Shares of Ola Electric Mobility Ltd fell by 5.61% to ₹82.51 in early trade on Monday, following a sharp decline in its market share and sales in November 2024. The company’s market share dropped below 25%, reflecting growing competition and a post-festival slump in the electric vehicle (EV) market.
November 2024 Performance Highlights
- Sales Drop: Ola Electric’s registrations declined by 33%, from 41,756 units in October to 27,746 units in November.
- Market Share: Ola maintained its segment leadership with a 25.09% share, but the margin over competitors TVS (23.55%) and Bajaj Auto (22.59%) narrowed significantly.
- TVS: Recorded 26,036 registrations, a 13.4% decline.
- Bajaj Auto: Achieved 24,978 registrations, down 12%.
Industry Trends
- Overall Market Decline: The EV market witnessed an 18% drop in registrations in November compared to October, largely attributed to a post-festival slowdown.
- Competitive Dynamics: While Ola experienced a sharper decline, TVS and Bajaj demonstrated greater resilience, signaling increasing competition in the segment.
Year-to-Date (CY2024) Summary
- Market Leader: Ola remains the leader with 392,176 units sold, accounting for 37% market share.
- Rising Rivals:
- TVS follows with 201,966 units (19.5%).
- Bajaj Auto holds 173,721 units (16.6%).
- Ather Energy maintains an 11% share, surpassing 1 lakh unit sales.
- Fluctuating Market Share: Ola’s share peaked at 49.8% in May, but consistent competition has driven it down, with significant fluctuations across the year.
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