what will be the bad news which will come out after the IPO !

[volkman10]

Ola Electric's FY23 loss at Rs 1,472 crore; May see further losses in near term.

The company said it might continue to report losses in the near term, considering higher operating expenses due to product and sales expansion.

The IPO-bound company’s consolidated net loss during FY23 came in at Rs 1,472.08 crore, against a loss of Rs 784.15 crore in the year-ago period, as per the profit and loss statement provided in Ola Electric’s draft red herring prospectus. Revenue from operations for the year totaled Rs 2,630.93 crore, against Rs 373.42 crore in FY22.

Ola Electric’s current electric scooter line-up includes three models and remains the dominant player in the country's electric two-wheeler market a market share of over 30%. The company plans to start delivery of the Ola S1 X (2 kWh) and the Ola S1 X (3 kWh) by the first half of FY25 and the motorcycles in the first half of FY26.

In addition, Ola Electric is setting up a Giga factory in Tamil Nadu through its subsidiary Ola Cell Technologies. The factory is expected to start production of cells with a capacity of 1.4 GWh by March 2024.

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