Ola Electric had an outstanding May, with a total of 37,191 electric scooters registered, accounting for 49% of all EV registrations. It is the first time that the company achieved such high registration numbers. However, retail sales figures may vary, and the overall segment share may be lower than the reported registration numbers.

Ola Electric has expanded its reach to a broader audience in India, establishing itself as the leading electric two-wheeler manufacturer in the nation. The most budget-friendly model, the S1 X, comes with a price tag of ‎₹74,999, ex-showroom. On the other hand, their priciest model, the S1 Pro, carries a price tag of ₹1,29,999, ex-showroom. With such a price difference between these two models, the company has successfully connected with diverse Indian consumers.

Ola Electric’s Previous Month’s Performance

Multiple media sources reported that Ola Electric captured over 52% of the electric two-wheeler (e2w) market share in April. The EV maker recorded 33,934 registrations. Furthermore, it showed significant year-on-year growth of 54% compared to the same period last year.

In March, electric two-wheeler (e2w) sales surged to a record-breaking 131,690 units, marking a 50% increase over the previous year. However, in April, total e2w registrations experienced a notable decline of 56%, with 57,618 vehicles registered.

The government’s substitution of the FAME II subsidy scheme with the Electric Mobility Promotion Scheme (EMPS) could be the reason for the decline. Furthermore, the government reduced the budgetary allocation for the scheme by 44% to Rs 2,671 crore for the fiscal year 2025. Industry experts predict that this reduction may result in a slowdown in the adoption of EVs.

Note that the Vahan Portal only records the total number of registered sales and does not include bookings.

Conclusion

In May, TVS and Bajaj hold the second and third positions in the EV segment, respectively. However, these mainstream brands have not achieved retail sales figures comparable to Ola’s. This is primarily due to Ola’s brand recognition and perceived value reaching a high level. This trend is expected to continue as the festive season approaches, with Ola consistently offering attractive deals.