Ola Electric remains top EV seller, sells 20,000 units in Oct

NEW DELHI: Ola Electric became the first electric two-wheeler manufacturer to report sales of 20,000 units in a single month in October 2022. Ola Electric, which sells electric scooters S1 Pro and S1, said it recorded a four-fold growth over daily run rate during the Navratras, and ten times on Vijayadashami.

Data available with the government’s Vahan portal also shows that Ola Electric was the market leader in e2W segment for the second straight month after hitting a low in August 2022. Data on Vahan shows Ola Electric sold 15,065 units in October, up nearly 50% from 9,875 units in September.

Ola said it clocked over 60% growth sequentially, while the overall e2W industry grew by about 30%. As per Vahan portal, which tracks vehicle registrations, e2W sales stood at 75,294 units in October as against 52,975 units sold in September. After Ola Electric, Okinawa Autotech came in as the second-biggest player in the segment as Vahan portal showed the Gurugram-based EV maker sold 13,144 units in October.

Okinawa, however, claims its retail sales stood at 17,531 units last month. Vahan portal doesn’t track vehicle registrations in select locations and hence there is a mismatch in its numbers and company sales. Most firms report vehicle dispatches from factories to retail outlet as sales.  Greaves Electric Mobility’s Ampere sold 9,173 EVs last month and was at 3rd position. The segment’s oldest player Hero Electric sold 8,348 units while Ather Energy sales came at 7,087 units, as per Vahan data. Owing to continuous surge in demand, most players are investing heavily to expand their manufacturing capacity.

Ola CEO Bhavish Aggarwal on Friday said they crossed production of 1,00,000 vehicle units in November 2022 and the company aims to take it to 10,00,000 units by November 2023 and 1,00,00,000 by 2024.