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Ola Electric Sets Record

The company posted a year-on-year growth of 74 per cent compared to the same month of 2022…reports Asian Lite News

Ola Electric on Monday announced that it clocked its highest ever monthly registrations in December 2023 — recorded 30,219 registrations and captured a 40 per cent market share in the EV 2W segment (as per VAHAN Portal).

The company posted a year-on-year growth of 74 per cent compared to the same month of 2022. In addition, it posted a quarter-on-quarter growth of 48 per cent with 83,963 registrations during the quarter ended December and a year-on-year growth of 68 per cent when compared to the same quarter of 2022.

“We believe that we have continued our market leadership for yet another quarter on the back of our strong product lineup comprising the S1 Pro, S1 Air, and the S1 X+. Our ‘December to Remember’ campaign has been a massive success, bringing thousands more under the EV fold,” Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies Private Limited, said in a statement.

Moreover, the company mentioned that Ola Electric achieved yet another achievement in December by reaching an industry-first production milestone of 4,00,000 scooters in the span of just two years.

The company has also emerged as the first-ever EV 2W manufacturer to record over 2.65 lakh registrations (as per VAHAN Portal) in a calendar year.

Ola Electric has recently expanded its scooter portfolio to five products. Priced at Rs 1,47,499, the S1 Pro (2nd Generation) is the company’s flagship premium EV scooter, while the S1 Air is available at Rs 1,19,999.

It has additionally introduced the S1X in three variants — S1 X+, S1 X (3kWh), and S1 X (2kWh) to cater to the requirements of riders with diverse preferences.

Meanwhile, Ola Electric has filed its draft red herring prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (SEBI).

According to Moneycontrol, citing sources, the fresh issue component will consist of Rs 5,500 crore and the balance would be the OFS (offer for sale) category, around Rs 1,750 crore.

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Ola Electric, Ather Energy Struggle to Attract Investors

Hero MotoCorp-backed EV company Ather Energy’s losses surged more than 2.5 times in the financial year 2022-23….reports Asian Lite News

Despite gaining significant market shares, Indian electric two-wheeler (E2W) market leaders like Ola Electric and Ather Energy are witnessing a lukewarm response from investors amid heavy losses and regulatory uncertainties, the media reported.

According to Nikkei Asia, industry executives view the lukewarm response to Ola and Ather’s fundraising “as a warning sign despite the startups’ rapid growth” while green mobility is considered a sunshine sector.

Ather Energy “resorted to a rights issue after potential investors balked at its ask of more than $200 million at a valuation of at least $1 billion,” the report mentioned, citing people aware of the company’s plans.

Hero MotoCorp-backed EV company Ather Energy’s losses surged more than 2.5 times in the financial year 2022-23.

The EV startup reported a loss of Rs 864.5 crore in FY23, against a loss of Rs 344.1 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC).

Ather’s total expenses more than tripled to Rs 2,670.6 crore from Rs 757.9 crore in FY22, despite strong sales.

The surge in losses reported even after the firm’s revenue from operations grew 4.3 times to reach Rs 1,784 crore during the fiscal year ending March 2023.

Meanwhile, SoftBank-backed Ola Electric’s valuation rose just 10 per cent to $5.5 billion after a $140 million funding round led by existing backer Temasek in September, the report mentioned.

IPO-bound Ola Electric posted a net loss of Rs 784.1 crore in the financial year FY22, a four times jump from Rs 199.2 crore in FY21.

As per its FY22 results, the total expenditure stood at Rs 1,240.4 crore in the reported fiscal year.

However, FY22 figures are not comparable with FY21 as the company started delivering electric scooters from December 2021 only, according to reports.

According to investors, “while smaller fundraises will keep them going for now, growth could be impacted if they don’t manage to raise bigger rounds,” said the Nikkei Asia report.

While both startups and legacy automakers saw sales dip, the pressure is far higher on startups, which need to increase sales as well as reduce losses to attract investors, the report mentioned.

According to latest BNP Paribas India EV report, Ola Electric (Ola) continued to lose market share (month-on-month), dropping to 29 per cent (-66 bps) in September Bajaj Auto (11.1 per cent, +57 bp) gained the most market share, while Ola lost the most, followed by Okinawa.

Among the top-five original equipment manufacturers (OEMs), monthly sales volume rose the most for Bajaj Auto, while it declined the most for Okinawa, said the report.

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Ola Electric on expansion spree

Ola Electric now has more than 50 experience centres and aims to open 200 by the end of this year…reports Asian Lite News

Ola Electric on Monday announced that it has expanded its direct-to-consumer (D2C) footprint by opening 14 new experience centres across 11 cities in the country.

The company opened 3 centres in Bengaluru, two in Pune and one each in Ahmedabad, Dehradun, Delhi, Hyderabad, Kota, Bhopal, Nagpur, Ranchi and Vadodara, it said in a statement.

Ola Electric now has more than 50 experience centres and aims to open 200 by the end of this year.

The centres allow electric vehicles (EV) enthusiasts to experience its EV technology and also enable customers to take test rides of the S1 and S1 Pro.

“EV enthusiasts are loving the holistic experience that Ola Experience Centres offer by serving as go-to places for them to touch and feel our products, clarify their queries, and avail support both before and after purchase,” said Anshul Khandelwal, chief marketing officer, Ola Electric.

“We are rapidly increasing our offline footprint across the country with an aim to open a total of 200 of these centres by the end of this year,” Khandelwal added.

With the help of its experience centres and recent expansion of physical contact points through its robust D2C model, Ola has already organised more than 1 lakh customer test rides across India.

“Ola’s mission of ensuring all 2Ws in India are electric by 2025 is closer to being a reality as the company is working towards building a robust roadmap of electric vehicles to accelerate the world’s transition to electric mobility,” the company said.

Last month, Ola Electric launched an all-new Ola S1 Air electric scooter at a special introductory price of Rs 79,999.

The e-scooter weighs 99 kgs and claims to deliver top speed of 85 km per hour, and goes from zero to 40 in just 4.3 seconds.

The new S1 Air is built on the S1 platform, is powered by a 2.5KWh battery pack and a 4.5KW hub motor.

The new S1 Air offers a two-tone body colour scheme and is available in five colours — Coral Glam, Neo Mint, Porcelain White, Jet Black and Liquid Silver.

Those who reserves the scooter for Rs 999 on or before Diwali can get it for an introductory price of Rs 79,999.

The purchase window for the Ola S1 Air will open in February 2023, and deliveries are scheduled to commence from early April next year.

“With the introduction of the Ola S1 Air, we have transformed the everyday scooter from being merely functional, to a sophisticated and technologically advanced product with the latest MoveOS features,” said Bhavish Aggarwal, Founder and CEO, Ola.

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