Ola Electric Seizes 52% Market Share in April 2024, Cementing Dominance in 2W EV Segment
Ola Electric continues to assert its dominance in the 2W EV segment, securing a commanding 52% market share in April 2024. The company’s achievement is underscored by a remarkable 34,000 registrations during the month, marking a substantial 54% year-on-year growth compared to the same period last year.
Anshul Khandelwal, the Chief Marketing Officer of Ola Electric Technologies Private Limited, expressed enthusiasm about the company’s performance, attributing it to their diverse scooter portfolio and robust operational structures. He emphasized their readiness to penetrate the mass market segment with the imminent delivery commencement of their S1 X portfolio.
In a strategic move to broaden its consumer base, Ola Electric unveiled revised pricing for its S1 X lineup, now available in three battery configurations with introductory prices starting from INR 69,999. Additionally, the company revised prices for its premium offerings, including the S1 Pro, S1 Air, and S1 X+ models. Ola Electric’s commitment to customer satisfaction is highlighted by its provision of an 8-year/80,000 km extended battery warranty at no extra cost, with options for further add-on warranties. Moreover, the introduction of a 3KW fast charger accessory aims to enhance convenience for EV users.
In line with its ongoing initiatives, Ola Electric is also proceeding with plans for an initial public offering, as outlined in its draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI) on December 22, 2023. Potential investors are advised to consider the associated risks detailed in the prospectus before making any investment decisions.
It is noteworthy that while Ola Electric’s achievements are significant within India, potential investors should be aware that the equity shares are not registered or qualified in jurisdictions outside India, nor are they registered under the U.S. Securities Act of 1933.
