Ola Electric counted unreleased models in its February sales: Report
What's the story
Bengaluru-based electric vehicle manufacturer Ola Electric added its unreleased models to its February sales figures.
According to a Bloomberg report, this included the third-generation e-scooters and the Roadster X bikes.
The company counted 10,866 units of its third-generation e-scooters and 1,395 Roadster X motorcycles as part of its monthly sales for February.
Confusing stats
What is the issue?
Roadster X's production was announced in January and deliveries were expected to start soon after. However, it is still not up for grabs.
Meanwhile, deliveries of the scooters started last month.
The sales from these categories were categorized as "confirmed orders," making up half of the company's total orders for February, which was 25,207 units.
This was revealed by Ola Electric in a letter to the Ministry of Road Transport and Highways (MoRTH), Bloomberg reported.
Regulatory inquiry
Ola Electric's sales figures under scrutiny
Ola Electric's monthly sales figure for February, according to the Vahan portal, only indicated 8,390 units sold (as opposed to the claimed 25,207).
This difference attracted the attention of regulators from the Ministry of Heavy Industries and MoRTH.
Ols said the discrepancy in sales data was because of ongoing renegotiations with its registration agencies as part of steps to reduce costs.
Revision request
Centre requests revision of sales figures
In a letter dated March 31, the government asked Ola Electric to revise its monthly sales figures and include only those two-wheelers which were invoiced in its February data.
As a result, the company's stock prices have taken a hit. Today, it has declined by 6.46% to ₹49.05 per share on the Bombay Stock Exchange.