Ola Electric crosses Rs 500-cr revenue
Ola Electric, a manufacturer of electric two-wheelers, announced on Friday that it has exceeded Rs 500 crore in revenue in the first two months of FY2022-23.
Ola Electric claimed that it is on course to surpass USD 1 billion (about Rs 7,800 crore) in revenue by the end of this year, despite allegations that the company’s sales have slowed down.
Without disclosing the actual number of vehicles sold during the two months, Ola Electric stated in a statement that its income in the first two months of FY22-23 exceeded Rs 500 crore.
The company added that it was “on course to achieve USD 1 billion run rate by year’s end.”
“The future outlook looks even greater for Ola Electric as consumer confidence in EVs keeps rising.” We have also been able to streamline our industrial base at the Ola Futurefactory, Krishnagiri to 1,000 units per day. We have a way of connecting pipeline and will be stepping up further,” a company spokesperson replied.
The company’s Ola S1 Pro registration, according to sources citing car registration statistics from Vahan, decreased to 9,196 units in May of this year from 12,683 units in April.
According to Ola Electric, it has already delivered its scooters to more than 50,000 customers in various regions of the nation.
The company, which launched its electric scooters, S1 and S1 Pro, priced at Rs 99,999 and Rs 1,29,999, respectively, in August of last year, had delayed delivery timelines for its eagerly awaited products, citing a global semiconductor shortage issue.
The company began taking online orders for its electric scooters in September after opening reservations at Rs 499 in July of last year. Deliveries were initially scheduled to begin in October, but were later pushed back to November and then again to the second half of December.
Customers were informed by the company in January of this year that it would prioritise the production of the S1 Pro model, and S1 manufacturing has been postponed until late 2022. According to CEO Bhavish Aggarwal, the company is upgrading all S1 customers to S1 Pro hardware.