Ola Electric Hits Milestone: First to Sell 3 Lakh EVs in a Year

Ola Electric has become the first manufacturer in the country to sell 3 lakh EVs in a single calendar year. The milestone was achieved on September 9, which is also celebrated as World EV Day. According to the latest data from Vahan portal, Ola has sold 3,04,393 units as of September 10. With four months left in the year, the number could soon escalate to 4 lakh units.

Ola’s Market Dominance in 2024

During the period from January to August 2024, Ola posted average monthly sales of 37,220 units. This strong performance has given it a commendable 41% market share, so far this year.

Ola has set consistent sales records in India’s electric two-wheeler market. It was the first to post sales of 1 lakh, 2 lakh, and 3 lakh units here. In the final few months of 2021, Ola could sell only 240 units. The next year, however, the numbers surged to 1,09,396. This was more than the combined sales of competitors like Ather Energy and TVS Motor Company.

In 2023, the sales touched 2,67,365 units, translating to an impressive 144% year-on-year growth. It surpassed the nearest rival’s (TVS) numbers by a sizeable margin. TVS Motor Company could only sell 1,66,579 iQubes that year.

In the first eight months and nine days of 2024, Ola has already surpassed its 2023 numbers by 37,028 units. This puts the OEM well ahead of its competitors, with a strong 41% market share, compared to TVS Motor Co’s 18% and Ather Energy’s 10%.

Ola Electric’s Portfolio In India

Ola Electric recently expanded its product range in India. Earlier, it used to have three electric scooter models in its lineup- the S1 Pro, S1 Air and S1 X. These offer range figures of 180 km, 151 km, and 190 km respectively. The S1 Pro has a top speed of 120 kph while the max speeds of S1 Air and X are 90 kph and 85 kph respectively.

The S1X is the company’s latest scooter and comes in three variants (battery pack options): 2 kWh, 3 kWh and 4 kWh. Features include a five-inch digital display, 34-liter under-seat storage, selectable riding modes, and two cubby holes at the front.

On August 15, 2024, the company launched its first-ever electric motorcycle series in the country- the Ola Roadster. There are three models in this lineup- Roadster, Roadster X, and Roadster Pro. Deliveries of these e-motorcycles will commence in 2025. All three vehicles are based on Ola’s Gen 3 platform and get in-house developed battery packs. These are the largest to be ever seen on Indian EV motorcycles.

Besides diversifying the product range, Ola has also been actively expanding its sales and service network in the country- especially in the suburbs. This increased focus on customer experience is expected to yield it more trust and profits in the time ahead.

The Battle Between TVS, Bajaj, and Ather

While Ola Electric leads the market, TVS Motor Co and Bajaj Auto are the other two strong players to achieve six-figure sales in 2024. Between January 1 and September 9, TVS sold 1,32,078 iQubes, and Bajaj Auto delivered 1,05,680 Chetak EVs.

The competition between TVS and Bajaj has been heating up lately. Both companies had launched their first electric scooters in January 2020, and since then, the rivalry has intensified. In 2023, TVS held a sales lead of 94,642 units over Bajaj. However, in 2024, that gap has narrowed to 26,398 units with four months still remaining in the year.

Electric Two-Wheelers Leading the EV Market

The electric two-wheeler segment is the largest contributor to EV sales in India, accounting for 57% of the total electric vehicle market. The industry is expected to hit the 1 million sales mark for the first time in 2024. In 2023, the total sales of electric two-wheelers were 9,48,444 units, and the industry is currently just 2,01,181 units away from hitting that milestone.