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Ola Electric books over `500 crore revenue in first 2 months of FY23

The company claimed that it commands 50% revenue market share in EV two-wheeler segment, and Ola’s rise to the top of the chart has been achieved on the back of strong consumer demand, scaling manufacturing and steady go to market.

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Ola Electric on Friday said it has surpassed `500-crore revenue mark in first two months of FY23, and is on track to surpass $1 billion run rate by end of this year. 

The company claimed that it commands 50% revenue market share in EV two-wheeler segment, and Ola’s rise to the top of the chart has been achieved on the back of strong consumer demand, scaling manufacturing and steady go to market.

It has delivered to over 50,000 customers across different parts of the country.Selling direct to customer, Ola has been able to take the EV revolution to all corners of India,  making it the first ever EV scooter to be amongst India’s top 10 selling scooters.Company spokesperson said, “As customers’ confidence in EV continues to grow, the future forecast looks even stronger for Ola Electric.

We have also been able to streamline our manufacturing capacity at the Ola Futurefactory, Krishnagiri to 1,000 units per day. We have a strong order pipeline and will be ramping up further.”Ola has already announced its plans to launch its second EV scooter aimed at the mass-market, and is on schedule to introduce the new model before the end of this year. Last week, Ola rolled out its much-awaited MoveOS 2 for all its customers at the Ola Futurefactory. 

With this, over 50,000 Ola S1 Pro customers across the country will get an over-the-air (OTA) update making their scooter the most advanced and feature-rich 2W in the country, it said.Ola Electric, which has previously announced its  plans build its  first-ever electric four wheeler in India, had on last Sunday officially took the wraps off its first electric car, teasing a clip of its upcoming car at a customer event at the Ola Future factory in Krishnagiri in Tamil Nadu.

The company plans to reveal further details about the e-car on August 15 and will provide information as to when the customers can book the car, in another two months’ time.Bhavish Aggarwal, founder & CEO, Ola, speaking at the customers’ meet at the factory premises, said the company’s mission is to put India on the world map of the global electrification and make itself a wold class company.

“ We have made a small beginning with an electric two- wheeler S1 Pro  and over the next few years you will see many more two-wheelers roll out from our plant.  We have a four wheeler coming soon, everybody knows that we are building a car and also building the core technology on the battery cells. All the technology at Ola is made in India and made by Indians, ” he said.

In a first of its kind in the automotive industry,  Ola Electric had invited all of its two wheeler customers, numbering 50,000 to its factory. “The normal practice in the auto industry is to invite the dealers and sent them to places like Thailand. We have customers at our core and invited all of them. We have hosted around 3,000 to 4,000 customers at the factory which is first of its kind,” he said.

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