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Ola Electric sold over 50,000 electric two-wheelers in October 2024, maintaining 30 per cent market share after logging its lowest ever monthly sales.
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- Ola Electric sold over 50,000 electric two-wheelers in October 2024, retaining 30 per cent market share after reporting its lowest monthly sales figures in September.
Ola Electric announced its sales for October 2024 and the company sold over 50,000 units last month. According to the company, wholesale sales of the EV brand stood at over 50,000 units this month, while retail sales stood at 41,605 units last month, vehicle data shows. The surge in volumes comes amid Ola’s repair problems and reliability concerns.
Despite the problems, Ola Electric has retained its number one position in the electric two-wheeler segment with 30 percent market share. Registrations in October have increased by 74 percent year-on-year. Meanwhile, month-on-month sales have increased by more than 100 percent compared to September 2024.
Ola Electric Mobility Limited spokesperson commented, “The festive season has been really strong for us due to our wide portfolio, increased consumer demand and the strength of our sales network across India. “We have seen growth in EV adoption, especially in Tier 2 and 3 markets, and we are confident that this positive growth will further accelerate in the coming months.”
Ola sales saga:
In September 2024, Ola Electric recorded a monthly sales figure of only 23,965 units of electric scooters, just two months after its stock market debut. The company’s share prices saw a decline of nearly 35 per cent from its all-time peak amid tough competition and rising complaints from users over after-sales service. Its market share declined to 27 percent in September from 47 percent in the same month last year.
After more than 10,000 consumer complaints were registered on the National Consumer Helpline in 12 months, Ola Electric received a notice from India’s consumer protection agency in the early weeks of October over poor after-sales service and incorrect invoices. The Ministry of Heavy Industries had ordered an audit of Ola service centers across the country to ensure that the company fulfills its warranty promises.
Shares surge, future plans:
Facing the heat, the Bhavish Aggarwal-led company brought in global consulting firm Ernst & Young (EY) to assist in managing after-sales services, spare parts and inventory. The company also announced new festive discounts Its electric scooters range from Rs 25,000, which includes S1 X, S1 Air and S1 Pro. With these developments, market share increased to 34 percent and shares increased by five percent in the first two weeks of October.
Ola Electric has launched Hyper Service campaign with the aim of expanding its service network to 1,000 centers by December 2024. It has launched an EV service training program to train 100,000 third-party mechanics for electric vehicle servicing across India and now aims to have 10,000 partners in sales and service by the end of 2025.
Get information about upcoming cars in India, electric vehicles, upcoming bikes in India and cutting-edge technology that is changing the automotive landscape.
First publication date: 01 November 2024, 13:55 PM IST
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