Auto Sales May 2024: Ola Electric Sales Drop To 49 Per Cent Market Share

Continuing its dominance in the electric two-wheeler market, Ola Electric has once again registered the highest number of e2W’s last month. The Bengaluru-based company recorded 37.191 registrations, which translates to a 49 per cent market share. This might be a 2 per cent decline compared to April 2024 when it held a 51 per cent market share. But on a year-on-year basis, the company has grown by 6.26  per cent from the 35,000 units it registered in May 2023, as per the VAHAN Portal. 

The company cites the revival of its Ola S1 range, especially with the introduction of the new Ola S1 X range behind this increase in sales. This new model is available with three battery packs - 2 kWh, 3 kWh, and 4 kWh, prices start from ₹74,999 up to ₹99,999 (ex-showroom, Bengaluru). 

“We recently commenced the deliveries of our mass-market S1 X portfolio, which addresses the high upfront cost of purchasing an EV, one of the biggest barriers to the adoption of EVs,” stated Anshul Khandelwal, Chief Marketing Officer, Ola Electric Technologies Private Limited. “With our S1 X, we continue to work towards expanding the EV 2W market for the overall growth of the industry,” he further added. 

Ola has been one of the few manufacturers who have remained consistent with its registration figures and has always featured in the top position. This becomes all the more commendable when you factor in the expiration of the FAME-II subsidy scheme which forced the prices of most EV two-wheelers to spike. Although its replacement, the fund-limited EMPS 2024 kicked in for a temporary period, its benefits were far less than FAME-II. Consequently, Ola has also managed to keep its prices competitive as well. 

This was further recently reestablished when Ola revised the prices of its S1 range too. With the S1 Pro, S1 Air, and S1 X+ is now priced at ₹1,29,999, ₹1,04,999, and ₹89,999, respectively. As we now gear up for the arrival of FAME-III, how much does Ola’s share grow especially at a time when the company also gearing up to launch its new range of electric motorcycles, that remains to be seen.