OLAELEC

Defies EV Slowdown

posted 20% month-on-month growth in April registrations, rising to 12,166 units from 10,133 in March (Vahan data). This performance stands out as India’s overall electric two-wheeler (2W EV) market saw a sharp 22% decline to 148,000 units. Ola was the only leading EV 2W brand to record growth, highlighting consumer confidence and operational stability ahead of new product launches. Market Context Industry trend: Registrations fell from ~192,000 in March to 148,000 in April (–22%). Competitor performance: TVS Motor: retained top spot but –24% MoM. Bajaj Auto: –29% MoM. Hero MotoCorp & Ather Energy: also posted declines. Ola Electric’s resilience contrasts with broad market weakness. Ola Electric Highlights Registrations: 12,166 units in April (+20% MoM). Market share (Mar ’26): 5.4% with 10,118 vehicles sold. Geographic traction: Strong adoption in Uttar Pradesh, Bihar, and Madhya Pradesh. Technology edge: Commercialisation of indigenously developed 4680 Bharat Cells improved cost efficiency. Range advantage: EVs offer up to 500 km IDC range, addressing consumer range anxiety. Momentum: March marked recovery; April continued growth trajectory. Strategic Outlook Ola is preparing for new product launches, including electric motorcycles, to expand its portfolio. Focus on cost efficiency and localisation through Bharat Cells enhances competitiveness. Growth in Tier-2 and Tier-3 markets signals widening consumer acceptance. Sustained momentum could help Ola consolidate market share even as rivals face demand pressures. Conclusion Ola Electric’s April performance underscores its strong brand positioning and consumer trust, defying a broader EV market slowdown. With technology-led cost advantages, expanding geographic reach, and upcoming launches, Ola is well placed to capture incremental market share in India’s evolving EV ecosystem.