The company reported negative EBITDA of Rs 353 crore for the quarter ended 30 September 2024, which is lower as compared with negative EBITDA of Rs 412 crore posted in corresponding quarter last year.

During the quarter, vehicles delivered by the company increased by 73.6% and stood at 98,619 units as against 56,813 units delivered in the same period last year. The company ramped up deliveries of its mass market scooter portfolio (S1 X portfolio) during the quarter which helped accelerate growth.

With a portfolio of six models priced between Rs 75,000 and Rs 1,50,000, the company is now focusing on expanding into other 2W and 3W categories. Over the next two years, it plans to launch 20 new products, with the target of unveiling at least one new product every quarter.

Additionally, the company plans to double down on its network of company-owned stores (and co-located service infrastructure), aiming to reach 2,000 stores by March 2025. As of September 2024, it currently operates 782 company-owned stores.

At its annual ‘Sankalp’ event in August 2024, the company announced the launch of its Roadster motorcycle series, with the first product to be delivered in March 2025. The products are priced to capture the entire spectrum of mass and premium motorcycles ranging from Rs 74,999 to Rs 249,999 across 3 models and 8 variants.

Ola Electric Mobility is a leading electric vehicle (EV) manufacturer in India, specializing in the vertical integration of technology and manufacturing for EVs and their components, including battery cells.

Shares of Ola Electric Mobility fell 2.47% to Rs 72.74 on Friday, 8 November 2024.