Ola is not focussed on amassing market share but on consumers' love and imagination, said Ola Co-Founder Bhavish Aggarwal told NDTV Profit.
Ola Electric Mobility Ltd., the EV arm of the Bengaluru-based company, launched its first motorcycle lineup—the Roadster series—and teased two more motorcycles at an event on Thursday.
In the same event, the company also announced the rebranding of Ola Cabs to Ola Consumers. According to Aggarwal, the event's highlight was Ola's introduction of its new electric motorbike, built on the same platform as their existing electric scooters.
This move is not just about expanding their product line but also about leveraging existing infrastructure to drive efficiency and scalability, he said. "As we scale the production of our motorbike over the next few quarters, we will maximise the output from our current factory and investments," he said. "The bike will start with the same margin as our scooters today."
In the recently announced June-quarter results, the government's policy changes caused a Rs 23 crore PLI scheme reversal, which hit the automotive segment just as it was on the verge of becoming Ebitda positive, Agarwal said.
Despite this setback, Aggarwal expressed confidence in the sustainability of the EV business model. "The question of whether EV is a sustainable business has been answered today; we have proven that EV is a sustainable business," he said.
Ola Electric's Ebitda loss narrowed to Rs 205 crore in the first quarter of fiscal 2025, from Rs 218 crore a year ago.
Ola Electric’s Q1 Review: Automotive Margin Expansion Overshadows Quarterly Losses
Addressing queries about market share, Aggarwal clarified Ola's strategic focus. "We do not focus on market share per se. Our aim is to earn consumer love by developing products that captivate their imagination. This is why we have launched three new bikes ranging from Rs 75,000 to Rs 2.5 lakh, catering to a broad spectrum of customers. The electrification of bikes is accelerating, and with minimal competition, we are leading the charge in this segment," he explained.
However, net loss of India's largest electric two-wheeler maker expanded to Rs 347 crore in the three months ended June 30, 2024, from loss of Rs 267 crore in the year-ago period, according to an exchange filing on Wednesday. The company's revenue rose 32% year-on-year to Rs 1,644 crore.
On Aug. 9. 2024, Ola Electric debuted on the National Stock Exchange of India, after its initial public offering that was subscribed more than 4.5 times. The listing was on a par, but the stock has, since then, run up about 71% in four trading sessions. The stock was up more than 15% on Friday.
Ola Electric Launches Roadster Series, Teases Two New Motorcycles. Read more on Business News by NDTV Profit.