Company reports highest Q1 sales of e-scooters
BENGALURU, August 14 (The CONNECT) – Ola Electric Mobility will launch its electric motorcycle portfolio across mass and premium segments tomorrow.
The Bhavish Aggarwal-led company is hold a conclave called Sankalp at its Futurefactory at Krishnagiri in Tamil Nadu on the occasion of the Independence Day for the launch.
Ola Electric today announced that it will be using its own battery cells in its own vehicles by Q1 FY26. Â The company outsources the cells as of now.
Within nine months of delivering its first EV scooter in December 2021, the two-wheeler became the best-selling E2W brand in India.
Ola’s business model comprises of its R&D and technology platform with in-house design and development across EV technologies and components, adaptable manufacturing and supply chain platform, and D2C omnichannel distribution platform. Its model is vertically integrated across R&D and technology, manufacturing, supply chain, sales and service, and charging facilities.
The current EV scooter Generation 2 platform is the base for the Ola S1 scooter models – Ola S1 Pro, Ola S1 Air, Ola S1 X+, Ola S1 X (2 kWh) and Ola S1 X (3 kWh). It plans to replicate the platform approach for its recently announced motorcycle range which comprises four models – Diamondhead, Adventure, Roadster and Cruiser.
Meanwhile, Ola Electric Mobility has recorded the highest even Quarter1 revenue of ₹1,718 crores.
During the quarter ended June30, 2024, Ola Electric witnessed the highest ever deliveries of 1,25,198 vehicles as against 70,575 units sold during the corresponding period, last year. The company’s mass market scooter S1 X as well as other variants saw a strong demand, it informed the regulators.
Ola Electric’s posted an adjusted gross margin of ₹377 Cr for the quarter ended 30th June 2024.
Ola Electric which was listed on the bourses on August saw a dramatic jump and the scrip closed at Rs 110.64 today on the NSE.
