Ola Electric anticipates a significantly faster uptake of electric motorcycles, expecting it to take just half or two-thirds of the time required for EV scooters, said the management during the company's Q3 FY24 conference call.
“The EV transition for scooters began around three years ago, starting with less than 1 percent penetration and reaching 20 percent today—a journey that took over three years,” the management added.
For motorcycles, however, Ola Electric expects a much shorter adoption time, driven by greater consumer awareness of EVs and a well-established sales and service network, the company added.
It called the EV motorcycle segment an inflection point in the EV two-wheeler and three-wheeler industry in India.
In the EV motorcycle segment the company commenced bookings for Roadster X and Roadster X+ from February 5.
On the EV scooter front, the company expects to go from a 20 percent penetration to 25-30 percent penetration by CY25, the management added. "The number can be slightly higher or slightly lower depending on how competitors play and if competitors are more aggressive, it actually benefits penetration," the management added.
This in turn benefits Ola Electric, the company said. With our expanded distribution, customers now have access to a high-quality product at a competitive price, they said. They added that previously, alternative options were either overpriced or lacked functionality.
Ola Electric's consolidated net loss widened to Rs 564 crore in the Q3FY35, 50 percent higher from the year-ago period. While, its consolidated revenue came in at around Rs 1,045 crore, down 19 percent from the previous year.
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