Ola Electric falls behind Ampere maker Greaves in February EV sales

Bhavish Aggarwal-led Ola Electric has fallen behind Greaves Electric Mobility, the subsidiary of Greaves Cotton and the maker of Ampere electric scooters, in February sales.

Ola Electric sold 3,891 electric vehicles in February, dropping to the sixth spot in India electric two-wheeler race, according to retail sales data sourced from the government’s VAHAN portal.

In comparison, Greaves Electric Mobility sold 4,478 e-scooters in February, taking over fifth place.

TVS Motor Company, the maker of iQube electric scooters, continues to be India’s biggest electric two-wheeler maker. It recorded sales of 30,512 e-scooters in February.

Chetak maker Bajaj Auto Ltd emerged as the second-biggest player with sales of 24,239 electric scooters.

New-age electric vehicle producer Ather Energy clocked sales of 19,738 units in February, becoming the third-biggest e-scooter maker in India.

Hero MotoCorp, the maker of Vida electric scooters, stood fourth in the pecking order with sales of 11,960 electric scooters.

In the company’s third quarter earnings call, Ola’s Aggarwal said that the company’s service-related challenges impacted brand trust, leading to a decline in sales.

“There’s a service challenge. We are fixing it. We are fixing it and it’s meaningfully improving. We do have some journey to cover and brand trust will take its time to recover,” Aggarwal told analysts.

As sales collapse, the loss-making EV maker is also slashing its store count to become leaner. In December 2024, Ola’s Aggarwal announced opening of 800 stores to take the company’s retail network to 4,000 outlets. Cut to 2026, the beleaguered EV maker is shrinking its retail footprint.

Ola Electric’s revenue slipped 55% to Rs 470 crore for the third quarter while its net loss narrowed to Rs 487 crore in Q3 2025-26 from Rs 564 crore in the year-ago period.

Interestingly, the new-age electric vehicle manufacturer has also slashed its EBITDA break-even threshold from 25,000 units per month until last year to just 15,000 units per month going forward. But even that number looks difficult to achieve as sales have remained below 10,000 units for the fourth consecutive month. “We will not be giving a time target of when we will get to either 15,000 a month or higher,” said Aggarwal.

In January, Ola Electric laid off 5% of its workforce as part of a “structural transformation”. The layoffs are expected to affect 620 jobs.

Ola’s has the highest attrition rate among all its peers. In FY25, it witnessed an employee attrition rate of 54% compared with 44% in FY24. The EV maker also witnessed a slew of senior level exits. Its chief financial officer, Harish Abichandani, resigned with effect from January 19, 2026. The company’s chief technology and product officer and chief marketing officer quit last year. Ola Electric recently appointed Deepak Rastogi as the company’s new CFO.