Ola Electric to launch 20 new EVs amidst service concerns
Ola Electric has announced plans to launch 20 new electric vehicles (EVs) across different two- and three-wheeler categories in the next two years. The company's ambitious expansion strategy entails at least one new product launch every quarter. The announcement comes during the disclosure of Ola's Q2 FY25 performance, which witnessed a year-over-year revenue increase of 38.5% to ₹1,240 crore.
Ola Electric plans to expand its store network
Along with its product launch plans, Ola Electric also plans to massively expand its store network. The company plans to grow its stores from 782 (as of September 2024) to an astounding 2,000 by March 2025. Each store is expected to bring in an average of 130 sales per quarter, which is about two-three times the industry average.
Ola Electric's market share and consumer complaints
Despite its ambitious expansion plans, Ola Electric has encountered a few hurdles. The company's shares are trading below the issue price of ₹76, largely due to a spike in consumer complaints. This prompted the Central Consumer Protection Authority (CCPA) to issue a notice against the firm. However, Ola Electric recently said that 99% of these consumer queries had been resolved in a timely manner.
Ola Electric's market share dips to 16-month low
Ola Electric's market share has fallen to a 16-month low of 27%. However, in an October release, the company claimed its market share had bounced back above 30%. In Q2, Ola Electric delivered 98,619 two-wheelers, a whopping 73.6% increase from the same period last year. This was mainly fueled by the success of its budget-friendly S1 X series. In October, the company reported retail sales of about 50,000 units.
Ola Electric's upcoming launches and production milestones
Ola Electric already has the widest range of EV scooters in India with six models priced from ₹75,000 to ₹1.5 lakh. The S1 Gen 3 series will launch in January 2025, further boosting margins. The Roadster motorcycle series will launch in March. On the production side, Ola Electric has already achieved trial production milestones at its Gigafactory with over 20,000 cells manufactured in Q2 FY25.
