Synopsis
For electric two-wheeler maker Ola Electric, 2024 was a mixed bag. The company made headlines as the first new-age electric vehicle startup to go public, but the company faced challenges too during the year. Declining sales, customer complaints, regulatory scrutiny, and controversies involving its founder Bhavish Aggarwal cast a shadow over its achievements. Agencies For electric two-wheeler maker Ola Electric, 2024 was a mixed bag. The company made headlines as the first new-age electric vehicle (EV) startup to go public, but it also faced challenges during the year. Declining sales, customer complaints, regulatory scrutiny, and controversies involving its founder Bhavish Aggarwal cast a shadow over its achievements.
New launches
Ola Electric in November announced the launch of two new electric scooter models, the S1 Z and Gig, targeted at gig economy workers and cost-conscious consumers in India. Additionally, the company introduced the ‘Ola PowerPod’ priced at Rs 9,999.
On August 15, the company launched three electric motorcycles and announced the integration of its battery cells in its vehicles.
Market share and revenue
Ola Electric’s market share saw fluctuations in 2024. It fell from a peak of 52% in April to nearly 28% in September, rebounded to 31% in October thanks to festival discounts, and has now fallen to 25% as of November.
The company’s consolidated net loss widened to Rs 347 crore in the June quarter, compared to Rs 267 crore a year ago. However, its operating revenue increased 32.3% to Rs 1,644 crore from Rs 1,243 crore in the year-ago period.
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Public market listing
Bhavish Aggarwal-led Ola hit the bourses on August 9. The stock listed flat at Rs 76 on the BSE. The IPO was a combination of a fresh issue of equity shares of up to Rs 5,500 crore and an OFS of 8.49 crore equity shares by the promoters and investors.
Hard times
Ola Electric faced an increase in customer complaints about after-sales service, softwar
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