“Going from 800 stores right now to 4000 stores this month itself. Goal to be as close to our customers as possible. All stores opening together on 20th Dec across India. Probably the biggest single day store opening ever! All stores have service capacity too,” said Bhavish Aggarwal’s X post on December 2.
The post further said that all these stores would open across India on December 20, 2024.
The company’s shares were trading over 5% lower in early morning trade after its sales saw a sharp decline in November, dropping over 33% from 41,756 units in October to 27,746 units.
This performance resulted in Ola capturing a 25.09% market share, leading the segment but with a narrowing margin over rivals TVS and Bajaj Auto. TVS recorded 26,036 registrations (23.55% share), and Bajaj Auto achieved 24,978 registrations (22.59% share).
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The overall electric vehicle (EV) market witnessed an 18% decline in registrations in November compared to October, reflecting a post-festival slump. While Ola’s dip was pronounced, TVS and Bajaj demonstrated greater stability with smaller declines of 13.4% and 12%, respectively. This trend suggests intensifying competition in the EV space.
Year-to-date, Ola remains the market leader with 392,176 vehicles sold, accounting for a 37% share. TVS follows at 19.5% with 201,966 units, while Bajaj Auto holds a 16.6% share with 173,721 vehicles sold. Ather Energy also holds a noteworthy 11% share, selling over 1 lakh units. However, Ola’s market share has been fluctuating throughout CY2024, peaking at 49.8% in May before dropping to 28.6% in September and rebounding to 31% in October due to festive discounts.
Despite these numbers, November’s steep decline highlights growing competition from rivals like TVS and Bajaj, potentially tightening the race for market leadership in 2025.
Also Read: Outflow continues in secondary mkt, IPO rush keeps FPIs busy in Nov
In Q2 FY25, Ola Electric reported a narrowing of its net loss year-on-year (YoY) to Rs 495 crore, compared with Rs 524 crore in the last year quarter. Revenue from operations, meanwhile, rose 39% YoY to Rs 1,214 crore in the reporting September quarter. On a sequential basis, the loss widened from Rs 347 crore reported in the preceding June quarter.
On a sequential basis, the loss widened from Rs 347 crore reported in the preceding June quarter. EBITDA losses for the quarter stood at Rs 223 crore, which is higher compared with Rs 321 crore loss reported in the last year period. However, on a quarter-on-quarter basis, operating losses widened from Rs 65 crore posted in Q1FY25.
EBITDA margins during the second quarter were reported at-28.4%, as compared to -46% in the year-ago quarter.
On Friday, Ola shares closed at Rs 87.4, down 5.9% on the BSE, while the benchmark Sensex surged 0.96%. Its shares have declined 27% in the past three months. The company currently holds a market capitalization of Rs 38,559 crore.
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