February Sales Data Included Paid Orders, Not Preliminary Bookings: Ola Electric

While much has been said and written about the issues with Ola Electric’s February numbers in recent times, the company took to the bourses today to clarify on the statement labelling recent media reports as “misinformation”. 

A day after a Bloomberg report said that Ola Electric included “bookings” of electric scooters and motorcycles in the month of February without delivering them, the EV maker said that the February 2025 sales announcements were based on paid and confirmed orders, not “preliminary bookings”. 

Further, it said that 90% of the orders were paid in full at the time of placement during the month of February. The company added that these orders included its new two-wheelers Gen 3 and Roadster X, which went live for purchase during the month of February. 

“It is essential to underscore that vehicle deliveries are sequenced to follow confirmed orders with full payment—a standard and universally accepted industry practice. Any attempt to conflate bookings with full payment orders, or to suggest that deliveries must precede or immediately follow orders, misrepresents how the automotive industry functions,” Ola Electric’s April 8 regulatory filing read.

The Roadster Delivery Conundrum

From our preliminary investigation into the matter, sales executives across Ola Electric’s “experience centres” in Delhi informed us that the deliveries of the Ola Electric’s first e-motorcycles might take at least two more months. 

As per a March report by NDTV Profit, the company was facing troubles in taking Roadster on road as it was facing similar issues as Ola Electric’s Gen 1 scooters were facing. People in the know told the publication that the bikes were facing issues with its thermal management, battery pack, battery management system as well as the motor. 

At the time of the official unveiling of the motorcycles back in August 2024, the company said that the deliveries would commence in Q4 FY25. Besides, the company had said that the bookings were open back then. As per its filings today, Ola Electric refrained from commenting on whether the deliveries of the bikes began in the stipulated timeline. 

To be sure, the Bhavish Aggarwal-led startup unveiled three motorcycles under its portfolio back in August, namely, Roadster X, Roadster, and Roadster Pro. 

The entry-level bike Roadster X comes in three battery variants of 2.5 kWh, 3.5 kWh, and 4.5 kWh and are priced in the range of INR 74,999-INR 99,999. While Roadster X’s deliveries were scheduled to begin in the previous quarter, the company had announced plans to start deliveries of its top end bike, Roadster Pro, only by Q4 FY26.

Ola Electric’s February Blues

While the company cleared the air on some of the allegations in regards to the February data, it didn’t address whether it was being scrutinised by the Ministry of Road Transport and Highways. 

As per the report by Bloomberg, the ministry wrote to the EV maker on March 21, seeking clarification on the monthly sales numbers. 

The report adds that of Ola Electric’s claimed sales of over 25,000 in the month of February, about 50% were accounted for by its Gen3 escooters and Roadster X motorcycles.

The ministry had also reportedly threatened the company to revise its numbers to display a more accurate picture or brace for “adverse action”. 

Besides the transport ministry, Ola Electric is also said to be under the lens of the Ministry of Heavy Industries. The MHI is also scanning discrepancies between Ola Electric’s sales figures and actual vehicle registrations. 

As per VAHAN data for the month, only 8,390 Ola Electric vehicles were registered on the portal in February, far less than the claimed 25,000. This marked a near 65% dip in sales from the month of January, when the EV maker had sold 24,376 escooters. 

Justifying the dip, the company said that the disruptions in the numbers came at the behest of an ongoing restructuring move which saw it renegotiate terms of agreements with its agencies Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd.

The renegotiations, however, didn’t seem to pan out in favour of the company as Rosmerta filed for bankruptcy proceedings against Ola Electric’s subsidiary for allegedly defaulting on its payment obligations. On March 25, the company settled its pending dues with the vehicle registration service provider Rosmerta, leading to the withdrawal of insolvency petitions previously filed against it.

Pertinent to mention that the ongoing troubles for the company have triggered a freefall for its share prices in recent times. Ola Electric dipped to an all-time low of INR 45.55 during intraday trading yesterday (April 7), before recovering a bit to close at INR 50.83. 

Shares of Ola Electric were trading at INR 51.10, up 0.53% from previous close, as of 2:44 PM today.