Ola Electric Registers 115% Increase in EV Business in FY24

By Editor


Ola Electric, a prominent player in the electric vehicle (EV) industry, has announced a staggering growth of 115 percent in the fiscal year 2023-24 (FY24) compared to the previous fiscal year.

Ola Electric, the #1 electric scooter brand in India, has sold 328,785 units in FY24, marking a significant leap from the 152,741 units registered in FY23. Ola Electric

The quarterly performance of Ola Electric also exhibited growth, with a 42 percent increase quarter-on-quarter. In the fourth quarter of FY24, the company registered 119,310 units, compared to 84,133 units in the preceding quarter.

Bhavish Aggarwal, Founder and Chairman of Ola, took to X platform to express the company’s achievement, highlighting the milestone of surpassing 50,000 registrations for the first time in March, with a total of 53,000 registrations.

Bhavish Aggarwal noted the remarkable growth of the EV industry, which witnessed a 30 percent surge in FY24, with EV penetration reaching over 9 percent in March.

Ola Electric’s expansion strategy played a pivotal role in its success, particularly with the launch of the S1 X model featuring a 4kWh battery. This addition expanded Ola Electric’s product portfolio to six models, including the S1 Pro, S1 Air, S1 X+, S1 X – 2 kWh, 3kWh, and 4kWh variants, catering to diverse customer preferences and price points.

Anshul Khandelwal, Chief Marketing Officer of Ola Electric, attributed the impressive performance to the company’s robust scooter portfolio. He expressed confidence in sustaining the growth trajectory and contributing significantly to India’s electrification journey.

Ola Electric has introduced an extended battery warranty program. Under this initiative, all products in the company’s range will come with an 8-year/80,000 km warranty at no additional cost, reaffirming its commitment to quality and reliability in the EV market.

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