Ola Electric has achieved a new milestone, with its electric scooter production crossing a whopping four lakh units in just two years. The company commenced operations at its Tamil Nadu facility at the end of 2021 and has been one of the most successful EV players in India in a short period. Ola Electric leads the electric two-wheeler segment in the country and holds a 40 per cent market share as of December 2023.
The announcement comes along with Ola Electric’s sales report for last December. The company sold 30,218 units, registering a growth of 74 per cent year-on-year. It also claimed to grow by 48 per cent quarter-on-quarter, with 83,963 electric scooters sold between October and December 2023. Ola has been the undisputed leader in the EV two-wheeler space concerning overall volumes and sold 2.65 lakh models in the 2023 calendar year, the highest by any EV player, as per the VAHAN portal.
The announcement is only a part of Ola Electric’s expansion plans for 2024. The company is gearing up to launch its IPO (Initial Public Offering) and has filed the draft papers with the Securities and Exchange Board of India (SEBI). It will be the first electric vehicle maker in the country to file an IPO. Reports have also suggested that Ola Electric has been the first EV player to get approvals under the government’s PLI scheme, although an official announcement is yet to be made.
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Ola Electric’s expansion plan involves building its massive Gigafactory for battery cells while also expanding the production of electric two-wheelers to meet rising demand. Furthermore, the company plans to enter the electric motorcycle business by the end of the year or by early 2025, which is when we’ll see the new electric motorcycle range hitting the showrooms. Ola has also teased electric cars in the past, and the same continue to be a big part of the brand’s all-electric ecosystem in the future.
