Ola Electric Sales Slump To Yet Another Monthly Low As Rivals Gain

Ola Electric Mobility Ltd. has yet again clocked its lowest monthly sales so far this year, amid gains posted by rivals.

Total sales of India’s largest electric two-wheeler maker fell 11% month-on-month to 23,965 units in September 2024, as against 26,928 units in August, according to latest vehicle registration data available on the government’s VAHAN portal. 

In comparison, rivals Bajaj Auto Ltd., TVS Motor Co. and Ather Energy Ltd. clocked growth and gained market share.

• Ola Electric sales down 11% MoM at 23,965 units (market share: 27%).

• Bajaj Auto sales up 13.71% MoM at 18,933 units (market share: 21.47%).

• TVS Motor sales up 2.43% MoM at 17,865 units (market share: 20.26%).

• Ather Energy sales up 15.20% MoM at 12,579 units (market share: 14%).

Overall, electric two-wheeler sales rose 1.03% sequentially to 88,156 units. Annually, it was up 40% from 63,184 units in September 2023. A similar surge was observed for all makers.

• Ola Electric sales up 29% YoY at 23,965 units.

• Bajaj Auto sales up 166% YoY at 18,933 units.

• TVS Motor sales up 15% YoY at 17,865 units.

• Ather Energy sales up 75% YoY at 12,579 units.

What’s noteworthy here is that Bajaj Auto has overtaken TVS Motor in monthly sales for the first time since the Chetak electric scooter broke cover in October 2019. The scorching sales growth, following years of a conservative approach to sales, comes on the back of increase in dealerships and new, cheaper models.

The slump in Ola Electric sales comes amid a service problem—scores of Ola S1 scooters were found languishing at a service centre in Thane, even as more than a dozen customers complained of product and after-sales issues, according to an NDTV Profit ground report. The company reacted immediately by launching HyperService in an endeavour for better customer experience.

Ather Energy, meanwhile, has quietly grown its sales—sequentially as well as annually. The Hero MotoCorp-backed EV startup, which recently filed for an initial public offering, has matched its sales in all of 2023 by September itself, on the back of its first family scooter, Rizta.