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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Explained: Why Ola Electric's sales numbers do not hold up
Ola Electric was hit by another wave of uncertainty when media reports suggested the company's reported sales figures do not match vehicle registrations with the government.
Here’s what happened:
The Bhavish Aggarwal-led company came under the scanner of the Ministry of Heavy Industries (MHI) for reported discrepancies between the strong sales numbers it reported and the registrations recorded by the government.
According to the Vahan portal, only 8,600 vehicles were registered in February, whereas the EV maker claimed to have sold 25,000 vehicles during the month.
Ola’s explanation
Ola Electric said the difference in numbers arose due to a temporary registration backlog and rejected claims of any regulatory issues.
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In a statement released on Friday, the company said that its sales remain strong and that it is in the process of clearing the backlog, which had caused discrepancies in vehicle registration data.
Ola said this backlog was not the result of any internal operational issues. It added that daily registration numbers have already surpassed 50% of the company’s three-month daily sales average.
As of the latest update, Ola Electric said 40% of the February backlog has been cleared, and expects the issue to be fully resolved by the end of March.
Losing market share
The company has been ceding market share to rivals such as Ather Energy in the past year. In January, Ola Electric saw its market share increase by six percentage points to 25.8% from the previous month, selling 24,335 vehicles,
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