Ola Electric records 35,000 EV registrations in February, a 100% jump YoY

Ola Electric said it has recorded close to 1,00,000 registrations in the last three months, with more than 30,000 units registered consistently in December, January, and February.

Ola Electric announced on March 1 that it has achieved a milestone by clocking 35,000 registrations in February. The company said it continues to dominate the EV 2W (two-wheeler) segment with a market share of 42%.

The company said it witnessed its highest-ever monthly registrations in February, a growth of nearly 100 percent YoY. Ola Electric said it has recorded close to 1,00,000 registrations in the last three months, with
more than 30,000 units registered consistently in December, January, and February.

Anshul Khandelwal, Chief Marketing Officer at Ola Electric Technologies Private Limited, said, “We have seen consistent growth in our registrations and market share, and have firmly maintained our leadership position in the market." Khandelwal attributed this success to the growing popularity of Ola Electric’s S1 scooter portfolio and increasing customer openness to embracing high-quality EVs at more accessible price points.

In a statement released on February 16, the Bangalore-based startup had announced a reduction in the prices of its battery-powered scooters by up to Rs 25,000 for the month of February. The S1 Pro, S1 Air, and S1 X+ scooters from the company are currently priced at Rs 129,999, Rs 104,999, and Rs 84,999, respectively, until the end of this month.

The reduction in prices coincides with Ola Electric's recent qualification for the government's production-linked incentive (PLI) scheme. As of now, both the S1 Air and S1 Pro models from the company have received PLI certification.

In December, Ola Electric filed its Draft Red Herring Prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI). It plans to raise Rs 7,250 crore through a fresh issue of shares and an offer-for-sale (OFS) of shares. Of the amount mopped up, the company has said it will use Rs 1,226 crore towards capital expenditure and Rs 800 crore towards repaying the debt.

With a manufacturing capacity of 1 million electric vehicles annually in Krishnagiri, Tamil Nadu, Ola Electric plans to double its production capacity.