Ola sells 24,000 units in October 2023

Ola Electric has announced its sales performance for the month of October. The company sold 24,000 units (as per Vahan data) during the month and saw a market share of almost 35 percent.

With a 2.5X growth in sales during Navratri and Dussehra (compared to same period last year), Ola expects the sales momentum to continue throughout the festive season with an uptick in volumes during the upcoming months.

During the month, Ola Electric sold over 2 lakh electric scooters within 10 months (as per Vahan data) of CY2023, becoming the first ever EV company in India to achieve the feat.

The company has registered over 100 percent growth vis-a-vis last year when it recorded 1 lakh sales in just 10 months of starting its operations.

The EV maker recently announced the successful closure of Rs 3,200 crore funding as a part of its equity and debt round raised from Temasek-led marque investors and project debt from State Bank of India respectively.

The funds raised would be utilised for the expansion of its EV business and setting up India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

The company aims to accelerate its growth by ramping up its 2W manufacturing capacity, launching electric motorcycles followed by electric cars and fast-tracking the construction of Gigafactory.

Bharat EV Fest
Ola announced its month-long Ola Bharat EV Fest on October 16, a nationwide celebration of embracing EVs with an array of offers from the EV maker, including a 5-Year Battery Warranty (worth up to Rs 7,000), exchange bonuses (up to Rs 5,000), and finance offers including up to Rs 7,500 discount from partner banks, zero down payment, no-cost EMI, zero-processing fee, and interest rates as low as 5.99 percent.

Moreover, customers test-riding an Ola scooter during the festive period can get a chance to win one S1 X+ every day among other exciting prizes, including discount coupons for Ola Care+ and instant discounts on the purchase of the all-new S1 Pro (2nd Generation). The company is also offering an extended the ‘5-Year Battery Promise’ programme to scooters across its existing lineup (S1 Pro, S1 Air, and S1 X+), providing a free 5-year extended battery warranty.