Ola Electric bounced back in the electric two-wheeler market, achieving a market share of 30 per cent in October following a series of declines. The company reported a substantial increase in sales during the festive season, with 41,605 units sold in October, marking a 68 per cent rise from the approximately 24,726 units sold in September, as per media reports.
Despite this recovery, the October figure still falls short of the company’s earlier market shares, which were 32 per cent in August, 39 per cent in July, and 49 per cent in June.
The overall Indian electric two-wheeler market recorded total sales of 139,031 units in October 2024, with Ola Electric leading the pack by selling 29,890 units. Other competitors included 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 faced significant scrutiny recently. The Central Consumer Protection Authority (CCPA) issued a show-cause notice earlier this month due to alleged consumer rights violations, misleading advertising, and unfair trade practices. In response, Ola Electric has reportedly addressed nearly all after-sales complaints filed with the CCPA, although the Department of Consumer Affairs is investigating to verify these resolutions.
The company has also been in the spotlight due to customer complaints and a public exchange between CEO Bhavish Aggarwal and comedian Kunal Kamra.
On the financial front, Ola Electric's Q1 FY25 results indicate a modest revenue increase of 2.8 per cent, reaching Rs 1,644 crore compared to Rs 1,598 crore in Q4 FY24. The company also reported a 16.6 per cent reduction in losses, amounting to Rs 347 crore. However, its stock is currently trading at Rs 80, nearly 50 per cent lower than its mid-August peak of Rs 157.53, as the market anticipates the upcoming Q2 results.
