Ola Electric wins 40% share in Dec, offers to stay

Ola Electric stormed past the 40% market share milestone in electric two-wheeler sales in December, driven by deep discounts and an extensive offering of aggressively priced e-scooters at multiple price points.

- Alisha Sachdev,  Tanay Sukumar

The company offered discounts nearing 18% or ₹20,000 on the SIX+electric scooter, its cheapest offering in the market, as it moved to grab a larger share of the e-two-wheeler market ahead of a potential public listing early this year.

While there were negligible discounts on the TVS iQube and Bajaj Chetak after the festive season, Hero's Vida VI and Ather's 450 range of scooters had cash discounts of just 16,500, according to a report by Motilal Oswal. Ola was followed in the market share pecking order by TVS Motor (16.2%) and Bajaj Auto (13.7%). No other company touched double-digit market share in December.

Ola is planning to continue the discount on the SI X+ in January, a person aware of the matter said on condition of anonymity. It will also launch promotional offers each month, such as exchange bonuses, even though they may not be cash discounts.

This is the first month in nearly three years that any company has crossed 40% market share in this segment.