The EV 2W market in Q3 FY25 with a 25.5% share, ₹1,069 Cr revenue, 20.8% gross margin, 84,029 units delivered, new Gen 3 S1 scooters, Roadster motorcycles, entry-level models, and 4,000+ touchpoints, maintaining its position.
Ola Electric has announced its financial results for the quarter ending December 31, 2024, reporting a revenue of ₹1,069 crore, down from ₹1,336 crore in the same period last year. Despite a 14% sequential revenue decline due to increased competition and festive discounts, the company maintained its leadership position with a 25.5% market share (as per VAHAN data).
The company’s gross margin improved to approximately 26% in January 2025, up from 20.4% in Q3 FY25. Automotive segment gross margin also saw a year-on-year rise of 2.2 percentage points to 20.8%, driven by cost reductions and Production-Linked Incentive (PLI) benefits.
To strengthen its market position, Ola Electric expanded its product portfolio with the launch of the S1 Gen 3 scooters in January 2025. This new generation offers a 20% boost in peak power, an 11% cost reduction, and a 20% increase in range. The S1 lineup now includes 14 models across Gen 2 and Gen 3, catering to both performance and value-conscious buyers.
The company also entered the electric motorcycle segment in February 2025 with the launch of Roadster X and Roadster X+, available in five battery configurations. Deliveries are set to begin in mid-March 2025. Ola Electric’s expanding product range now consists of 14 scooter variants and five motorcycle models, making it the widest EV portfolio in India.
In November 2024, the company introduced entry-level scooters—Ola Gig, Gig+, and S1 Z—featuring a portable battery powered by its in-house 4680 Bharat Cell. Deliveries are scheduled for Q1 FY26. Meanwhile, vehicle deliveries in Q3 FY25 totaled 84,029 units, slightly lower than the 86,775 units delivered in the same period last year.
The company’s aggressive expansion strategy saw its distribution network grow from 784 stores in September 2024 to over 4,000 touchpoints by December 2024. The company also enhanced its service network, training one lakh third-party mechanics to support EV adoption across India.
The company remains focused on profitability through improved gross margins, operational efficiencies, and an expanded product lineup. The company is progressing on commercializing its 4680 Bharat Cell and has begun module-level testing, with vehicle deliveries set to begin in Q1 FY26.
