Business

Ola sold Rs 1,100 crore of electric scooters in two days sale, says CEO Bhavish Aggarwal

In a two-day sale of its first range of electric scooters, Ola Electric sold scooters worth over Rs.1,100 crore, according to Chief Executive Officer Bhavish Aggarwal in a blogpost.

“This is unprecedented not just in the automotive industry but it is one of the highest sales in a day for a single product in Indian e-commerce history! We truly are living in a digital India,” Aggarwal wrote.

Ola sold scooters of Rs 600 crore in the first 24 hours, according to Aggarwal, which is more than the entire two-wheeler industry sells in a day.

“It also established that with the right product, India has huge pent up demand and a massive domestic market for two wheeler EVs (electric vehicles). We must leverage this to drive innovation, a robust local EV ecosystem and make India not only a big EV market, but also a global EV manufacturing hub,” Aggarwal said.

Ola has announced that the sales window would reopen on November 1 in time for Diwali. Customers can book their reservation slots for Rs 499 on the Ola Electric website. Those who reserved a slot but did not purchase a scooter before the window closed on Thursday will be allowed to do so on November 1.

Last month, Ola released its first electric scooter, the S1, for Rs 99,999 for the entry-level model and Rs 1,29,999 for the more powerful and long-range S1 Pro. It also allowed people to book reservation slots throughout the past few months, with the scooters due to start on September 8. Due to technical issues, the company has postponed the auction until September 15.

Aggarwal also stated earlier this week that Ola Future Factory will be controlled entirely by women, with 10,000 workers when the plant reaches full production capacity, making it the world’s largest women-only factory and the world’s only all-women automotive manufacturing facility.

Ola Electric is building a 500-acre facility in Krishnagiri, Tamil Nadu, with the goal of producing 10 million vehicles per year when fully operational, making it the world’s largest two-wheeler factory. It had received $100 million in long-term debt from the Bank of Baroda in July to complete the first phase of its industrial construction.