Run by Bhavish Aggarwal, due to growing competition and its depreciating service centers, Ola Electric’s market share in the Indian EV market continues to decline. In September, it fell to 27% of the market. Sales of the company’s e-scooters increased to 24,665 last month from 27,587 in August, as per the official transportation portal Vahan.
Ola Electric’s market share has been steadily declining as rivals like TVS Motor and Bajaj Auto have become more competitive. It had previously fallen to 31% in August. In September, the closest competitors of the company, TVS Motor and Bajaj Auto, closed the difference and once again increased their market share. Registrations for Bajaj Auto increased to 19,103 units in September from 16,789 units in August, indicating growth. TVS Motor increased its registration from 17,649 units in August to 18,084 units.
Sales at Ather Energy increased as well, going from 10,980 units in August to 12,676 units in September. Competitors of Ola Electric have introduced updated versions at prices that are more comparable to Ola’s.
The company’s stock has also lost some of its luster; it is currently trading at about Rs 100, down from its peak of Rs 157.40, or almost 38%. For the ninth time in the last eleven sessions, the electric two-wheeler manufacturer’s share price has decreased.
According to sources, hundreds of consumers have been plagued by problems with Ola Electric’s flagship S1 series EV scooter. These problems include hardware malfunctions, software glitches, and a shortage of spare parts, which causes excessive delays. According to market analysts, the share’s excessive volatility can be attributed to the company’s hurdles, increased competition, and service-related issues. According to trade analysts, the stock is currently losing money despite its high valuation.
