New Delhi . There is a continuous decline in the market share of Ola Electric and it has fallen to 27 percent in September. The reason for this is the increasing competition in the twowheeler EV sector and customers continuously facing problems with the company's EV scooters.
According to information received from the government portal Vahan, 24,665 electric scooters have been sold by the company last month. In August this figure was 27,587 units. During this period the company's market share was 31 percent.
The reason for falling market share of Ola Electric is the increasing competition in the market. Big auto companies like TVS Motors and Bajaj Auto are also trying to establish their foothold in the electric twowheeler sector.
According to the data, Bajaj Auto's electric scooter sales have increased to 19,103 units in September, which was 16,789 units in August. 18,084 units of electric scooters were sold by TVS Motors last month. In August this figure was at 17,649 units.
Sales of another electric twowheeler company, Ather Energy, have also increased to 12,676 units in September. 10,980 units were sold by the company in August.
The impact of declining sales of Ola Electric is also visible on its stock. The stock has slipped nearly 38 percent from its alltime high level of Rs 157.40. Ola Electric's share is around Rs 100.
According to reports, customers have faced many problems in Ola Electric's EV, which includes problems related to software, hardware and service center.
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Image Credit: KhasKhabar.