Ola Electric Issues Clarification On February 2025 Sales Data Mismatch
According to Ola Electric, 90% of the orders were paid in full and the February sales figures were not Token-amount bookings.
Ola Electric Mobility Ltd. on Tuesday issued a clarification on the mismatch in sales recorded in February. The company in its exchange filing said that the February sales figures represent genuine customers and the demand was backed by financial commitment.
According to the company, 90% of the orders were paid in full and the February sales figures were not token-amount bookings. It further added that the company recognises revenue only on the completion of registration and delivery of vehicles.
"This includes customer orders for our new products, Gen 3 and Roadster X, which have been available for full purchase (not just pre-booking) during February 2025," Ola Electric said in its statement.
It further said that any attempt to "conflate bookings with full payment orders" or suggesting that deliveries should precede or be placed immediately following the orders "misrepresents how the automotive industry functions."
The EV maker was asked by the Union Ministry of Road Transport and Highways to respond to whether the scooters sold in February were on the road without registration or if they were delivered to the customers with number plates and if they were sold from stores without trade certificates.
Additionally, the Union Ministry of Road Transport and Highways had sought details of Ola scooters of various models sold and registered in February.
Ola Electric, which until November last year was India’s largest electric two-wheeler maker, claimed to have sold 25,000 scooters in February, saying but only 8,652 of them were registered due to renegotiation of contracts with vendors that handled vehicle registrations. The process was moved in-house to save costs.
The vendor, Rosmerta Group, had filed insolvency petitions against the company led by founder billionaire Bhavish Aggarwal over unpaid dues of up to Rs 25 crore. Those are now withdrawn after Ola Electric paid up.
