Shares of Ola Electric Mobility tumbled more than 8 percent on August 21 following a massive 30 percent rise over two sessions, after latest data from VAHAN portal showed rival electric two-wheeler maker Ather Energy nudging ahead on total monthly registrations so far in August, likely prompting some investors to book profits.
According to the VAHAN portal, Ola Electric recorded 9,681 registrations in August so far, lower than the 10,283 registrations recorded by rival EV player Ather Energy. Ola Electric’s total registrations in 2025 so far stands at 1,42,858, while that of Ather Energy stands at 1,08,424.
The registration data for the two EV-makers as per VAHAN is as follows:
| Month | Ola Electric | Ather Energy |
| January | 24,410 | 13,097 |
| February | 8,670 | 11,977 |
| March | 23,603 | 15,649 |
| April | 19,813 | 13,332 |
| May | 18,569 | 13,047 |
| June | 20,244 | 14,694 |
| July | 17,868 | 16,345 |
| August (so far) | 9,681 | 10,283 |
| 2025 (so far) | 1,42,858 | 1,08,424 |
Ola is aiming for a 25-30 percent share in India's two-wheeler electric vehicle market, backed by vertical integration and new product launches. "Our target market share for two-wheeler EVs is about 25 to 30 percent with very high margins, so we believe we are on the trajectory again," Aggarwal said. He added that Ola's 'mojo is still there' despite the challenges faced during its transition phase.
Aggarwal also stressed that profitability in electric vehicles requires more than just scale. “No one is making money. To make money with EVs, you need vertical integration, you need the technology development, you need the DNA of technology,” Aggarwal said.
Ola Electric reported a weak first quarter compared to last year, though results were better when compared sequentially. The electric two-wheeler maker posted a consolidated net loss of Rs 428 crore in Q1FY26 as against a loss of Rs 870 crore in Q4FY25 and Rs 347 crore in Q1FY25. Revenue for the quarter fell to Rs 828 crore, marking a 49.6 percent year-on-year (YoY) decline from Rs 1,644 crore.
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