Ola Electric on course for 2 lakh units sales in 2023, to grow by 20-25 percent

Despite correction in FAME subsidy, Ola Electric, India's largest electric two-wheeler maker is likely to post 20-25 percent increase in sales in 2023.

With bookings of over 75000 units for the new S1 Pro scooter, the company may breach volumes of 2 lakh units this calendar year and expected tailwind from the upcoming festive season, said sources in the know.  

The company had posted sales of little over 1.5 lakh units last year.

According to Vahaan data, the Bengaluru-based EV start-up has been clocking a run rate of 18-20,000 units over the last couple of months, and it is set to further move up to over 25000 units.

To cater to the demand Ola Management is in discussion to scale up its capacities from the current half a million units annually to 2 million units over the period of next one year or so.

"We have achieved 400% YoY sales growth in August, demonstrating progress over the same period last year. The company has a comprehensive assortment across various pricing ranges, effectively serving diverse client tastes and keeping responsive to market demand. The ensuing festive season will see a huge step jump in volume and market share as India will move from ICE to EVs" the company's Chief Marketing and Revenue Officer Anshul Khandelwal told Autocar Professional.

According to the company's sales data on the Vahaan Portal, Ola Electric has sold 1,02,387 units over its current eight-month operating period (January 2023 to August 28, 2023).

"Meeting the 2-lakh unit target by December, is very much doable" informed a company official as the maker of the S1 Pro received over 75,000 bookings, backed by significant growth from its newly announced Ola S1 X series in the 90,000 to 1.10 lac segment.

"The new launches of S1 X+, which costs Rs 1,09,999, the S1 X, which costs Rs 99,999, and S1 X (2kw), which costs Rs 89,999 are together garnering a good uptick in consumer interest in Tier 2 and Tier 3 markets. The 2nd Gen S1 Pro is also resonating with the performance-oriented EV buyer in the Top 10 key metros in the country”, Aggarwal further said.