Ola Electric made a significant announcement on Monday, revealing its record-breaking achievement with the highest monthly registrations in December 2023, reaching an impressive 30,219 registrations and securing a remarkable 40% market share in the EV 2W segment, according to data from the VAHAN Portal.
The company demonstrated robust year-on-year growth, posting a remarkable 74% increase compared to December 2022. Additionally, Ola Electric exhibited a quarter-on-quarter growth of 48%, with a total of 83,963 registrations during the quarter ending in December. Comparing this to the same quarter in 2022, the company experienced a noteworthy year-on-year growth of 68%.
Anshul Khandelwal, Chief Marketing Officer at Ola Electric Technologies Private Limited, attributed this success to the company's strong product lineup, featuring the S1 Pro, S1 Air, and the S1 X+. The "December to Remember" campaign was highlighted as a massive success, drawing in thousands of new customers to the electric vehicle (EV) realm.
Furthermore, Ola Electric proudly achieved an industry-first production milestone in December, producing a remarkable 4,00,000 scooters in just two years.
Notably, the company emerged as the first-ever EV 2W manufacturer to record over 2.65 lakh registrations in a calendar year, according to the VAHAN Portal.
Ola Electric recently expanded its scooter portfolio, offering five distinct products. The flagship premium EV scooter, S1 Pro (2nd Generation), is priced at Rs 1,47,499, while the S1 Air is available at Rs 1,19,999.
Introducing versatility, Ola Electric launched the S1X in three variants - S1 X+, S1 X (3kWh), and S1 X (2kWh), catering to the diverse preferences of riders.
In addition to its market success, Ola Electric has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Sources suggest that the fresh issue component will amount to Rs 5,500 crore, with the remaining balance in the offer for sale (OFS) category totaling around Rs 1,750 crore.
(With Agency Inputs)
Read also| Ola Electric Records Surge in Net Loss to Rs 1,472 Crore in FY23 Amid Expanding Expenses
