EV-maker Ola Electric's sales rises 30% during Festive period
Following a string of market share losses, Ola Electric, a maker of electric two-wheelers, recovered in October when sales rose throughout the holiday season.
Vahan data shows that Ola Electric sold 41,605 units in October, a 68% month-over-month increase from roughly 24,726 units in September. Subsequently, the Bengaluru-based company's market share likewise grew to 30% in October, compared to 27% the previous month.
This number is still less than its previous market shares, which were 49% in June, 39% in July, and 32% in August.
A total of 139,031 electric two-wheelers were sold in India in October 2024. With 29,890 sales, Ola Electric was the market leader. TVS Motors came in second with 28,188, Bajaj Auto with 15,984, Ather Energy with 7,309, and Hero MotoCorp with 7,137.
Recently, Ola Electric has been under intense scrutiny. The company was sent a show-cause notice by the Central Consumer Protection Authority (CCPA) earlier this month for suspected consumer rights, deceptive advertising, and unfair trade practices violations.
According to a subsequent explanation, Ola Electric has since resolved nearly all after-sales concerns submitted to the CCPA. To verify these resolutions, the Department of Consumer Affairs is apparently looking into the matter.
The company has remained in the public eye because to customer concerns and a social media dispute between comedian Kunal Kamra and Ola's CEO, Bhavish Aggarwal.
In terms of finances, Ola Electric's Q1 FY25 figures reveal a 16.6% decrease in losses to Rs 347 crore and a modest 2.8% gain in sales to Rs 1,644 crore from Rs 1,598 crore in Q4 FY24. However, as the market awaits the Q2 results, the company's stock is currently trading at Rs 80, about 50% below its peak of Rs 157.53 in mid-August.
