Bhavish Aggarwal, CEO, Ola Electric
Electric two-wheeler maker Ola Electric’s vehicle registrations rose to 10,117 units in March, more than doubling from 3,973 units in February, indicating a rebound after several months of weak volumes.
The company, citing data from the government-run Vahan portal, also said daily orders crossed 1,000 units in the final week of March.
The uptick follows a period of turbulence for the Bengaluru-based company, including service-related concerns, vehicle quality issues and declining market share in the electric two-wheeler segment.
However, in terms of market share, Ola Electric trailed TVS Motor, Bajaj Auto, Ather Energy and Hero Motocorp in March, with its share at about 5.4%.
The company said it has implemented deep operational changes, including improving parts availability and diagnostics, and claimed that over 80% of vehicles are now serviced the same day.
Ola Electric has also rolled out a marketing campaign offering service guarantees with complimentary cab rides in case of delays, buyback options and extended warranties, as it looks to revive demand in an increasingly competitive market.
“This momentum is being driven by the structural improvements in our service operations, which are now delivering faster turnaround times and a significantly better ownership experience. As customer confidence strengthens, we are seeing stronger conversion across our portfolio,” an Ola Electric spokesperson said in a statement.
The company added that it crossed one million cumulative registrations in March, becoming the first EV maker in the country to reach the milestone.
Earlier this month, Ola Electric said it had proposed revising the utilisation of its Rs 5,500 crore initial public offering proceeds, reallocating Rs 575 crore from research and development towards debt repayment and growth initiatives.
The company, which listed in August 2024 at Rs 76 per share, has seen its stock decline sharply since then. The shares were trading at Rs 25.4 apiece on the BSE as of 12:31 pm on Wednesday.
ET reported in February that Ola Electric planned to reduce its physical store count to around 550 by the end of March, marking a pullback just a year after announcing plans to expand its retail network to 4,000 stores nationwide.
The company, citing data from the government-run Vahan portal, also said daily orders crossed 1,000 units in the final week of March.
The uptick follows a period of turbulence for the Bengaluru-based company, including service-related concerns, vehicle quality issues and declining market share in the electric two-wheeler segment.
However, in terms of market share, Ola Electric trailed TVS Motor, Bajaj Auto, Ather Energy and Hero Motocorp in March, with its share at about 5.4%.
The company said it has implemented deep operational changes, including improving parts availability and diagnostics, and claimed that over 80% of vehicles are now serviced the same day.
Ola Electric has also rolled out a marketing campaign offering service guarantees with complimentary cab rides in case of delays, buyback options and extended warranties, as it looks to revive demand in an increasingly competitive market.
“This momentum is being driven by the structural improvements in our service operations, which are now delivering faster turnaround times and a significantly better ownership experience. As customer confidence strengthens, we are seeing stronger conversion across our portfolio,” an Ola Electric spokesperson said in a statement.
The company added that it crossed one million cumulative registrations in March, becoming the first EV maker in the country to reach the milestone.
Earlier this month, Ola Electric said it had proposed revising the utilisation of its Rs 5,500 crore initial public offering proceeds, reallocating Rs 575 crore from research and development towards debt repayment and growth initiatives.
The company, which listed in August 2024 at Rs 76 per share, has seen its stock decline sharply since then. The shares were trading at Rs 25.4 apiece on the BSE as of 12:31 pm on Wednesday.
ET reported in February that Ola Electric planned to reduce its physical store count to around 550 by the end of March, marking a pullback just a year after announcing plans to expand its retail network to 4,000 stores nationwide.
