Ola Electric has sold quite ₹1,100 crore worth of electrical scooters during a two-day sale, the electrical vehicle company controlled by Ola Cabs’ co-founder Bhavish Aggarwal said.
The company offered its first electric scooter range comprising the S1 and S1 Pro models to customers. On Wednesday, the primary day of the sale, Ola Electric clocked ₹600 crore in sales and claimed it sold four scooters every second within the first 24 hours.
“Over two days, we’ve done over ₹1,100 crore in sales! this is often unprecedented not just within the automotive industry, but it’s during a ll|one amongst|one in every of”> one among the very best sales during a day (by value) for one product in Indian e-commerce history! We truly live in a digital India,” Ola Electric founder Aggarwal wrote in an indoor blog.
He didn’t disclose the amount of orders received by Ola.
Aggarwal said customers who couldn’t purchase their scooters within the first sale could still reserve their Ola electric scooters, with the corporate planning a second purchase window starting 1 November, coinciding with the Diwali festival. Ola Electric will force traditional petrol scooter makers to redraw their strategies and accelerate their raid the EV market, analysts said.
“The scooter market in India is around 5-6 million once a year , which is approximately 500,000 per month. In that, Ola has basically got orders for about 100,000 odd bikes, supported the ₹1,100 crore figure,” said an equity analyst at a Mumbai-based brokerage on condition of anonymity.
Ola Electric was forced to defer purchases until 15 September as its website saw technical difficulties on 9 September. On 15 August, Ola Electric ended weeks of speculation and unveiled its S1 and S1 Pro electric scooter models. The S1 was priced at ₹99,999, excluding subsidies by states and therefore the Union government, while S1 Pro model was priced at ₹1.3 lakh.
Deliveries of the scooters are expected to start in October in 1,000 cities and towns. Ola said in August it might sell its scooters through an omnichannel model, including both online and offline experience centres.
Ola will build the electrical scooters at its so-called ‘Futurefactory’ in Tamil Nadu’s Krishnagiri district. The plant will have an initial capacity of two million electric vehicles a year which can be eventually expanded to 10 million units. the corporate announced last December a ₹2,400 crore investment within the first phase of the power .
Ola is additionally expected to take a position $2 billion over subsequent five years to create an electrical two-wheeler charging network with its partners. “Ola Electric’s massive sales figure certainly augurs well for the expansion of high-speed electric two-wheelers. it’ll go an extended way in expanding the prevailing marketplace for electric two-wheelers ,” said Piyush Chowdhary, analyst, smart mobility at CyberMedia Research (CMR) a search firm. “The entry of Ola Electric within the electric two-wheeler space will push the marketplace for EVs. That said, it’ll still take a while for EV two-wheelers to dominate.”
CMR estimates that 15 million conventional two-wheelers are sold in India per annum , accounting for nearly 99% of the two-wheeler market. “Significant barriers like higher initial purchasing prices, lack of charging infrastructure and limited sales and repair network for electric two-wheelers still inhibit the widespread adoption of electrical two-wheelers,” it said.