NEW DELHI: Ola Electric clocked its lowest monthly sales this year in September as it faces serious competition from legacy players amid rumours that its e-scooters are facing consumer complaints in large numbers.
Ola Electric, which made its stock market debut about two months ago, sold 23,965 vehicles in September, as per government data.
The Bhavish Aggarwal-led company also continued to see a fall in its market share in the electric two-wheeler market. Its market share has come down to 27% in September 2024 from 47% in September 2023. The company’s share prices have slumped about 35% from its all-time high.
On Tuesday, the shares closed at Rs 102.60 a piece while its 52-week is reported at Rs 157.40. Meanwhile, Pune-based Bajaj Auto sold 18,933 EVs last month as against 16,650 units in August this year. On an annual basis, Bajaj’s EV sales grew by 166% and the company for the first time overtook TVS Motor in monthly EV sales.