Ola Electric bounces back with over 50,000 units of electric 2W sold in October

Despite the issues, Ola Electric has maintained its number one position holding on to 30 per cent market share in the electric two-wheeler segment. It has accumulated a 74 per cent year-on-year growth of registrations in October. Meanwhile, month-on-month sales have grown by over 100 per cent when compared to September 2024.

An Ola Electric Mobility Limited spokesperson commented, “The festive season has been really strong for us on the back of our expansive portfolio, uptick in consumer demand, and the strengthening of our sales network across India. We have witnessed an increase in EV adoption, especially in Tier 2 and 3 markets and we are confident that this positive growth will cascade in the coming months as well.”

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The Ola sales saga:

In September 2024, Ola Electric logged its lowest-ever monthly sales figure of only 23,965 units of electric scooters, just two months after its stock market debut. Amid stiff competition and an increasing number of user complaints over after-sales service, the company saw its share prices fall by nearly 35 per cent from its all-time peak. Its market share in September dropped to 27 per cent from 47 per cent in the same month the previous year.

With over 10,000 consumer complaints registered on the National Consumer Helpline over 12 months, Ola Electric received a notice from India’s consumer protection agency in the early weeks of October over poor after-sales service and inaccurate invoices. The Ministry of Heavy Industries had further ordered an audit of Ola service centres across the country to ensure the company keeps its warranty promises.

Also Read : Facing scorching heat, Ola Electric claims 10,500 customer complaints resolved

Shares bounce back, future plans:

Facing heat, the Bhavish Aggarwal-led company brought in global consulting firm Ernst & Young (EY) to assist in managing after-sales services, spare parts and inventory. The company additionally announced new festive discounts of up to ₹25,000 on its range of electric scooters, which includes the S1 X, S1 Air and S1 Pro. With these developments, market share bounced back to 34 per cent in the first two weeks of October and shares rebounded by up to five per cent.

Ola Electric has launched the Hyper Service campaign with the aim of expanding its service network to 1,000 centres by December 2024. It has introduced an EV Service Training Program to train 100,000 third-party mechanics for electric vehicle servicing across India and is now aiming to onboard 10,000 partners in sales and service by the end of 2025.

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First Published Date: 01 Nov 2024, 13:55 PM IST