Ola Electric Launches Upgrade Plan to Win Back Customers Amidst Plummeting Market Share

• Ola Electric introduces an upgrade initiative for Gen 1 and Gen 2 customers to exchange for new Gen 3 models, including premium variants with 4680 battery technology.
• Founder and CEO Bhavish Aggarwal announced the program on February 20, 2026, starting in Bengaluru this weekend.
• The Gen 3 lineup features hardware improvements like mid-drive motors, chain-drive systems, and offers a top riding range of up to 320 km on select models.
• The exchange program aims to address service delays, unresolved complaints, and reliability concerns tied to previous models, as Ola Electric's market share has dropped from over one-third to below 6%.
• Ola Electric's Q3 revenue halved, and losses remained elevated at ₹490 crore, facing stiff competition from TVS Motor Company and Bajaj Auto, which now hold over 60% market share.