Ola Electric Performed Strong in June, Sales Increase More than 100 Percent

Ola Electric, one of the largest electric two-wheeler companies, saw its sales grow by almost 107 percent year-on-year in June. Last month, 36,716 units of the company’s electric scooters were registered. The company claims that its share in this segment is about 46 percent.

Ola Electric’s sales have grown by about 57 percent in the first quarter of the current financial year. The company’s sales in the first half of this calendar year have been more than two lakh units. It has become the first electric two-wheeler company to reach this figure in such a short period. Last month, the company updated its S1 X electric scooter with new features. These features include Find My Scooter and Vacation Mode. This electric scooter will not have to be taken to the service center for software updates.

Vacation mode is activated when the customer does not use the electric scooter for a long period. Apart from this, information related to S1 X ride and battery status will also be available. S1 X has been made available in 2 kW, 3 kW and 4 kW battery options. Its starting price is Rs 69,999 (ex-showroom). Its 2 kW battery variant has a certified range of about 91 km on a single charge. It takes about 7.4 hours to charge its battery. It can catch a speed of 0-40 kmph in about 4.1 seconds. Its top speed is about 85 kmph. It has three riding modes – Eco, Normal and Sports. This electric scooter has a 3.5 inch LCD screen. The range of the 3 kW battery variant of S1 X is about 151 km and the top speed is about 90 kmph. It can give a range of about 190 km with a 4 kW battery. Sales of electric two-wheelers have grown rapidly in the last few years.

Ola Electric has received approval from markets regulator SEBI for its Initial Public Offer (IPO). The company will raise around Rs 5,500 crore through this IPO. It plans to use this fund for capital expenditure, repayment of debt and research and development (R&D).