Ola Electric rolls out millionth vehicle from Krishnagiri facility

Bhavish Aggarwal -led Ola Electric said on Tuesday that it has rolled out its millionth vehicle from its Futurefactory manufacturing facility in Tamil Nadu. To commemorate the occasion, Ola Electric rolled out a special edition of the Roadster X+ electric motorcycle, the pure-play EV company added.

Ola Electric commenced manufacturing at the Krishnagiri facility in 2021 and has managed to produce a million vehicles in four years, which the company attributed to robust demand for its S1 portfolio of electric scooters and the recently launched Roadster X electric motorcycles.

“In four years, we’ve gone from an idea to becoming India’s EV two-wheeler leader. We built at scale and proved that world-class products can be designed, engineered, and manufactured right here in India,” an Ola Electric spokesperson said in a statement.

According to data released by the Federation of Automobile Dealers Association (FADA), Ola Electric retailed 18,972 vehicles in August, down from the 27,623 vehicles it produced in the same month last year.

Earlier this month, Japan’s SoftBank trimmed its stake by 2.15%, from 17.83% to 15.68%. SoftBank held 786.6 million shares or 17.83% in the company before the transaction. Following the sale, its holding is reduced to 691.6 million shares, or 15.68%, and it remains the second-largest shareholder. Bhavish Aggrawal, the promoter, holds 30% of the company’s stake.

Ola Electric also recently announced that it has secured a Production Linked Incentive (PLI) certification for its Gen 3 scooter portfolio. As per the exchange filing, the certification includes all seven Ola S1 Gen 3 scooters, as well as the Gen 2 and Gen 3 scooter portfolio.

The PLI certification makes Ola Electric eligible for incentives ranging from 13% to 18% of the determined sales value (DSV) until 2028. The exchange filing stated that this certification would enhance Ola Electric’s profitability from the second quarter onwards.

During its annual ‘Sankalp’ event, the company also announced S1 Pro Sport with 5.2 kWh and 4 kWh, S1 Pro+ 5.2 kWh, and Roadster X+ 9.1 kWh powered by the 4680 Bharat Cell, starting at an introductory price of ₹1,49,999, ₹1,69,999 and ₹1,89,999, respectively. S1 Pro Sport deliveries are set to commence in January 2026, while deliveries of S1 Pro+ 5.2 kWh and Roadster X+ 9.1 kWh start this Navratri.

Ola Electric shares were trading 0.55% lower at ₹60.17, as of 2:35 PM.