Ola Electric crosses ₹500 crore in revenue, aims to bolster product portfolio

Ola Electric announced on Friday that it has booked over ₹500 crore revenue in the first two months of FY 22-23 and that it remains on course to cross the target of $1 billion by the end of the year. Underlining deliveries of S1 Pro electric scooter to over 50,000 customers across the country and with eyes now on the S1 electric scooter as its second model, the company states it is confident of its march ahead.

Ola Electric has been ramping up its production capability at its plant in Tamil Nadu while also strengthening its delivery model. The company does not have any dealerships and while there have been complaints about delivery schedules from several customers who have reserved a unit through online channel, the company continues to point to its ever-increasing capabilities. “As customers’ confidence in EV continues to grow, the future forecast looks even stronger for Ola Electric," a company spokesperson said in a press statement issued by Ola Electric. “We have also been able to streamline our manufacturing capacity at the Ola Futurefactory in Krishnagiri to 1,000 units per day. "We have a strong order pipeline and will be ramping up further."

But while Ola Electric continues to iron out its manufacturing and delivery processes, it is also looking at widening its scope of play with plans of rolling out an electric car in the times to come. The company has also said in the past that it is developing autonomous driving technology.