Ola Electric sells e-scooters worth Rs 1,100 crore in just two days

Ola Electric, the arm of the company’s horse-drawn electric vehicle, on Friday said it had sold more than Rs 100 million e-scooters in just two days, while selling Ola S1 and S1 Pro scooters. The company backed by SoftBank said this was unprecedented not only in the automotive industry, but also represented one of the best-selling sites on the day (in price) of a single product in Indian e-commerce history.

“Day 2 of the EV season was even better than the first day. R1 100 crore if sold in two days,” wrote Bhavesh Aggarwal, co-chairman of the group’s chief executive, Ola, on Friday.

Ola had announced in December 2020 that it would invest R2,400 million to set up phase 1 of the factory. Ola Futurefactory comes to the 500-hectare site in Tamil Nadu. With 10 million vehicles a year, it will be the world’s largest two-wheeler and could handle 15 percent of the world’s capacity.

In India, Ola now competes directly with two-wheelers, such as Ather Energy, Hero Electric, Bajaj and TVS Motor Company. The new development at Ola Electric comes at a time when the acquisition of an electric vehicle (EV) is gaining momentum in India with more cars sold in the first seven months than all of 2020.

EV manufacturers sold 121,170 units in all categories between January and July against 119,647 EVs sold throughout the previous calendar year, according to data from government spokesman Vahan.

Registered sales of EV in July 2021 proved a monthly increase of 134.8 per cent, in 26,127 units, making it the highest monthly enrollment to date in 2021, according to JMK Research. The increase was driven by the registration of E2W (two-wheeled electric) following last month’s announcement of FAME-II which increased incentives for EVs, further lowering their prices.

Last month, Ola Electric released papers to provide an e-scooter for his girlfriends – the S1 and S1 Pro – to launch commercials at prices starting at Rs 99,999 (excluding state incentives, registration fees, and insurance costs). Aggarwal said the e-scooters were designed and installed in India around the world and would bring the best motorcycle feeling to the consumer.

In all provinces and UTs, Uttar Pradesh continues with the highest monthly registered sales of EV by 17 per cent in total sales in India in July 2021, according to JMK Research. Karnataka has double sales with 15 percent, followed by Tamil Nadu (12 percent) and Maharashtra (10 percent).

Thursday was the second and final day for the purchase of the Ola S1 and S1 Pro, the first Ola electric scooter. The company had sold scooters worth more than Rs 600 million in just 24 hours.

“While the first day of purchase was never seen by us and in the automotive industry, the second day simply continued from where the first day ended,” Aggarwal said, in a blog post. “The excitement and enthusiasm shown by our customers for our products remains high everywhere.”

While the shopping window is closed, Ola’s booking remains open at oolaelectric.com.

“I want to inform you all that we will reopen the purchase window on November 1, 2021, at the appropriate time for Diwali,” Aggarwal said. “Those who have already booked but did not buy from the window that ended yesterday will be able to purchase on November 1.”

Ola Electric, which was supposed to postpone the sale of the e-scooter due to a website problem last week, opened the sale of the Ola S1 and S1 Pro on Wednesday. Cars are only sold on the Ola app and the process is completely digital.

The sale of high-speed two-wheeler (HS-E2W) in the country in July 2021 stands at 13,345 units, testifying to a 229 per cent increase per month-over-month over sales last month, and year-over-year surpassing 835.83 per cent, according to JMK Research . While established players (Hero Electric, Okinawa, Ampere, Ather) continue to dominate the HS market with a 69 per cent share on July 21 sales, other OEMs coming into the space such as PurEV (9.8 per cent), Bajaj (5.34 per cent), and TVS (4.8 percent) also contributed the largest share this month.

India’s electric car market could cost about $ 206 billion over the next decade if India fulfills its 2030 EV targets, according to an independent study released by CEEW Center for Energy Finance (CEEW-CEF). The report also estimates the need to invest more than $ 180 billion in automotive production and charging infrastructure by 2030 to meet the country’s EV demand.

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