Ola Electric Sets Record as the First EV Company to Sell Over 2.5 Lakh Units in a Year

Ola Electric has achieved a remarkable sales milestone by recording retail sales of 2,52,647 electric scooters from January 1, 2023, to December 21, 2023, and this accomplishment positions Ola Electric as the first electric two-wheeler manufacturer in India to surpass the 2.5 lakh-unit milestone in a calendar year. Notably, this accounts for 31 percent of the 8,28,537 electric two-wheelers sold in India until the penultimate week of the current year.

According to Vahan data, as of December 21, Ola has achieved an impressive 131 percent year-on-year growth in CY2023, with 10 days still remaining in December. In CY2022, retail sales stood at 1,09,395 units. Throughout the year, Ola Electric maintained strong and sustained demand, with retail sales consistently averaging around 20,000 units per month.

Ola Electric's performance in 2023 has been marked by significant milestones. The year began with 18,353 units sold in January, surpassed the 20,000-unit mark for the first time in March (21,434 units), and achieved a monthly best in the festive month of November (29,898 units).

For the entire 12-month period, Ola Electric has secured a market share of 30.50 percent. While two other electric two-wheeler manufacturers, TVS Motor Co and Ather Energy, have also crossed the six-figure sales mark this year, Ola Electric maintains a substantial lead. TVS Motor Co, with 1,62,399 units, holds a 19.60 percent market share, and Ather Energy, with 1,01,940 units, commands a 12.30 percent share.

Ola Electric's success is further underscored by its recent expansion of the S1 portfolio to five scooters. The S1 Pro, priced at Rs 1.47 lakh, serves as the company's flagship scooter, while the S1 X (2kWh), with an introductory price of Rs 90,000, represents the entry into the range. Additionally, Ola Electric expanded its direct-to-consumer (D2C) omnichannel distribution network throughout the year, boasting 935 experience centers and 392 service centers across India as of the end of October 2023.