Ola Electric growing very fast, reports of losses extremely speculative, says CMO Khandelwal

Asserting that the company is growing fast month-on-month, Khandelwal said Ola Electric has achieved a 40 percent market share in the Indian electric two-wheeler segment.

While the company is in a massive expansion phase, cost efficiency is a continuing focus, he said, admitting challenges in building distribution network and delivering the best software experience. He however said that Ola is notching up good volumes, market share at an incomparable pace of growth.

Khandelwal also said the company will announce more products on August 15.

The Chief Marketing and Revenue Officer said that the Ola S1 Air is one of the most exciting products that the company has launched. The Ola S1 Air will address the market demand for a great product at a reasonable price, and will ensure that it makes no price sense to buy a conventional bike, he said.

"Ola S1 Air one of the most exciting products we've launched. Deliveries of S1 Air will start in early August. S1 Air will address market for a great product at a reasonable price. S1 Air ensures that it makes no price sense to buy an internal combustion engine bike," he said.

On Thursday (July 27), the company announced that it was opening bookings for the scooter aimed at disrupting the internal combustion engine bike market, for Ola community members and reservers between July 27 and 30 for a special price of Rs 1,09,999. For all other customers, the purchase window will open on July 31st at a revised price of Rs 1,19,999.

Bhavish Aggarwal, CEO of Ola Electric, announced on Twitter that the company sold 1,000 S1 Airs within an hour of opening its bookings and around 3,000 units within four hours.

The company expects Ola S1 Air to be a game-changer in the electric vehicle industry, as it offers a range of features such as a digital dashboard, smart lock, reverse mode, cruise control, hill hold and voice assistant.