How Ola Electric scored a 40% market share in December

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₹20,000 on the S1 X+ electric scooter, its cheapest offering in the market, as it moved to grab a larger share of the e-two-wheeler market ahead of a potential public listing early this year. While there were negligible discounts on the TVS iQube and Bajaj Chetak after the festive season, Hero’s Vida V1 and Ather’s 450 range of scooters had cash discounts of just ₹6,500, according to a report by Motilal Oswal. Ola was followed in the market share pecking order by TVS Motor (16.2%) and Bajaj Auto (13.7%).

No other company touched double-digit market share in December. Ola is planning to continue the discount on the S1 X+ in January, a person aware of the matter said on condition of anonymity. It will also launch promotional offers each month, such as exchange bonuses, even though they may not be cash discounts.

This is the first month in nearly three years that any company has crossed 40% market share in this segment. Ola’s share was up from 32.6% in November, and ahead of its previous best market share of 38.4% in June, a Mint analysis of data from the Centre’s Vahan database showed. Ola Electric’s entry into the electric two-wheeler market in late 2021 came when the segment was highly fragmented, with multiple players contending for volumes and the market for low-speed scooters flourishing, too.

Its entry had split the market share of the leaders at that time, and between then and April 2023, no company had crossed the 30% market share in any month. Ola’s rivals have their work cut out for them. As network and distribution expansion with one or two products gives way to Ola Electric’s wider range of products at attractive prices, expanding market share for its rivals will be a difficult task without more models that