India’s electric two wheeler market saw a major shift in November as Ola Electric Mobility, once the leading player in the segment, slipped to the fifth position. This change came even as the company began shipping electric motorcycles, a category that other competitors have not yet entered.
According to registration data from the government’s VAHAN portal, TVS Motor Company continued as the top seller with 27382 electric scooter registrations as of November 28. Bajaj Auto followed with 23097 registrations. Ather Energy, the newly listed firm led by Tarun Mehta, secured the third spot with 18356 registrations. Hero MotoCorp, which sells electric scooters under the Hero Vida brand, recorded 10579 registrations and moved ahead of Ola Electric.
The most unexpected development was Ola Electric’s drop. The company registered 7567 electric two wheelers during the same period. This decline contrasts with its earlier rapid expansion in the electric scooter market.
Ola’s chairman and managing director Bhavish Aggarwal said the company is taking a slower and more structured approach to electric motorcycles compared to its earlier scooter push. After years of high spending, Ola Electric is now focusing on profitability. He said Ola Electric expanded quickly in the past and built a large organisation to handle rapid growth. He added that it is not possible to focus on growth, profitability and consolidation together, and that the company has spent the last six months reducing costs, including workforce related expenses.
Amid a difficult phase for the automotive sector, Ola Electric is shifting its attention toward battery energy storage solutions. The company’s locally manufactured 4680 cells will power Shakti, an energy storage product designed for backup use in homes and businesses. The company aims to disrupt India’s inverter market with this product.
Aggarwal said the product targets the existing inverter market, which mostly relies on lead acid systems or diesel generators used in homes and small commercial establishments. He added that the product also supports the growth of rooftop solar installations, many of which require home battery storage.
The average selling price of the product is expected to be around ₹2 lakh at the higher end and ₹50000 at the lower end. Aggarwal said the blended average price would be between ₹1.25 lakh and ₹1.50 lakh.
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