The electric two-wheeler maker reported vehicle registrations at 12,166 units, up from 10,133 units in March, according to VAHAN data. This represents a 20% month-on-month increase, building on the recovery momentum seen in March.
The company, in its filing to the exchanges on Friday, said its performance stood out in a month when the broader electric two-wheeler industry declined by over 22% MoM. “Ola Electric was the only leading EV two-wheeler brand to grow month-on-month in April, reflecting improving customer confidence, stabilising operations, and continued demand for its expanding EV portfolio,” the company statement said.
“March marked a strong recovery for Ola Electric, and April has continued that momentum. Registrations grew 20% month-on-month even as the market declined sharply, making Ola the only leading EV two-wheeler brand to grow in April. This reflects stronger execution, stabilising operations, and growing customer confidence. The commercialisation of our indigenously developed 4680 Bharat Cells has boosted cost efficiencies, with the benefits passed on to customers. We remain focused on building this momentum and driving the next phase of EV penetration in India,” the company statement added.
Ola’s registration uptick comes at a time when oil prices are hovering near the $111.57 a barrel mark. Today, they were up by $1.17, or 1.06%, over the last close.
Expert take
Kranthi Bathini, Director, Equity Strategy at WealthMills Securities, said the recent pullback in Ola’s stock price is partly sentimental due to elevated crude oil prices and concerns over global supply issues. He expects the rally to continue based on April numbers and likely growth in future bookings, as long as the uncertainty over the Iran-Israel or US conflict remains.
In his view, Ola Electric has a long way to go to win back consumer and investor confidence. He sees it as suitable for investors with a high risk appetite.
The analyst also said EV adoption in India remains quite slow and well short of expectations, and how Ola increases its market share remains a key monitorable.
At the current market price of Rs 36.56 on the NSE, Ola shares are 52% lower than their issue price of Rs 76.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)