Ola Electric Made Its Highest Sale In the Last Seven Months By Selling Over 27000 EV Scooters And Expanded Its Market Share To 30%.

Ola Electric Made Its Highest Sale In the Last Seven Months By Selling Over 27000 EV Scooters And Expanded Its Market Share To 30%.

Ola Electric reported that has sold over 27,000 EV scooters in March of this year, the most in seven months. In the EV two-wheeler industry, the company sold more than 2 lakh scooters in FY23, solidifying a market share of more than 30%.

The EV revolution will reach a global level in the next few years in this level. The sales numbers across all industries showed a notable increase in the growth of electric vehicles in the month of March.

In the last month of the fiscal year 2022–2023, Ola Electric sold more than 27,000 units, which was a record for the company. For seven months in a row, it has led the pack in terms of electric two-wheeler sales.

The leading EV Maker is situated in Bengaluru and competes against models like the TVS iQube, Bajaj Chetak, Ather 450X, and Hero Motocorp’s freshly released VIDA V1 series.

In response to this development, Bhavish Aggarwal, the founder, and CEO of Ola Electric, said that FY23 has been a genuinely crucial year for the EV market in India.

He went on to note that Ola prioritizes expansion, speed, and unwavering quality standards and that this dedication has allowed the business to keep a monopoly in its industry. Even if the EV revolution came to a turning point last year, Ola will be at the vanguard of this revolution to lead this paradigm change as it eventually reaches a human scale in the coming years.

Ola recently added six other models to its S1 portfolio. Ola introduced three new Ola S1 Air models that will begin shipping in July 2023 and are powered by 2KWh, 3KWh, and 4KWh battery packs. Also, the business has introduced the newest Ola S1 model, which has a 2KWh battery and is ideally suited for city commuting.

Considering that models in a variety of categories have been hinted at, Ola plans to sell other electric two-wheelers in the upcoming years.

As a testimony of Ola’s efforts to realize its goal of having all two-wheelers in India be electric by 2025, the company has maintained its market leadership throughout the months.

The company has announced a lineup of Nine Items for the two-wheel and four-wheel sector over the next three years, including an EV motorcycle that will go on sale at the end of 2023.

Ola’s experience centers

The EV manufacturer already has over 400 experience centers to assist customers in learning about, purchasing, and receiving servicing for its vehicles all across the country, and it wants to expand further into smaller cities as it seeks to attract New Clients and drive demand, further simplifying the purchasing process and Financing Options.

On March 26, the Electric Vehicle Manufacturer unveiled about 50 experience centers. Several Indian cities, including Visakhapatnam, JP Nagar, Saharanpur, Lucknow, Kanpur, Jodhpur, Varanasi, and others, saw the opening of these stores.

Anshul Khandelwal, chief marketing officer of Ola Electric, said, The addition of these physical touch points all around the country has brought them much closer to the consumers than ever before.

The company’s experience centers give customers a chance to test-drive electric two-wheelers, learn more about them, and get advice on how to get them, including information on Financing Possibilities. Presently, according to the company, 80% of its consumers reside within 20 miles of its experience center.

With these centers, Ola Electric offers test drives to its customers, and later post-sale service and maintenance.

These company-owned and -operated locations give us a terrific opportunity to learn more about the clients’ thoughts, according to Khandelwal.

The market for electric 2-wheelers is expanding and changing quickly, and a number of large and Small Firms are competing in it, including Ather, Ola Electric, Bajaj Auto, Revolt Motor, Hero Electric, TVS Motor, Okinawa, and Ampere.

Increasing sales of electric scooters and the company’s growing footprint align well with Ola Electric’s ambition to raise large sums of money for further expansion.

According to sources, the E-vehicle maker Ola Electric intends to raise financing totaling about $300 billion to support its expansion and other business needs.

According to the sources, Goldman Sachs would oversee the fundraising, and renowned world investors and sovereign entities would provide the funding.

With the assistance of a consultant, Ola Electric has contacted several sovereign wealth funds, including the Qatar Investment Authority and the Abu Dhabi Investment Authority, and funds that are devoted to tackling climate change or the transition to clean energy, like Blackrock and Blackstone.

After a year of starting to produce its electric scooters, the Ola S1 and Ola S1 Pro, Ola Electric had about a billion dollars in annual revenue Run Rate, placing it in the lead among Indian EV manufacturers in terms of volume and revenue.

The company is trying to diversify its product offering across the two-wheeler and four-wheeler sectors while advancing its plan to develop essential Technologies, including cell manufacture.

Ola Electric and the Tamil Nadu government recently inked an MoU to purchase land for the construction of the largest EV hub in the world at a single site in Krishnagiri. This hub will house the company’s cell factory, four-wheeler factory, and supplier ecosystem. According to insiders, the corporation plans to double the size of its current two-wheeler manufacturing.

Edited by Prakriti Arora