Ola Roadster X
Ola Electric sales dropped near 50% in 2025. Aiming to get back on a growth track, the company has just launched the Roadster X, the first EV motorcycle with a range of over 500 km. However, it may not be the solution to boost volumes and profits.
McD tracks new vehicle registrations across 97+ countries worldwide, reporting data based on the calendar year. When comparing the data reported by us to that declared by manufacturers, it’s important to note that manufacturers typically report their “sales” (vehicles invoiced), which often differ from “registrations” due to variations in their fiscal year reporting.
Global Sales Performance
In 2024, all winds were favorable for Indian startups, and before going public, sales were boosted by strong government incentives for EV models and by the delay of major manufacturers in introducing electric vehicles (EVs).
Additionally, profitability was not yet a major concern, and Ola was able to offer electric scooters at a very competitive price, achieving immediate success by selling over 400K EVs in a single calendar year. The company shared the optimistic vision of being able to sell millions of EVs in the near future.
However, after becoming a public company, profitability became a key factor. The management had to increase prices, just as major OEMs (original equipment manufacturers) began pushing into the EV market and the government decided to reduce incentives for the sector.
As a result, 2025 became a nightmare, with sales dropping by nearly half, to 199,319 units, and the business outlook became completely different from the optimistic narrative prior to the company’s IPO.
2026 Company’s Goals
This year’s goal will be to get back on a positive track, rebuilding credibility after the rapid decline following the public listing (with the company’s shares starting 2026 nearly 50% below their peak) and finding a position amid the growing competition.
A potential milestone on this path could be the Roadster X, the company’s first electric motorcycle, which has just been launched in India. The motorcycle has been presented with outstanding technical features and an impressive world-best range of 500 km.
However, the motorcycle segment in India is currently almost nonexistent, and the potential customer base for this model represents a small niche within the vast local market. We doubt that it can drive a significant shift for the company in terms of sales, especially considering the consistent investment required for its development.
Ola Electric Heritage
Ola Electric Mobility was founded in 2017 in Bangalore, Karnataka (India), with the goal of producing electric two- and three-wheelers powered entirely by electric engines and 100% renewable energy.
The manufacturing facility is located in Krishnagiri, Tamil Nadu (India), on a 500-acre site. It is likely the largest two-wheeler manufacturing facility in the world, known as the Future Factory, and was built with a US$324 million investment.
Production began in December 2021, and by the 2023 calendar year, the company had taken the lead in the Indian electric two-wheeler segment.
The company also manufactures battery cells at its facility in Tamil Nadu, which supply energy storage solutions for its vehicles and other applications. The plant, called the Giga-Factory, is set to become operational at the start of 2025.
While the company has announced plans to launch over 20 new models, including electric motorcycles, the current lineup is quite limited, based on a single model platform, with just one model, the Ola S1, available in three variants: Ola S1 Air, Ola S1X, and Ola S1 Pro.
