Ola Electric Achieves Production Milestone of 4 Lakh Units in 2 Years

Published On: 15 January 2024
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The company started operations at its Tamil Nadu plant in 2021 and it has become the leading EV player of the electric two-wheeler segment in the country.

Ola Electric recently declared that the manufacturer has achieved a new production milestone of four lakh units in just two years. The company started operations at its Tamil Nadu plant in 2021, and within a period of two years, it had achieved the landmark figure. Ola has been one of the most dominant EV players in the Indian two-wheeler segment. The company paved the way for the electric two-wheeler segment in India, and as of December 2023, it holds a market share of 40 percent.

The electric two-wheeler maker is getting ready to launch its IPO (Initial Public Offering). The EV maker has already filed the draft papers with the capital market regulator, the Securities and Exchange Board of India (SEBI). The electric vehicle manufacturer is aiming to raise funds for the development of new products and its expansion plan is to establish production facilities to manufacture electric cars, bikes, and battery cells. The Tamil Nadu-based brand is going to be the very first electric vehicle maker in India to file an IPO. An official statement has not been made by the company, but according to a few reports, Ola is the first EV maker to get approvals under the government’s PLI scheme.

Along with the announcement, Ola Electric has also disclosed the sales report for December. The two-wheeler maker sold 30,218 units and registered a growth of 74 percent year-on-year. In addition, it declared that sales of electric scooters would increase by 48 percent on a quarterly basis, with 83,963 units of e-scooters sold between October and December 2023. As far as overall volume is concerned, Ola has been the undisputed leader in the electric two-wheeler market. According to the VAHAN portal, the company has become the first EV two-wheeler manufacturer to sell 2.65 lakh vehicles in 2023.

Ola Electric’s diversely priced products have played an important role in contributing to the company's success. The Ola S1 X is Ola’s most accessible electric scooter in India. It is available at a price of INR 89,999 lakh and goes up to INR 1.48 lakh for the S1 Pro Gen2 model. All prices are ex-showroom.