Bhavish Aggarwal riding the newly launched Ola electric scooter. (Photographer: Nishant Sharma/BloombergQuint)

Bhavish Aggarwal riding the newly launched Ola electric scooter. (Photographer: Nishant Sharma/BloombergQuint)

Ola’s Electric Sold Scooters Worth Over Rs 600 Crore Within 24 hours

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Ola Electric Mobility Pvt. received bookings worth over Rs 600 crore for its scooters on the opening day, indicating a pick-up in demand for such vehicles as states offer incentives to transition away from the fossil fuel-powered models.

After postponing the sale last week due to technical glitches on the website, the company opened bookings on Wednesday for customers who reserved the scooters in advance by paying Rs 499.The booking amount was Rs 20,000.

“We sold 4 scooters every second!” Ola Electric said in the blogpost. In value terms, it is “more than what the entire two-wheeler industry sells in a day”.

Ola Electric in August had launched the scooters Ola S1 and S1 Pro, priced at Rs 99,999 and Rs 1.29 Lakh, respectively, after the FAME-2 subsidy. While S1 Pro has a range of 181 km, S1 has 121 km. Ola Electric scooters have the biggest battery size among peers at 3.97 Kwh.

The company is already working on its future factory that will cost Rs 2,400 crore. In the first phase, the factory is expected to start with an annual production capacity of 10 lakh units and then will double to 20 lakh. It aims to make 1 crore two-wheeler annually or 15% of the world’s e-scooters by 2022.

India is committing to electric vehicles and rejecting petrol, Bhavish Aggarwal, chief executive officer at Ola Electric, said on Twitter. “India has a huge pent-up demand and a massive domestic market for two-wheeler EVs.”

The company in August had also indicated its plan to enter into battery-powered motorbikes and cars in the due course of time.

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