Chairman and Managing Director Bhavish Aggarwal is hopeful about reaching this target with the launch of its third-generation scooters (Gen 3) and motorcycles, along with an expanded retail presence.
“We’re not putting a timeline to it, but let’s say in the next few months, we do feel confident we will get there with both Gen 3 and motorbikes,” he said.
In January, Ola Electric’s retail sales were around 25,000 units.
Also Read: Goldman Sachs, Citi cut Ola’s target price after weak Q3
The introduction of Ola’s 4680 Bharat cell technology into its products is another major development expected to boost demand, Aggarwal noted.
The company is on track to start commercial production at its giga factory next quarter, with Gen 3 scooters and new motorcycles already featuring the 4680 cell format.
“The advantage is clear to see. We’ve been able to give much more energy at lower pricing, which enhances range and value for customers,” he said.
Ola expects motorcycles to double its market size compared to scooters, with deliveries expected to reflect in its sales figures from next quarter onward
Ola has also expanded its network to 4,000 stores, which will help improve service quality.
Also Read:
WEF 2025 | JSW electric car will be launched by 2027: Parth Jindal
He said that this expansion is not just for scooters but also lays the groundwork for rapid growth in the electric motorbike segment, particularly in smaller cities.
“I don’t want to put a target there, but I can just say that motorcycles will gain faster adoption in the market than scooters,” said Aggarwal.
Aggarwal confirmed that Ola Electric regained its number-one position in the market in January, achieving a gross margin of 26%. The company aims to capture a 30-35% market share in the electric scooter segment over the next few quarters. This growth will be driven by store expansion and new product launches.
In October-December 2024 (Q3FY25), Ola Electric reported a consolidated loss of ₹564 crore, which was higher than the ₹376 crore loss in the same period last year. Revenue declined 20% to ₹1,069 crore from ₹1,336 crore. The EBITDA loss widened to ₹436 crore from ₹261 crore, but raw material costs decreased by 29%.
Ola Electric Mobility has a market capitalisation of approximately ₹29,945.12 crore. Over the past six months, its shares have declined by nearly 38%.
Also Read: Auto Expo 2025 | Electric vehicle price wars to get hotter in 2025
For the entire interview, watch the accompanying video
Catch all the latest updates from the stock market here
