MUMBAI: Ola Electric, India’s largest electric two-wheeler manufacturer, is ramping up its expansion efforts with plans to launch one new product every quarter and increase its company-owned stores to 2,000 by March 2025.
This aggressive growth strategy comes as the Bengaluru-based company faces heightened competition from established players and continues to address concerns regarding after-sales service quality.
“Over the next two years, we will be launching 20 products, with at least one new product launch every quarter,” stated Ola Electric in its latest investor presentation.
Currently, Ola has the most extensive range of electric scooters in the country, offering six models priced between Rs 75,000 and Rs 150,000. The company is now setting its sights on expanding into other two-wheeler and three-wheeler categories.
In August, Ola Electric introduced its Roadster motorcycle series, with the first deliveries set for March 2025. The series is priced between Rs 74,999 and Rs 249,999 and includes three models with eight variants.
Ola anticipates faster adoption of electric motorcycles compared to scooters, attributing this to the existing infrastructure and awareness around EVs. T
he company also reported that its Gen 3 platform, launched in August, is ahead of schedule, with S1 Gen 3 products slated for delivery in January 2025. This platform is expected to yield 20% savings in bill of materials (BOM) costs over the coming 12 months.
On its store expansion strategy, Ola Electric reported having 782 company-owned stores as of September 2024, with each store averaging 130 sales per quarter – roughly two to three times the industry average.