Ola Electric has experienced a dramatic drop in retail sales over recent months. In February 2026, the company's sales plummeted to just 3,968 units—the lowest monthly figure in more than four years. This decline mirrors sales volumes from the early days of the company’s market entry in 2021/22.
Despite expanding its product lineup significantly over the past few years—introducing new electric scooters, variants, and even electric motorcycles—Ola Electric has been unable to halt the slide in monthly retail volumes. The company has also broadened its distribution network, yet these strategic moves have not translated into sustained sales growth.
Just two years ago, Ola Electric was one of India’s leading electric two-wheeler manufacturers. In March 2024, the company achieved its highest-ever monthly retail sales, selling 53,646 units. Throughout much of 2024, monthly sales regularly exceeded the 30,000–40,000 unit range.
However, the growth trajectory began to falter toward the end of 2024 and continued into 2025. After a strong start to 2025 with 24,413 units sold in January, sales gradually weakened. By October 2025, monthly sales had dropped to 16,036 units, and by December, they fell further to 9,021 units. The decline accelerated in 2026: after selling 7,516 units in January, sales tumbled to just 3,968 units in February—the second lowest monthly sales figure since February 2022, when Ola sold 3,910 units.
While Ola Electric struggles, the overall electric two-wheeler (EV) market continues to expand rapidly. Established manufacturers such as TVS, Bajaj, Ather, and Hero MotoCorp’s VIDA brand are aggressively expanding their EV offerings and dealership networks. These legacy automakers are leveraging their robust service infrastructure, brand reputation, and extensive dealership reach to capture an increasingly larger share of the burgeoning EV market.
The sales slowdown has also taken a toll on Ola Electric Mobility’s stock performance. The company’s shares are currently trading around ₹24.52—a decline of over 73% from their peak. This steep drop reflects investor concerns about weakening sales momentum and increasing competition in the EV sector.
With retail volumes at a four-year low and investor confidence waning, the upcoming months will be crucial for Ola Electric. The company must find effective strategies to regain its footing in India’s fast-evolving electric two-wheeler market.