Ola Electric Slips to 3rd as May EV Scooter Sales Plunge 51%

Ola Electric saw a sharp decline in its sales of electric two-wheelers in May, recording a 51 per cent decrease compared to the same month last year at 18,499 units. This fall took the company to the third spot in the market behind rivals TVS Motor and Bajaj Auto.

The electric two-wheeler (E2W) segment as a whole, however, witnessed strong momentum during the month, with overall retail sales reaching 100,266 units, according to government portal Vahan's data.

TVS Motor took the lead, retailing 24,560 units during May, a 107 per cent increase from a year ago. This achievement gave the company a 24 per cent market share of the E2W space.

Hot on its heels, Bajaj Auto sold 21,770 units and posted a remarkable 135 per cent year-on-year growth, claiming 22 per cent market share and coming second, Vahan data showed.

Ola Electric, led by Bhavish Aggarwal, maintained an 18 per cent market share but fell to third rank.

Meanwhile, Ather Energy—whose initial public offering (IPO) took place last month—registered sales of 12,840 units, representing a 13 per cent market share.

Financially, Ola Electric posted a difficult fourth quarter (Q4) for FY25, registering a steep decline in revenue as well as a twofold increase in its net loss over the corresponding period the previous fiscal year.

Based on its stock exchange report, the company posted a net loss of ₹870 crore in Q4 FY25, compared to ₹416 crore in Q4 FY24.

The revenue from operations dropped to ₹611 crore in Q4 FY25—a sharp 61.8 per cent decline from ₹1,598 crore in the same period last year.

This was Ola's weakest revenue quarter since opening up its commercial e-scooter deliveries in late 2021. The disappointing performance was due to heightened competition, uncertainty in the policy environment around EV subsidies, and inventory realignments in its distribution network.

In the entire financial year FY25, the company's overall revenue also decreased, coming in at ₹4,645 crore, from ₹5,126 crore in FY24.

Ather Energy also expanded its net loss in Q4 FY25 to ₹234.40 crore, up 18.5 per cent from the ₹197.8 crore loss in the last quarter (Q3). The total expenses for the company also increased to ₹922 crore, indicating an 8.7 per cent q-o-q increase and a 12.6 per cent year-on-year rise.

Barring the losses, Ather recorded a 29 per cent increase in operating revenue in the quarter January–March at ₹676 crore, from ₹523.4 crore in the corresponding quarter of the earlier year.