Ola Electric has reported a rise in car registrations; Vahan data shows that 41,605 units were registered in October 2024. Compared to the same time last year, this is a 74% increase. According to the company, it secured a 30% market share in the electric two-wheeler industry by selling over 50,000 units throughout the month. October of this year saw a notable 64% increase in two-wheeler EV sales year over year, driven mostly by Ola Electric’s higher registration volume.
In actuality, Ola Electric’s volume increased 49% to 36,865 units in October from 24,715 units in September and 27,613 units in August following a consistent drop in registration over the previous two months.
Ola Electric Huge Sale in Festive Month
Even though there was rising concern about the company’s poor after-sales maintenance, the listed business founded by Bhavish Aggarwal saw a boost in monthly escooter sales. The issue has gained more attention in recent weeks as a result of comedian Kunal Kamra and Aggarwal’s public social media feud, which highlighted the EV manufacturer’s poor quality and maintenance problems. Ola Electric’s BOSS (Biggest Ola Season Sale) promotion for the holiday season began in the first week of the month. It sold its 2 kWh Ola S1 for INR 49,999, with a starting price of INR 74,999.
The EV startup offered holiday perks of up to INR 40,000, including MoveOS+ upgrade and Hypercharging credits, in addition to various reductions throughout its S1 range. While the major offers were only for two days, by the end of October, Ola Electric rolled out another ‘72 hours Rush’ offer window with discounts of up to INR 25,000 on the S1 portfolio and additional benefits of up to INR 30,000.
It is important to note that amid rising competition, Ola Electric’s market share in the EV two-wheeler space fell to 27% in September from a little over 30% in August. TVS Motor also introduced discounts of up to INR 20,000 across its iQube escooter range.
Meanwhile, TVS Motor once again surpassed Bajaj Auto in monthly sales as the latter saw about a 31% MoM increase in its escooter registrations to 25,124 units in October.
Bajaj surpassed all its EV competitors except Ola Electric last month with a total vehicle registration of 19,198 units with its market share growing to 21% from 19% in August. In this month, its market share dipped slightly to 20%. Bajaj also rolled out special festive season discounts for its Chetak escooters on Flipkart and Amazon. During the month, Ather also launched several holiday deals, such as up to INR 25,000 off the 450X and 450 Apex scooters. But because of the fierce competition in the market, the startup’s market share dropped from just over 14% in September to 11.5% in October.
With the exception of the top four, October was generally good for most electric two-wheeler riders. Sales at Okinawa Autotech, which was once among the leading companies but has now largely lost its place in the market, increased by more than 46% month over month to 214 units.
