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Ola Electric's two-wheeler market share falls to 27% in September

EntrackrEntrackr · 9m ago
Ola Electric's two-wheeler market share falls to 27% in September
Medial

Ola Electric, an electric two-wheeler manufacturer, has seen a decline in its market share over the past three months. The Bengaluru-based company’s market share dropped to 27% in September, down from 32% in August and 39% in the previous month. Ola Electric achieved its highest market share during Q1 FY25 (June quarter), reaching a milestone of 49%. As per Vahan data, Ola Electric sold 23,965 units in September compared to 26,928 units in August and 40, 814 units in July. The Bhavish Aggarwal-led firm also hit an 11-month low of 23,965 units. Baja Auto, TVS Motors, Ather Energy and Hero MotoCorp were the next on the list with 21.27%, 20.26%, 14% and 5% market shares, respectively. This drop in market share follows a report from Goldman Sachs, which projected that Ola Electric is expected to reach EBITDA breakeven by the fiscal year ending March 2027. The decline in sales can be attributed to several factors, including customer complaints, malfunctioning hardware, and software glitches, among others. According to a recent report, Ola Electric received approximately 80,000 customer complaints per month. For the June quarter (Q1FY25), Ola Electric’s revenue from operations grew only 2.8% to Rs 1,644 crore in Q1 FY25 from Rs 1,598 crore in Q4 FY24. The company, however, managed to control its losses by 16.6% to Rs 347 crore in Q1 FY25. During the last fiscal year (FY24), it reported Rs 5,010 crore revenue and Rs 1,584 core loss. Ola Electric, which was listed on the stock exchange in early August, saw its share price drop below Rs 100 on Monday for the first time since its listing. Currently, its shares are trading at around Rs 102 each. The initial public offering (IPO) was priced at Rs 76 per share.

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Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales

Economic TimesEconomic Times · 1y ago
Ola Electric, TVS, Bajaj expand e-scooter market share amid overall rise in sales
Medial

In FY24, Ola Electric, TVS Motors, and Bajaj captured larger market shares in the electric scooter market, according to government data. Ola Electric held a 35% share with 3,28,254 registrations, followed by TVS Motors (19%) and Bajaj Auto (12%). The overall non-transport electric two-wheeler market grew by 30% to 9,41,583 registrations. Okinawa and Hero Electric, however, lost market share and face potential legal action for not repaying subsidies. Despite a temporary decline due to reduced subsidies, the market rebounded. Ola Electric extended warranties and introduced plans to set up fast-charging points and expand service centers. Ola Electric's monthly sales reached a record high of 53,184 registrations in March.

Ola Electric’s 2W market share declines to 24.5% in November

EntrackrEntrackr · 7m ago
Ola Electric’s 2W market share declines to 24.5% in November
Medial

India's electric two-wheeler market recorded a 29% year-on-year growth in November, with total sales exceeding 118,000 units. However, on a month-on-month basis, the segment registered a nearly 15% decline compared to October, according to Vahan data. Ola Electric retained its position as the market leader with 29,191 units sold, which accounted for 24.54% of the EV two-wheeler market. The Bhavish Aggarwal-led company’s market share has seen fluctuations over the past six months. In October, its market share rose to 30% from 27% in September. However, this remains lower than its earlier shares, which were 32% in August, 39% in July, and a peak of 49% in June. TVS Motor and Bajaj Auto remained in close competition in November with sales of 28,200 and 27,400 units, respectively. The two companies also closed the gap with Ola Electric, capturing 23% and 22% of the market share, respectively. Ola Electric’s arch rival Ather Energy secured the fourth position with 15,800 units, while Hero MotoCorp's electric division recorded 3,300 units. Ather, which is also on the verge of listing on the stock exchange, controls 11% share in EV two wheelers space. Similar to its performance in the EV two-wheeler market, Ola Electric’s share price has also seen fluctuations in recent months. In November, its shares were trading at Rs 72.72, nearly 54% lower than their peak of Rs 157.53 in mid-August. However, last week, the stock surged by nearly 30% following the announcement of a new scooter range. This new range, designed primarily for commercial use in commerce and deliveries, is expected to boost the company’s sales in the coming months. In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1,214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

Govt orders audit of Ola Electric's service centres after consumer complaints

VCCircleVCCircle · 9m ago
Govt orders audit of Ola Electric's service centres after consumer complaints
Medial

- India's heavy industries ministry orders an audit of Ola Electric's service centers due to consumer complaints. - Ola Electric received a notice from India's consumer protection agency following 10,000 complaints about delayed and unsatisfactory after-sales services. - The audit aims to ensure that Ola Electric is maintaining its service centers and honoring consumer warranties to be eligible for government incentives. - The Automotive Research Association of India (ARAI) has been asked to conduct the audit, after which the government will decide the next course of action. - Ola Electric's eligibility to receive incentives under the government program could be affected if found to be in violation. - Ola Electric, backed by Softbank Group, has a 27% market share in India's e-scooter market.

Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales

EntrackrEntrackr · 6m ago
Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales
Medial

Bajaj and TVS surpass Ola Electric to lead December two wheeler EV sales The electric two-wheeler market in India fell to 73,316 units in December from 1,19,654 units in November. Despite the slowdown, competition stayed strong as manufacturers aimed to lead the expanding EV market. As per Vahan data, Bajaj Auto led the market with 24.93% of total sales and delivered 18,276 units. Bajaj’s dominance can be attributed to the popularity of the Chetak series. TVS Motor followed with 23.48% market share and sold 17,212 units in December. After a long time, Bajaj and TVS surpassed Ola Electric in monthly sales. Ola Electric held 18.78% of the market in December with 13,769 units sold but saw a noticeable decline from the previous month. In November, the company held a 24.54% market share. Under Bhavish Aggarwal’s leadership, Ola’s market share shifted over the past six months. It rose to 30% in October from 27% in September but remained below earlier levels – 32% in August, 39% in July, and a peak of 49% in June. Despite the dip, Ola Electric retained the highest market share of 35.5% for the entire calendar year 2024. It became the first new-age tech company from India to list on the stock exchange. Currently, its shares trade at Rs 85.94, after peaking at Rs 157 on August 20, 2024. Ather Energy, which recently received the green signal from the market regulator for its initial public offering, held 14.2% of the market and sold 10,421 units. Meanwhile, Hero MotoCorp secured 1.4% of the market with 1,020 units sold. Greaves Electric Mobility, which operates Ampere scooters, held 3.8% of the market in December with 2,795 units sold.

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