Ola Electric crosses Rs 500 cr revenue in April-May

Electric two-wheeler maker Ola Electric on Friday said it has crossed Rs 500 crore revenue in the first two months of FY2022-23.

Amid reports that the company's sales have slowed, Ola Electric claims to be on course to surpass USD 1 billion (about Rs 7,800 crore) in revenue by the end of this year.

In a statement, Ola Electric said it has surpassed Rs 500 crore revenue in its first two months of FY22-23 without sharing the total number of vehicles sold during the two months.

"As customers' confidence in EV continues to grow, the future forecast looks even stronger for Ola Electric. We have also been able to streamline our manufacturing capacity at the Ola Futurefactory, Krishnagiri to 1,000 units per day. We have a strong order pipeline and will be ramping up further," a company spokesperson said.

However, according to reports quoting Vahan vehicle registration statistics, the company's Ola S1 Pro registration fell to 9,196 units in May this year from 12,683 units in April.

Ola Electric claims to have supplied scooters to over 50,000 consumers in various parts of the country.

The company, which in August last year forayed into the green mobility space with the launch of its electric scooters, S1 and S1 Pro priced at Rs 99,999 and Rs 1,29,999, respectively, had postponed delivery timelines for its much anticipated products citing global semiconductor shortage issue.

The company began taking online orders for its electric scooters in September after accepting reservations at Rs 499 in July last year. Deliveries were initially scheduled to begin in October, but were then pushed back to November and then again to the second part of December.

In January this year, the firm informed consumers that it would prioritise manufacture of the S1 Pro model, and S1 production has been pushed back until late 2022, with company CEO Bhavish Aggarwal noting that the company is upgrading all S1 clients to S1 Pro hardware.

Apart from delivery delays, reports of the company's electric scooter catching fire sparked consumer concern. Following a fire incident, Ola Electric recalled 1,441 units of their electric two-wheelers in April.