In a groundbreaking achievement, Ola Electric has become the first electric two-wheeler manufacturer in India to surpass the 2.5 lakh-unit sales milestone in a calendar year. The company recorded an impressive 131 percent year-on-year growth in CY2023, solidifying its position as a market leader in the electric vehicle (EV) segment.
Ola Electric’s retail sales reached an astounding 2,52,647 units from January 1, 2023, to December 21, 2023, constituting 31 percent of the total 8,28,537 electric two-wheelers sold in India till the penultimate week of the year.
The company’s monthly sales consistently averaged at about 20,000 units, showcasing sustained demand throughout the year. Ola Electric’s remarkable journey in 2023 began with 18,353 units in January, hitting a milestone by surpassing the 20,000-unit mark in March (21,434 units), and achieving a monthly best in November with 29,898 units sold.
Ola Electric’s market dominance is further evident in its impressive 30.50 percent market share for the entire 12-month period. While two other electric two-wheeler manufacturers, TVS Motor Co and Ather Energy, crossed the six-figure sales mark, Ola Electric maintains a substantial lead. TVS Motor Co recorded 1,62,399 units with a 19.60 percent market share, and Ather Energy achieved 1,01,940 units, securing a 12.30 percent market share.
The success of Ola Electric is attributed not only to its robust sales figures but also to its strategic expansion initiatives. The company recently expanded its S1 portfolio to include five scooters, featuring the flagship S1 Pro priced at Rs 1.47 lakh and the entry-level S1 X (2kWh) at an introductory price of Rs 90,000. Additionally, Ola Electric expanded its direct-to-consumer (D2C) omnichannel distribution network, boasting 935 experience centers and 392 service centers across India as of the end of October 2023.
Ola Electric’s achievements underscore its commitment to sustainable transportation and its pivotal role in driving the adoption of electric vehicles in India.
