Sales of Ola Electric’s EV scooters plummeted, with market share falling to 27 percent

New Delhi| Ola Electric’s market share has been showing a steady decline, falling to 27 percent in September. The reason for this is the increase in competition in the two-wheeler EV sector and the company’s EV scooters are constantly facing problems for customers.
According to information from the government portal Vahan, 24,665 electric scooters have been sold by the company last month. In August, the figure was 27,587 units. The company’s market share during this time was 31 percent.

The reason for falling market share of Ola Electric is increasing competition in the market. Big auto companies like TVS Motors and Bajaj Auto are also trying to establish their foothold in the electric two-wheeler sector. According to the data, Bajaj Auto’s electric scooter sales have increased to 19,103 units in September, up from 16,789 units in August. Last month, 18,084 units of electric scooters were sold by TVS Motors. In August, the figure stood at 17,649 units.

Sales of Ather Energy, another electric two-wheeler company, have also increased to 12,676 units in September. 10,980 units were sold by the company in August. The impact of falling sales of Ola Electric is also being seen on its shares. The stock has slipped nearly 38 percent from its all-time high of Rs 157.40. The share of Ola Electric is around Rs.100. According to reports, customers have faced many problems in Ola Electric’s EV, including problems related to software, hardware and service centers.