Ola Electric crosses Rs 500 cr revenue in April-May

Electric two-wheeler maker Ola Electric on Friday said it has crossed Rs 500 crore revenue in the first two months of FY2022-23.

Amid reports that the company's sales have slowed down, Ola Electric asserted that it is on track to cross the USD 1 billion (over Rs 7,800 crore) revenue by the end of this year.

In a statement, Ola Electric said it has surpassed Rs 500 crore revenue in its first two months of FY22-23 without sharing the total number of vehicles sold during the two months.

It further said it "is on track to surpass USD 1 billion run rate by end of this year".

"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," a company spokesperson said.

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However, reports citing vehicle registration data from Vahan said the company's Ola S1 Pro registration fell to 9,196 units in May this year from 12,683 units in April.

Ola Electric said it has so far delivered its scooters to over 50,000 customers across different parts of the country.

The company, which in August last year forayed into the green mobility space with the launch of its electric scooters, S1 and S1 Pro priced at Rs 99,999 and Rs 1,29,999, respectively, had postponed delivery timelines for its much anticipated products citing global semiconductor shortage issue.

The company, after opening reservations at Rs 499 in July last year for its electric scooters, started online purchase process in September and initially planned to start deliveries in October but was later pushed to November and then again to the second half of December last year.

In January this year, the company had communicated to customers that it would prioritise production of the S1 Pro model and and S1 manufacturing has been shifted to late 2022 with company CEO Bhavish Aggarwal stating that it is upgrading all of its S1 customers to S1 Pro hardware.

Apart from delays in deliveries, instances of the company's electric scooter catching fire led to consumer disquiet. In April this year Ola Electric had recalled 1,441 units of its electric two-wheelers after a fire incident.