Sales rose 147 percent year on year to hit a record of 104,845 units in May, as the government announced a subsidy reduction effective June 1
While the companies have not shared the impact of the price revisions, industry observers says there will be marginal impact on sales growth over the next two to three months
However, players say the segment should learn to live independent of subsidies. They point out that customers are now increasingly opting for EVs over ICE vehicles.
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Kotak Mahindra Capital and Goldman Sachs are currently in advanced talks to be selected as financial advisors, with Kotak closely collaborating with the startup to determine the IPO's structure
Experts at Moneycontrol Policy Next Karnataka Summit's 'Make in Karnataka' panel discussion touched upon a range of topics such as investment in Bengaluru and surrounding areas and upcoming elections
Ola said the electric vehicle industry has witnessed unprecedented success in the last couple of years despite attempts from vested interest groups, like the recent narrative on charger pricing
Analysts believe Minda is keen on expanding into the instrument-cluster market, which has a huge growth potential in the electrification of mobility. Pricol is the market leader in the product category, particularly in the two-wheeler segment.
As many as 14 E2W manufacturers are reportedly under the government’s scanner for allegedly claiming FAME-II subsidies in violation of minimum localisation norms
FAME-II subsidies will be crucial to drive adoption, according to their report
The development comes amid government initiated an investigation into FAME scheme irregularities after whistleblowers raised apprehensions.
With the sustained demand for electric two-wheelers, industry analysts reckon that the market is set to expand further in the coming months.
The EV arm of the Lohia Global has already invested Rs 100 crore to establish a manufacturing plant at Kashipur, Uttarakhand, with an installed capacity of 100,000 vehicles across three- and third-wheeler segments. Lohia Auto has sold more than 50,000 units of EVs comprising 14,000 e-rickshaws and 30-35,000 two-wheelers to date.
The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability.
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The brand’s attempts at handling a crisis appear to be more damning than its history of engineering missteps.
Ola is a contender in the cab and electric two-wheeler markets. But cars are an entirely different ballgame in the world’s most competitive market, which has humbled MNCs with decades of experience
The upgrade will be free of cost and the appointment window will open starting March 22, Ola said.
The total number of electronic two-wheelers sold last month was almost double the number of units sold during February 2022 at 35,709 units, and just a notch above 64,595 units sold in January 2023.
Ola will invest 76.14 billion rupees ($920 million) through its subsidiaries Ola Electric Technologies and Ola Cell Technologies, drawn to the growing demand for EVs in India.
The Ola S1 Air will be available at Rs 84,999 for the entry-level variant (2Kwh), Rs 99,999 for the mid-variant (3 kwh), and Rs 1,09,999 for the top variant (4 Kwh).
The company, which currently has 200 experience centres across the country, is also planning to bring an electric bike to the market.
Macroeconomic conditions may slow two-wheeler demand but EV growth will continue to soar, says Mehta, adding that Ather won't fire three bullets to get one right but spend time to perfect its products one at a time.
The data also showed that Ola Electric retained the market leadership position, having delivered 17,279 units of the S1 and S1 Pro electric scooters during December
Ola Electric will become cash positive next year, according to founder Bhavish Aggarwal, who also stated that ANI Technologies' ride-hailing business, Ola Cabs, will go public in the second half of 2023.