Ola Electric has marked a groundbreaking milestone, achieving its highest-ever monthly registrations in December 2023. Clocking in at 30,219 registrations and securing a commanding 40% market share in the EV 2W segment (as per VAHAN Portal), the company exhibited a remarkable 74% year-on-year growth compared to December 2022. Notably, the quarter ended December witnessed a 48% surge with 83,963 registrations, showcasing a substantial 68% year-on-year growth from the same quarter in 2022.
Driving Forces Behind the Success
Anshul Khandelwal, Chief Marketing Officer at Ola Electric Technologies Private Limited, attributed this success to the compelling product lineup featuring the S1 Pro, S1 Air, and S1 X+. The triumphant "December to Remember" campaign played a pivotal role in drawing thousands into the EV community.
Revolutionizing Production and Expansion
In December, Ola Electric achieved an industry-first milestone by producing 400,000 scooters within a mere two years. Simultaneously, the company emerged as the inaugural EV 2W manufacturer to register over 2.65 lakh units in a calendar year, underlining its dominant market presence.
Expanding their portfolio to encompass five products, Ola Electric introduced the flagship premium EV scooter, S1 Pro (2nd Generation), priced at Rs 1,47,499. Accompanying this, the S1 Air is available at Rs 1,19,999. Additionally, catering to diverse rider preferences, the company unveiled three variants of the S1X: S1 X+, S1 X (3kWh), and S1 X (2kWh).
Journey Towards IPO
While setting records in the EV industry, Ola Electric isn't halting its momentum. The company recently filed its draft red herring prospectus (DRHP) with SEBI, aiming to raise Rs 5,500 crore through a fresh issue in its IPO. This milestone marks the first public offering by an electric vehicle maker and an automaker in the last two decades, underscoring Ola Electric's groundbreaking journey in the automotive sector.
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