Ola Electric sold 23,965 units in September, compared to 26,928 units in August and 40,814 units in July, the data showed. In September 2023, the company held about 47% of the overall market.
Other players in India’s two-wheeler market, including Bajaj Auto, TVS Motors, and Ather Energy, recorded market shares of 21.4%, 20.2%, and 14.8%, respectively.
Last month, brokerage firm Goldman Sachs said that it expects Ola Electric’s revenue to grow 2.5 times faster and its volumes to increase five times more rapidly than its peers over the next three years, allowing the company to achieve earnings before interest, taxes, depreciation, and amortisation (Ebitda) breakeven.
In the April-June quarter, Ola Electric’s consolidated net loss widened to Rs 347 crore, up from Rs 267 crore in the same period last year. However, its operating revenue grew by 32.3% to Rs 1,644 crore, compared to Rs 1,243 crore in the corresponding quarter of the previous financial year.
Ola Electric has been facing increased customer complaints about after-sales services, software glitches, and hardware malfunctions, which have contributed to the decline in sales.
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To counter these challenges, Aggarwal last week announced that the company will double its service centre network to 1,000 by December as part of its newly launched Hyperservice campaign. He added that the company will also launch a quick-service guarantee, offering a backup Ola S1 scooter to customers whose service is delayed beyond one day. Customers subscribed to Ola Care+ will also receive Ola cab coupons, valid until their service requests are fulfilled. Meanwhile, competitors Bajaj Auto and TVS Motor have launched lower-priced electric scooter models, such as Bajaj’s Chetak 2901 and TVS’s iQube ST, in recent months. Bajaj Auto CEO Rajiv Bajaj also announced plans to launch affordable and premium electric scooters in FY25, with a new Chetak platform expected early next year, according to reports.
On September 30, Ola Electric’s shares dropped 4%, falling below Rs 100 for the first time since its public listing in August. On Tuesday, the stock closed at Rs 102.6 on the BSE.
