Auto Sales June 2024: Ola Electric Registers 107 Per Cent Growth

Ola Electric announced a significant increase in its electric two-wheeler registrations for June 2024, reporting 36,716 units registered according to the government's VAHAN Portal. This figure represents a 107% year-on-year growth compared to June 2023.

The company claims to have maintained its leading position in the EV two-wheeler segment with a reported 46% market share. Ola Electric also states that it has surpassed 200,000 registrations in the first half of 2024, totalling 228,000 units for the year so far.

For the first quarter of FY25, Ola Electric reports over 108,000 registrations, indicating a 57% growth compared to the same period in the previous fiscal year.

To address consumer concerns about battery longevity, Ola Electric has also introduced an 8-year/80,000 km extended battery warranty across its product line at no additional cost. Optional warranty extensions are available for purchase. The company also introduced a new 3kW fast charger, which is sold as an accessory for ₹ 29,999.

This massive growth comes on the heels of the news of Ola gearing up to introduce its own indigenously developed 4680 battery cells to its EV portfolio. Testings for this battery have also begun, and Bhavish Aggarwal confirmed yesterday that the battery will be commercially viable from 2025 onwards. 

On the sidelines, the Bengaluru-based EV maker is also gearing up for its IPO, which will see the company raise ₹5,500 crore, alongside an offer-for-sale component of 95.2 million shares. With this raised money, Ola plans to expand its capacity in the form of new products and production scale further and invest more in its R&D department.