Ola Electric's market share in the EV space continues to decline, with sales plummeting by over 50 per cent in September compared to April figures
Ola Electric: The Bhavish Aggarwal-led company, Ola Electric continues to witness a declining market share in total EV sales. The automobile manufacturer which also owns a lion's share in the domestic EV space recorded a decline of over 50 per cent in its September sales figures as compared to that of April.
On the other hand, things seem to be going well for Bajaj Auto. The company surpassed the sales figure of TVS Motors in monthly electric two-wheeler sales and secured the second-largest seller tag in September month, as per data from Vahan portal cited in a report by the Financial Express.
Meanwhile, Ather, which is planning to go public soon, witnessed a surge in its EV sales. Hero MotoCorp followed a similar trail. However, September as a whole, was notably a lackluster month for cumulative EV sales.
Besides sales figures, Ola Electric has also experienced a sharp downtrend in its total market capitalisation. The auto manufacturer's shares have declined by over 10 per cent on the National Stock Exchange so far this month.
On Friday, the shares of the company closed at Rs 102, down by more than a per cent. Despite the decline, the share price remains more than 34 per cent above its listing price.
As per a report by Elara Securities, earlier this month, Ola Electric has lost its market leadership in five of the top ten states by EV volume which account for roughly 80 per cent of the market. "Ola has lost market leadership in five of the Top 10 States. In three of those five, it is currently the third-largest firm. In Haryana, Ola has suddenly garnered an 81 per cent market share in August, up 2,800bp YoY and up 1,490bp MoM," the brokerage firm said.