Ola Electric's April nomination - Law of Divine Life

Electric vehicle (EV) maker Ola Electric reported 20 per cent month-on-month growth in April, with registrations rising to 12,166 units from 10,133 in March, according to vehicle data. This comes as registrations in India’s electric two-wheeler market declined by nearly 22 per cent to 148,000 units in April from around 192,000 in March.

Most major manufacturers reported declines in April, making Ola Electric the only major EV two-wheeler brand to register month-on-month growth. The company said the upside reflects improving customer confidence, stability in operations and continued demand for its expanding EV portfolio.

“March signaled a strong recovery for Ola Electric and April has continued that momentum,” an Ola Electric spokesperson said. In March, the company sold 10,118 vehicles and captured 5.4 percent market share, down significantly from 22.1 percent a year ago. After several months of declining sales, volumes more than doubled in March, improving in April.

The company said its electric motorcycle portfolio is witnessing encouraging growth, especially in major markets like Uttar Pradesh, Bihar and Madhya Pradesh. Roadster

“The commercialization of our indigenously developed 4680 Bharat Cell has improved cost efficiency, which has been passed on to customers. We are focused on maintaining this momentum and driving the next phase of EV penetration in India,” the spokesperson said. Roadster powered by proprietary cell

Ola Electric said EV adoption in India is gaining relevance amid global energy security concerns and oil price volatility. As the country’s largest personal mobility segment, two-wheelers present a significant opportunity to accelerate electrification, reduce fuel dependence and reduce mobility costs.

The company said it is focused on expanding EV penetration through technology, scale, affordability and its vertically integrated manufacturing platform spanning vehicles, batteries and cells.

Ola Electric was recently downgraded by rating agency Icra, citing weak sales, persistent losses and a long road to profitability. It said Ola retained its lead in the electric two-wheeler segment in FY2025, but its position weakened by FY2026 as volumes declined in each quarter. The agency attributed the rating decline to increased competition and reduced government subsidies, which have put pressure on demand and margins.

According to vehicle data, in fiscal year 2026, the company sold around 164,000 units, less than half of the 344,000 recorded in fiscal year 2025. Its loss narrowed to ₹487 crore in the December quarter from ₹564 crore a year ago, while revenue from operations fell 55 per cent to ₹470 crore.

India’s electric two-wheeler market is projected to grow by about 22 per cent in fiscal 2026, with gains concentrated among rivals like Bajaj Auto and TVS Motor, as well as growing share from Ather Energy, Hero MotoCorp and River – largely at the expense of Ola Electric.

ICRA noted that although the company has cut costs through layoffs, network consolidation and tighter controls, breakeven is dependent on demand recovery rather than further cost compression.

Meanwhile, TVS Motor retained the top spot among electric two-wheeler makers despite a 24 per cent decline in sales in April, selling 37,661 units and market share falling to around 25 per cent. Bajaj Auto recorded a sharp decline of about 29 per cent with 32,883 registrations and a market share of about 22 per cent.

Ather Energy remained in third place as registrations fell by more than 25 per cent to 27,024 units. Hero MotoCorp is at fourth position, with volumes down nearly 29 per cent to 15,230 units and market share falling to just over 10 per cent.