If there is one indicator to sum up Ola Electric’s year so far, it would be its share price, which has spiralled 57% (as of December 5, 2025) to INR 36.12 since January 1, 2025. The EV maker, which not too long ago commanded a market capitalisation of $5.4 Bn, has shrunk to an m-cap of roughly $1.7 Bn.

So, what happened to Ola Electric, the early mover in India’s two-wheeler EV revolution? Why was it seen losing steam in 2025, when rivals like Ather, TVS, and Bajaj were clearly making a headway, zooming past the OG EV maker?

To understand this, let’s look at how 2025 unfolded for the EV maker — the breakthroughs it achieved, the major wins it scored and the areas where it fell short.

Our analysis reveals that Ola Electric’s year so far has been a combination of regulatory setbacks, reputational damage, operational breakdowns, revenue contraction, product delays, and strategic zigzags, which have collectively dragged the company down, to say the least.

Besides, persistent poor after-sales services, an intensifying CCPA investigation, falling operating revenue, and declining sales numbers remained the top highlights for Ola Electric during the year — and the full extent of its troubles is far from over.

• Nearly 70% of stores in Maharashtra were allegedly operating without trade licenses
• There were several discrepancies in its reported sales figures
• A fundraise within a year of its IPO, with no clarity on capital allocation
• LG’s allegation of stealing its battery technology
• Repeatedly missed timelines for commercialising its battery pack and two-wheeler deliveries
• Alleged toxic work culture and employee deaths

On an individual level, each of these issues was sufficient to shake end users’ confidence in the company. Result? Once the undisputed leader in India’s EV two-wheeler landscape, Ola Electric now accounts for barely 7% of the market, ranking fifth, according to VAHAN data.

What Broke Ola Electric’s Growth Engine?

Ola Electric’s two-wheeler business is currently characterised by regulatory scrutiny, unhappy customers and a rapid erosion of its market share. However, the Bhavish Aggarwal-led EV maker had it coming.

The most pressing challenge of the year came from the

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