On Wednesday, Ola Electric clocked ₹.600 crore sales. Also, the company claimed that 4 Ola Electric Scooters were sold every second on the very first day.
Ola Cabs’ co-founder Bhavish Aggarwal said that more than ₹.1,100 crore worth of electric scooters during a two-day sale. Ola Electric founder Aggarwal stated –
Over two days, we have done over ₹1,100 crore in sales! This is unprecedented not just in the automotive industry, but it is one of the highest sales in a day (by value) for a single product in Indian e-commerce history! We truly are living in a digital India,
However, Aggarwal did not disclose the number of orders received by Ola. The company offered its first electric scooter range comprising S1 and S1 Pro models. On 15 August unveiled its S1 and S1 Pro electric scooter models. The S1 is priced at ₹.99,999 (excluding subsidies by states and the Union government), while the S1 Pro model is priced at ₹.1.3 lakh.
Ola will sell its scooters through an omnichannel model, including both online and offline experience centres.
There is a second purchase window starting on 1 November 2021. Customers who could not purchase their scooters in the first sale can reserve their Ola electric scooters during the second phase. Deliveries of the scooters are expected to begin in October in 1,000 cities and towns.
According to some of the analysts, the scooter market in India is around 5-6 million per annum (approximately 500,000 per month). Now in the first slot only, Ola has basically got orders for approximately 100,000 odd bikes (based on the ₹1,100 crore figure provided by the company).
Ola will build the electric scooters at its so-called ‘Futurefactory’ in Tamil Nadu’s Krishnagiri district. The plant will have an initial capacity of 2 million electric vehicles a year which will be eventually expanded to 10 million units in the due course of time. Last December, the company has announced a ₹.2,400 crore investment in the first phase of the facility. Ola is also expected to invest $2 billion over the next five years to build an electric two-wheeler charging network with its partners.
Some of the estimates figure 15 million conventional two-wheelers sales in India every year.
Significant barriers like higher initial purchasing prices, lack of charging infrastructure and limited sales and service network for electric two-wheelers might inhibit the widespread adoption of electric two-wheelers.