Ola Electric sells over 53,000 scooters in March, ends FY24 with 115% YoY growth

Ola Electric on Monday announced that it has registered more than 53,000 bookings for its electric scooters in March 2024. With this, the OEM claims to have registered its highest-ever monthly sales volumes for the fifth consecutive month.

The all-electric two-wheeler manufacturer also stated that it finished the last financial year with a record 115 per cent growth compared to the previous fiscal with 328,785 units compared to 152,741 units recorded in the previous financial year. The company also said that the overall electric two-wheeler industry grew by 30 per cent in the FY24 over the previous financial year with nine per cent EV penetration in March 2024.

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Ola Electric also claimed that it continued to maintain its leading market share in March 2024 and recorded a 42 per cent growth in the January-March quarter of this year, over the previous quarter. In the last quarter, Ola Electric claims to have sold 119,310 electric scooters compared to 84,133 units sold in the previous quarter.

Speaking on the sales performance, Anshul Khandelwal, Chief Marketing Officer, Ola Electric, said that there couldn’t have been a better year-end for the company with its registrations zooming past the 53,000 mark in March. "The past year has been a momentous one for us as well as the EV industry, and we have been the market leader for the full financial year recording consistent growth in both volumes and market share. The fact that we recorded almost 1.20 lakh registrations in Q4 FY24 alone speaks volumes of our robust scooter portfolio, and we aim to continue the growth trajectory and contribute further to India’s electrification journey," he added.

The rising demand for electric scooters amid various factors has helped the company to post such growth in March 2024 and in FY24 as well. Besides that, the OEM has been offering discounts on its scooters as well.