According to data from government-owned vehicle registration platform Vahan, as of October 15, Ola sold 17,417 electric two-wheelers this month, capturing a 34.9% market share, up from 28.7% the entire last month.
The Bengaluru-based company, in an exchange filing, attributed the gain in market share to the popularity of its S1 scooter portfolio and its expanding service network. Ola aims to maintain this momentum through the festive season leading up to Diwali.
As of 3 PM, the shares of Ola Electric were trading at Rs 89.5 on the BSE.
Ola’s premium S1 offerings, the S1 Pro and S1 Air, are priced at Rs 1,34,999 and Rs 1,07,499, respectively. Its mass-market S1 X portfolio, which includes models with 2 kilowatt-hour (kWh), 3 kWh, and 4 kWh battery options, is priced at Rs 74,999, Rs 87,999, and Rs 1,01,999, respectively.
Other key players in India’s electric two-wheeler market this month include Bajaj Auto, TVS Motor, and Ather Energy, with market shares of 22.9%, 21.8%, and 11.5%, respectively.
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Ola is currently facing regulatory scrutiny from the Automotive Research Association of India (ARAI) for not informing the agency about its recent pricing strategies for the S1 X 2 kWh model before launching its āBOSSā sale last week. During the sale, the price for the S1 X 2 kWh model started as low as Rs 49,999, with additional benefits worth up to Rs 25,000 on the S1 portfolio.Despite the recent growth in sales, Ola Electric has been dealing with increased customer complaints regarding after-sales service, software glitches, and hardware issues, leading to a decline in sales and market share over the past few months. The Central Consumer Protection Authority (CCPA) recently issued a show-cause notice to Ola for alleged violation of consumer rights, misleading advertisements, and unfair trade practices.
To address these concerns, CEO Bhavish Aggarwal announced plans last month to double the number of service centres to 1,000 by December under its Hyperservice campaign. Additionally, through its Network Partner programme, the company aims to onboard 10,000 partners across sales and service by the end of 2025.
Last week, the companyās market capitalisation fell below the $5 billion mark for the first time since its listing following a public spat between Aggarwal and comedian Kunal Kamra. Kamra had posted concerns on X (formerly Twitter) about the quality of Ola scooters, sharing an image of several EV scooters parked at an Ola service centre.
In the June quarter, Ola Electricās consolidated net loss widened to Rs 347 crore, compared to a Rs 267 crore loss in the year-ago quarter. However, its operating revenue grew by 32.3% to Rs 1,644 crore, up from Rs 1,243 crore in the same period last year.
