Ola Electric, a leading electric two-wheeler manufacturer in India, has achieved a significant milestone with the sale of 24,000 units in October, according to Vahan data.
Notably, this surge in sales was most evident during the Navratri and Dussehra period, where Ola Electric experienced a remarkable 2.5X increase in sales compared to the same period last year. Experts in the industry believe that these robust sales figures reflect the growing acceptance of electric vehicles among Indian consumers.
Anshul Khandelwal, Chief Marketing Officer of Ola Electric, expressed his enthusiasm regarding the company’s outstanding sales performance during this festive season. Hindustan Times quoted him saying, “The ongoing Ola Bharat EV Fest with exciting festive offers and a much broader portfolio of Ola scooters has led to Ola becoming the favourite choice for customers during the festive season. With Diwali around the corner, we expect the sales momentum to further build-up, leading to a milestone year for EVs in India.”
During October alone, Ola Electric achieved another significant milestone by selling over 2 lakh electric scooters within 10 months of the calendar year 2023, making it the first-ever EV company in India to accomplish this feat.
The company’s success is not only limited to sales figures but also extends to financial achievements. Ola Electric recently announced the successful closure of a funding round, raising Rs 3,200 crore from investors led by Temasek and securing project debt from the State Bank of India.
These funds will be instrumental in the company’s plans to expand its EV business and establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Looking ahead, Ola Electric has ambitious plans to accelerate its growth trajectory. The company aims to increase its two-wheeler manufacturing capacity, introduce electric motorcycles and fast-track the construction of a Gigafactory.
As part of its efforts to encourage more customers to embrace EVs, Ola Electric launched the month-long Ola Bharat EV Fest on October 16. This nationwide celebration offered customers a range of attractive offers, including a 5-year Battery Warranty, exchange bonuses and various finance options. Additionally, customers test-riding an Ola scooter during the festive period had the chance to win exciting prizes.
Ola Electric currently offers a diverse lineup of electric scooters, including the Gen 2 Ola Sl Pro, Gen 1 Ola SI Pro, Ola Sl Air, Ola SI X+, and Ola SIX, catering to a wide range of customer preferences. With competitive ex-showroom prices, ranging from Rs 89,999 to Rs 1.47 lakh, Ola Electric continues to make electric mobility accessible to a broad audience.
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