Ola Electric pips rivals, becomes top Indian e-scooter firm Leave a comment


Highlights :

According to the government’s Vahan portal data, Ola registered 12,689 e-scooter units in April, higher than the previous segment leader, Hero Electric.

Bengaluru-based Ola Electric has grabbed the top spot in the fast-growing electric vehicle (EV) market in India, within just five months of launching its first e-scooter. The lead comes on the back of the heavy bookings it had attracted last year, where, despite issues, it has got a strong pipeline of orders yet.

According to the government’s Vahan portal data, Ola registered 12,689 e-scooter units in April, higher than the previous segment leader, Hero Electric.

Ola registered 39 per cent growth in April over the previous month.

At second spot, Okinawa Autotech registered about 10,000 e-scooters while Hero Electric registered 6,571 units to be placed third. HEro was the leader in March.

“Ola market share: No.1! We’re shaking up the incumbents and vested interests. They better focus on their products rather than fake narratives against us! Customers and markets have voted for facts and truth. We’re just getting started,” tweeted Ola Founder and CEO Bhavish Aggarwal.

Ola is also gearing up to launch its e-scooters in global markets, and has revealed plans to launch an electric car by 2024.

Last month, the company invested an undisclosed amount in Israeli start up StoreDot, a battery technology company that promises “extreme-fast charging” batteries for electric vehicles (EV). Ola Electric called the investment strategic in nature, without disclosing the amount invested.

StoreDot, in its last funding round of $60 million, had reportedly been valued at $1.5 billion. The latest funding from Ola is apparently a part of the same round.

With the investment, Ola Electric will have access to StoreDot’s extreme-fast charging (XFC) battery technology that claims to charge a battery from 0 to 100 percent in about 5 minutes.

Ola will also have exclusive rights to manufacture batteries integrating StoreDot’s fast-charge technology in the country. Ola Electric, which has one of the most ambitious manufacturing plans in the electric two wheeler segment, the investment is the first of what it terms several planned global strategic investments to fill all the gaps in its overall electric plans. From battery chemistry, to charging.

All this comes even as the firm has had serious teething issues with its launch and subsequent deliveries so far, something that Ola Electric hopes to put behind it by the second quarter of this year.





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