Ola Electric, a leading player in the electric vehicle (EV) market, announced on Friday, March 1, a significant achievement in February with a impressive 35,000 registrations, maintaining its dominant position in the EV 2W segment. The company boasts a market share of 42%, marking its highest-ever monthly registrations and an outstanding year-on-year growth of nearly 100%, as informed in a statement by the company.
Over the past three months, Ola Electric has consistently demonstrated its market prowess, accumulating close to 100,000 registrations. In December, 2023, the company set a milestone by becoming the first EV 2W manufacturer to achieve 30,000 registrations in a single month.
Anshul Khandelwal, Chief Marketing Officer of Ola Electric Technologies Private Limited, attributes this success to the company's expanding S1 scooter portfolio and an increasingly receptive market.
Khandelwal emphasised the importance of customers' growing awareness and willingness to invest in quality EVs at more accessible price points.
“Our ever-increasing S1 scooter portfolio along with customers becoming more aware and open to buying quality EVs at more accessible price points being the key factors behind this growth. We are confident in continuing our market leadership with best-in-class products and a strong EV infrastructure.”
In a strategic move to overcome barriers in EV adoption, Ola Electric recently unveiled a series of initiatives encompassing products, services, charging networks, and battery warranties. The introduction of the S1 X (4kWh) expanded the company's product portfolio to six offerings, catering to various price points and range requirements.
A significant highlight is the industry-first 8-year/80,000 km extended battery warranty, offered at no extra cost across the entire product range. This move addresses a major concern in EV adoption by doubling the lifespan of vehicles compared to traditional internal combustion engine (ICE) vehicles.
Additionally, Ola Electric plans to increase its service network by 50%, reaching 600 centers nationwide by April 2024. Customers can now opt for an add-on warranty, extending the upper limit of kilometers traveled to 125,000 km at a nominal starting price of ₹4,999.
Looking ahead, Ola Electric aims to rapidly expand its fast-charging network to 10,000 points by the next quarter. The company introduced a portable fast charger accessory of 3KW, available for purchase at ₹29,999.
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