Ola Electric launches new upgrade plan to retain customers

Ola Electric has introduced a new upgrade initiative allowing customers with its earlier Gen 1 and Gen 2 electric scooters and motorcycles to exchange their vehicles for the latest Gen 3 models, including premium variants powered by advanced 4680 battery technology.Founder and CEO Bhavish Aggarwal announced the program on February 20, 2026, confirming via a post on X, formerly Twitter, that it will begin in Bengaluru this weekend.

The rollout gives existing riders access to Ola’s newest platform, which reportedly features notable hardware improvements such as mid-drive motors, chain-drive systems, and broader efficiency and durability enhancements.
First unveiled in early 2025 and later securing Production-Linked Incentive (PLI) certification, the Gen 3 lineup claims a top riding range of up to 320 km on select models.
The platform also benefits from continued software refinements through MoveOS updates, aimed at improving ride performance and overall ownership experience.The exchange program comes at a critical time for Ola Electric as it faces scrutiny over service delays, unresolved complaints and reliability concerns tied to previous models.

Once a dominant player with over one-third market share at the end of 2024, Ola Electric’s share now stands below 6%, as per an Entrackr report.

Meanwhile, established manufacturers such as TVS Motor Company and Bajaj Auto have strengthened their foothold, collectively commanding more than 60% of the segment, the report added.

Mounting competition from legacy brands, combined with regulatory scrutiny and ongoing service-related complaints, has weighed heavily on Ola’s financial and share price performance.

Ola Electric’s third quarter revenue halved, while losses remained elevated. It reported a loss of ₹490 crore in the third quarter compared to a loss of ₹560 crore in the previous one. Its revenue declined 55% from the previous year and was down 32% sequentially.