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Ola Electric has announced that the electric two-wheeler maker achieved a production milestone of four lakh units in December 2023. The company began operations in 2021 and has achieved the landmark figure in two years. Ola has been one of the most dominant players in the electric two-wheeler segment and holds a market share of 40 per cent.
The production milestone comes when Ola Electric is gearing up to launch its IPO (Initial Public Offering). The company has filed a red herring prospectus (DRHP) with the capital market regulator, the Securities and Exchange Board of India (SEBI). The company aims to raise funds for new product development and expansion plans with electric motorcycles, cars and a battery cell manufacturing facility in the works. The Tamil Nadu-based company will be the first electric vehicle player in India to launch its IPO, in what will be a big boost to the electric mobility ecosystem.
Also Read : Ola Electric sells more than 30,000 electric scooters in December 2023.
Ola Electric is the market leader in the electric two-wheeler space and the sales numbers remain on a growth trajectory for the brand. The company retailed 30,219 units in December 2023, registering a 74 per cent growth in volumes year-on-year. The manufacturer also claimed to grow by 48 per cent quarter-on-quarter with 83,963 vehicles sold between October and December last year (Q3 FY2024).
Ola Electric has also become the first EV two-wheeler maker to record over 2.65 lakh registrations in a calendar year, as per the VAHAN portal. Ola’s diversely priced product range has played a crucial role in the company’s success. The company’s most accessible e-scooter is the Ola S1 X priced from ₹89,999, going up to ₹1.48 lakh for the S1 Pro Gen2. All prices are ex-showroom, India. The manufacturer has also been proactive with multiple discounts and offers across its product lineup from time to time including a ₹20,000 discount on the S1 X+ last month.