Ola Electric clocks highest ever monthly registrations in Dec 2023, crosses 30K mark

New Delhi: Ola Electric on Monday announced that it clocked its highest ever monthly registrations in December 2023 -- recorded 30,219 registrations and captured a 40 per cent market share in the EV 2W segment (as per VAHAN Portal).

The company posted a year-on-year growth of 74 per cent compared to the same month of 2022. In addition, it posted a quarter-on-quarter growth of 48 per cent with 83,963 registrations during the quarter ended December and a year-on-year growth of 68 per cent when compared to the same quarter of 2022.

“We believe that we have continued our market leadership for yet another quarter on the back of our strong product lineup comprising the S1 Pro, S1 Air, and the S1 X+. Our ‘December to Remember’ campaign has been a massive success, bringing thousands more under the EV fold," Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies Private Limited, said in a statement.

Moreover, the company mentioned that Ola Electric achieved yet another achievement in December by reaching an industry-first production milestone of 4,00,000 scooters in the span of just two years.

The company has also emerged as the first-ever EV 2W manufacturer to record over 2.65 lakh registrations (as per VAHAN Portal) in a calendar year.

Ola Electric has recently expanded its scooter portfolio to five products. Priced at Rs 1,47,499, the S1 Pro (2nd Generation) is the company’s flagship premium EV scooter, while the S1 Air is available at Rs 1,19,999.

It has additionally introduced the S1X in three variants -- S1 X+, S1 X (3kWh), and S1 X (2kWh) to cater to the requirements of riders with diverse preferences.

Meanwhile, Ola Electric has filed its draft red herring prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (SEBI).

According to Moneycontrol, citing sources, the fresh issue component will consist of Rs 5,500 crore and the balance would be the OFS (offer for sale) category, around Rs 1,750 crore.