Quick Read
- Ola Electric maintains 3rd spot in India’s electric two-wheeler market for June, with 18,527 units sold.
- TVS Motor leads with 25.4% market share, followed by Bajaj Auto at 22.8%.
- Ather Energy shows growth, raising market share to 14.4% with plans to expand retail presence significantly by FY26.
- Industry-wide dip in demand causes segment-wide registration decline to 94,299 units in June.
- Ola Electric faces rising losses, sales downturn, and scrutiny over data discrepancies while launching new products such as the Roadster X electric motorcycle.
Ola Electric, once the market leader in India’s electric two-wheeler sector, held onto its 3rd position in June with sales of 18,527 units. This marked the second consecutive month of flat growth, with its market share edging up slightly to 19.6% but staying below 20%. Legacy players TVS Motor and Bajaj Auto continued to dominate the segment, commanding 25.4% and 22.8% market shares, respectively.
The overall electric two-wheeler market saw a modest decline in June, with registrations dropping to 94,299 units compared to 96,858 units in May, amid decreased consumer demand. Ather Energy, meanwhile, gained traction by enhancing its market share from 13.4% in May to 14.4% in June with 13,617 units sold, further backed by its expansion strategy to reach 700 experience centers by FY26.
While Ola Electric has faced challenges, including quality control concerns, scrutiny over reported sales data, and a sharp decrease in revenue (operating revenue dropped 61.8% year-on-year to Rs 611 crores in the March quarter), the company is doubling down on innovation. The recent introduction of the Roadster X electric motorcycle on May 23 signals its commitment to product diversification.
Additionally, Ola’s financial outlook includes raising Rs 1,700 crore through non-convertible debentures to support operations and bolster liquidity. Despite these hurdles, the company aims for revenues of Rs 800–850 crore in Q1 FY24, targeting gross margins of 28–30%. Shares were trading at Rs 43.2 on the BSE on Monday.
Ola Electric’s trajectory underscores the evolving dynamics of India’s competitive EV market, where legacy brands and challengers continue to redefine trends.
