Ola Electric Regains Dominance in Electric Two-Wheeler Market

Ola Electric has once again established itself as a leader in the electric two-wheeler (EV 2W) market, achieving a market share of 24.91% in January. Based on data from Vahan, the company sold 24,330 units during this period.

Competitive Landscape

TVS Motors secured the second position, with sales of 23,788 units, trailing closely behind Ola. Bajaj Auto, another key player in the Indian automotive industry, captured a market share of 21.80%, selling 21,294 units in January.

Significant Recovery for Ola Electric

This development signals a remarkable turnaround for Ola Electric, especially considering that both Bajaj and TVS Motor had considerably outperformed the company in December. Ola attributes its impressive results to its strong S1 portfolio and the recent growth of its sales and service network, which now includes 4,000 stores across the country.

Spokesperson’s Insights

An Ola Electric representative remarked that the year has begun exceptionally well, with the company reclaiming its title as the leading entity in the EV 2W market. The spokesperson stressed the firm’s commitment to solidifying its position in this segment while highlighting that the newly launched Gen-3 portfolio has set new standards for performance and reliability in India’s two-wheeler industry. With a variety of EV offerings catering to both premium and mass-market segments, along with an expanding sales network beyond tier-1 and tier-2 cities, Ola Electric is poised to drive India’s transition towards a future without internal combustion engines.

Ather Energy’s Performance

Ather Energy, based in Bengaluru, marked sales of 12,895 units, gaining a market share of 13.20%. Led by Tarun Mehta, the company is also approaching its initial public offering (IPO) following approval from the Securities and Exchange Board of India (SEBI).

Other Market Participants

Outside the top four contenders, companies like Greaves Electric Mobility, with 3,611 units sold, and PURE EV, selling 1,650 units, are making strides to establish their presence in this competitive environment. Hero Motocorp, while holding a strong position in the petrol two-wheeler market, faces hurdles in the electric vehicle sector, having sold only 1,615 units. Bgauss Auto achieved sales of 1,451 units, and Revolt Intellicorp sold 1,060 units, both maintaining loyal customer bases, whereas Kinetic Green Energy lagged behind with just 806 units sold.

Current Stock Status

As of Saturday at 2:26 PM, shares of Ola Electric were trading at Rs 76.65.