Ola Electric’s retail sales have declined sharply in recent months, with sales falling to just 3,968 units in February 2026. This represents the company’s lowest monthly sales in more than four years, returning to levels seen during the early stages of its market entry in 2021/22.
This decline is notable as Ola Electric has continued to expand its product lineup over the past few years. The company has introduced several new electric scooters/variants and even launched electric motorcycles while expanding its distribution network. Despite these efforts, monthly retail volumes continue to decline.
From EV market leader to sharp sales decline
Ola Electric had emerged as one of India’s largest electric two-wheeler sellers in 2023 and early 2024. The company recorded its highest ever monthly retail sales of 53,646 units in March 2024, crossing the 30,000-40,000 unit mark in several months in 2024.
However, the momentum began to weaken in late 2024 and 2025. While the year started strongly with 24,413 units sold in January 2025, there was a steady decline in sales throughout the year. Volume declined to 16,036 units by October 2025, followed by 9,021 units in December 2025. The recession has intensified in 2026. After reporting 7,516 units in January 2026, sales fell to 3,968 units in February 2026, one of the lowest monthly figures since February 2022, when Ola sold 3,910 units.
Increasing competition in electric 2W segment
While Ola’s sales have declined, the overall electric two-wheeler market is growing rapidly. Established manufacturers like TVS, Bajaj, Ather and Hero MotoCorp’s VIDA brand are continuously expanding their EV portfolio and dealer networks. Legacy OEMs are increasingly leveraging their strong service networks, brand trust and dealership reach, allowing them to capture a larger share of the fast-growing EV market.
Stock price also at record low level
The slowdown in sales comes at a time when Ola Electric Mobility’s share price is also under pressure. Shares of the company are currently trading around Rs 24.52, down over 73% from their highs, reflecting weak investor sentiment amid slowing sales and increasing competition in the EV sector.
With retail sales now at a four-year low and the share price falling sharply, the coming months will be crucial for Ola Electric as it attempts to regain momentum in India’s fast-growing electric two-wheeler market.
