Ola Electric, operated by ANI Technologies Pvt. Ltd, sold 25,000 units of its e-scooters in December.
The Bengaluru-based firm sold about 1.5 lakh electric two-wheelers in 2022, Ola Electric’s co-founder and chief executive officer Bhavish Aggarwal said in a blog post last week. In a separate comment, the CEO said that the EV arm will turn cash positive and EBIDTA positive by 2023.
In a young electric vehicle (EV) market with players including Hero Electric, Ather, Bajaj, and TVS, among others, Ola Electric claims to hold a market share of over 30%, according to a press statement.
“If last year has shown us the true potential of India’s EV market, next year is poised to open the floodgates for EVs in the country,” Aggarwal said.
The Ola CEO also termed 2022 the “beginning of the end for ICE age,” marking a consumption shift in India towards electric two-wheelers against scooters powered by traditional fuel-guzzling internal combustion engines (ICE).
The firm, at present, offers two electric scooters—Ola S1 Pro and Ola S1, while a lower-priced version, Ola S1 Air, is expected to hit the roads in April after its launch in October last year.
In his blog post, Aggarwal said that the EV maker would be focused on product diversification and global scale manufacturing.
“In 2023 and 2024, we will launch many more 2W EV products – a mass market scooter, a mass market motorcycle, and multiple premium motorcycles (sports, cruisers, adventure and road bikes),” Aggarwal had said in his blog post.
Apart from its EV launches, Ola Electric is also set to launch its first electric four-wheeler by 2024 and including six electric four-wheelers which may hit the roads by 2027, as envisaged by the EV firm.
The electric mobility firm is also set to commission its lithium-ion cell-manufacturing facility with a capacity of 5GWh by the end of 2023, Aggarwal said earlier, as a part of its strategy to maximize EV adoption in India.
Ola Cabs, the electric mobility firm’s parent company, is looking to launch its initial public offering in the second half of the next financial year, Aggarwal had said.