Ola Electric has reported its October sales performance, achieving significant milestones. In October, the company sold 24,000 units according to Vahan data, capturing a market share of nearly 35 percent.
Notably, Ola Electric experienced a 2.5X sales growth during the Navratri and Dussehra period compared to the same time last year. This positive trend is expected to continue throughout the festive season, with an anticipated increase in sales in the coming months.
Furthermore, Ola Electric marked a significant achievement by selling over 2 lakh electric scooters within just 10 months of CY2023, making it the first electric vehicle company in India to attain this milestone. The company has displayed remarkable growth, achieving over 100 percent growth compared to the previous year when it reached 1 lakh sales within the first 10 months of commencing its operations.
Ola Electric also recently announced the successful closure of a Rs 3,200 crore funding round, consisting of equity and debt, with contributions from prominent investors led by Temasek and project debt provided by the State Bank of India. These funds will be utilized to expand the company’s electric vehicle business and establish India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
In line with its growth strategy, Ola Electric plans to increase its two-wheeler manufacturing capacity, introduce electric motorcycles, expedite the construction of the Gigafactory, and further its presence in the electric car market.