Ola Electric set to reach milestone: ‘Four-Lakh e-scooters in two years’

Last year, the company achieved a remarkable feat by manufacturing one lakh electric scooters in just 10 months after its launch in 2021.

Ola Electric is on the verge of a significant milestone, poised to become the “first electric two-wheeler manufacturer in India to produce four lakh electric scooters within two years.” In the previous year, the company achieved a remarkable feat by manufacturing one lakh electric scooters in just 10 months after its launch, marking the fastest pace among electric two-wheeler manufacturers in India, HT Auto reported.

In 2023, Ola Electric has witnessed an extraordinary year, recording sales surpassing 250,000 units, setting a record as the highest sales for any electric two-wheeler manufacturer in a year. (Photo courtesy: Twitter/@bhash)

Presently, Ola Electric leads the electric two-wheeler segment in the country. The company's facility in Tamil Nadu is gearing up for a celebratory rollout of this landmark unit later this month.

In 2023, Ola Electric has witnessed an extraordinary year, recording sales surpassing 250,000 units, setting a record as the highest sales for any electric two-wheeler manufacturer in a year.

Ola Electric embarked on its journey in 2021 with the launch of its inaugural product, the S1 electric scooter, unveiled on Independence Day. Production commenced at its facility situated in Pochampalli, situated within the Krishnagiri district of Tamil Nadu. With an all-female workforce, this facility achieved the remarkable feat of reaching the 400,000 production milestone in a little over two years.

Ola Electric's product lineup includes electric scooters such as the S1 Pro, S1 Air, and S1 X. The S1 Pro (2nd Gen) is priced at ₹1.48 lakh, the S1 Air is available at ₹1.20 lakh, and the S1 X, introduced earlier this year, starts at a price of ₹90,000.

According to a PTI report, the electric vehicle manufacturer announced a significant surge in its total revenue, which expanded by more than six times year-on-year, reaching ₹2,782 crore in the fiscal year 2022-23.

In the preceding fiscal year, Ola Electric Mobility Business reported total revenue amounting to ₹456 crore, as disclosed in a statement. The company highlighted its implementation of several initiatives aimed at driving growth and profitability, including the introduction of new products, expansion of sales and service networks, and reinforcing research and development capabilities.

Ola Electric has witnessed a substantial 130% surge in sales compared to the previous year, spanning from January to December, according to the Vahan website, which provides vehicle registrations across the country. The peak was observed in November, with the company achieving its highest monthly sales since its inception, selling 30,000 electric scooters. Presently, Ola holds a market share of over 30% in the segment.

Guidance Tamil Nadu, an investment-inviting agency, published information regarding all Electric Vehicles (EVs) manufactured in the state during 2023. Among the 10 lakh electric vehicles sold in India this year, four lakh were produced in Tamil Nadu. Ola Electric emerged as the leading EV manufacturer in the state, contributing 1.75 lakh units to the total production this year.