Ola Electric has become the first EV manufacturer in India to reach retail sales of 4 lakh units in a single calendar year. According to the most recent Vahan statistics (as of 7 am on December 15, 2024), Ola has sold a total of 4,00,099 units. September 9 was World EV Day, and on the same day, Ola reached the milestone of 3 lakh units. Sales of 4,00,099 units between January and December 14, 2024, represent a 50 per cent YoY increase over calendar year 2023 sales, which is an extra 1,32,371 units.
Ola Electric’s total retail sales since its launch in the Indian EV market have surpassed 7,75,000 units, with the majority of those sales occurring in 2024. The company started its sales in December 202, and till now, it has sold 7,77,118 units cumulatively. Additionally, Ola holds a 30% market share of the 2.62 million e-two-wheelers (2,627,889 units) that were sold in the country between December 2021 and mid-December 2024.
The company sold 1,09,401 units in CY2022, its first full year of sales, according to data received from Vahan. This exceeded the combined sales of TVS Motor Co. (47,812 units) and Ather Energy (51,808 units), the second-ranked OEM at the time. Since starting sales in December 2021, Ola Electric has sold 7,77,118 units, the most of any e2W OEM in India, as of the first half of December 2024.
In CY2023, Ola made a sales of 2,67,378 units, which means a 144 per cent year-over-year increase, which resulted in giving Ola a significant advantage of 1,00,799 units over TVS Motor. TVS Motor is its direct competitor, which sold 1,66,579 iQubes. With 4,00,099 units sold in the first 11 and a half months of this year (January to December 14), Ola has now achieved a respectable 50 per cent YoY growth in sales over its CY2023 sales, with an additional 1,32,371 vehicles sold so far this year.
Ola currently holds 36 per cent of the e-two-wheeler market in India. This records total retail sales of 1,109,432 units or 1.10 million units. These numbers are significantly more than TVS Motor Co (2,10,666 iQubes and 19 per cent market share), Bajaj Auto (1,84,577 Chetaks and 17 per cent market share), and Ather Energy (1,20,721 units and 11 per cent market share). Sales of EVs have been strong this year, and the four OEMs with six-figure sales figures are Ola, TVS Motor Co., Bajaj Auto, and Ather Energy. With two weeks remaining before 2024 ends, all four of these OEMs, as well as Greaves Electric Mobility, have already achieved their highest yearly sales to date.
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