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Ola Electric’s two wheeler market share rises to 30% in October

EntrackrEntrackr · 11m ago
Ola Electric’s two wheeler market share rises to 30% in October
Medial

After consecutive declines in market share, electric two-wheeler manufacturer Ola Electric regained traction in October with sales increasing during the festive period. According to Vahan data, Ola Electric sold 41,605 units in October, up from approximately 24,726 units in September—a 68% month-on-month rise. Subsequently, the Bengaluru-based company's market share also climbed to 30% in October, compared to 27% the previous month. However, this figure remains lower than its earlier market shares, which stood at 32% in August, 39% in July, and 49% in June. In October 2024, the Indian electric two-wheeler market recorded total sales of 139,031 units. Ola Electric led the market with 29,890 units sold, followed by TVS Motors with 28,188 units, Bajaj Auto with 15,984 units, Ather Energy with 7,309 units, and Hero MotoCorp with 7,137 units. Ola Electric has been under significant scrutiny recently. Earlier this month, the Central Consumer Protection Authority (CCPA) issued a show-cause notice to the company for alleged violations related to consumer rights, misleading advertising, and unfair trade practices. Ola Electric has since addressed almost all after-sales complaints filed with the CCPA, according to a recent clarification. However, the Department of Consumer Affairs is reportedly investigating to confirm these resolutions. Customer complaints and a social media exchange between Ola’s CEO, Bhavish Aggarwal, and comedian Kunal Kamra have kept the company in the public eye. Financially, Ola Electric’s Q1 FY25 results show a modest 2.8% revenue increase, reaching Rs 1,644 crore, compared to Rs 1,598 crore in Q4 FY24, along with a 16.6% reduction in losses to Rs 347 crore. The company’s stock, however, is currently trading at Rs 80, nearly 50% below its peak of Rs 157.53 in mid-August, as the market awaits the Q2 results.

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

EntrackrEntrackr · 10m 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.

Ola Electric’s tech arm to raise nearly $100 Mn via preferential share

EntrackrEntrackr · 6d ago
Ola Electric’s tech arm to raise nearly $100 Mn via preferential share
Medial

Ola Electric’s tech arm to raise nearly $100 Mn via preferential share Ola Electric Mobility Limited has announced that its material wholly owned subsidiary, Ola Electric Technologies (OET), has received board and shareholder approval to raise Rs 877.64 crore (nearly $100 million) through issuance of preference shares. According to a stock exchange filing on Tuesday, the fundraise will be executed via the allotment of up to 87.76 crore non-cumulative and non-participating 0.001% Series A Optionally Convertible Redeemable Preference Shares (OCRPS), each having a face value of Rs 10, to Ola Cell Technologies (OCT), another wholly owned subsidiary of the company. The issuance will be carried out on a preferential basis through private placement in one or more tranches. This move follows shareholder approval in August, which allowed variation in the objects and utilization of IPO proceeds. At that time, Ola Electric had said it secured approval to reallocate IPO proceeds for capital deployment in India’s electric two-wheeler market. Ola Electric Technologies (OET) is Ola Electric’s core manufacturing and technology arm, leading electric two-wheeler production and battery innovation. OET drives the scaling of Ola’s EV ecosystem, from vehicle platforms to advanced battery technology. Its wholly owned subsidiary, Ola Cell Technologies (OCT), focuses on indigenous cell R&D and large-scale manufacturing, supporting vertical integration and reducing dependence on imported cells. In August, Ola Electric jumped to second position among electric two wheeler manufacturers. The company's operating revenue reduced 50% to 828 crore in Q1 FY26, compared to Rs 1,644 crore in the previous year of the same quarter. Its losses went up 23.3% to Rs 428 crore in Q1 FY26, compared to Rs 347 crore in the same quarter last year. At the end of today's trading session, Ola Electric’s share price traded at Rs 56.95 with a market capitalization of Rs 25,119 crore (approx $2.8 billion).

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.

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