Ola CEO Bhavish Aggarwal took to X to give his advice to EV companies.He called out EV companies investing heavily on marketing and advertisements.
Aggarwal asked companies to save money on ‘cute’ ads and invest in supply chains to boost sales.
“I see some EV companies trying to make ‘cute’ ads in a bid to grow their stagnant sales,” he noted.
He also said that investment in technology and supply chains will lower product costs.
“Pro tip for them: Electric vehicles is a supply chain and manufacturing business. Save the marketing and sales ₹ ₹ and invest it into supply chains and tech to lower your product costs,” Aggarwal said.
I see some EV companies trying to make ‘cute’ ads in a bid to grow their stagnant sales.
Pro tip for them: Electric vehicles is a supply chain and manufacturing business. Save the marketing and sales ₹ ₹ and invest it into supply chains and tech to lower your product costs.
— Bhavish Aggarwal (@bhash) July 12, 2024
Aggarwal’s comment comes at a time when Zerodha co-founder Nikhil Kamath took a light-hearted dig at Ather Energy’s marketing strategy. Kamath appreciated Ather products for their quality but called out their inefficient marketing strategy.
“Everyone of us has pluses and minuses, Ather has sh*t marketing but great product (sorry Tarun),” Kamath posted on X.
Kamath however stated, product quality takes precedence over marketing.
“Will pick great products with terrible marketing every time, sales I hope can be solved for easier than product,” he said.
#Patriotism is a different thing to different people, mine today seems to be to dream of young Indian products and entrepreneurs killing it inside and outside India. Enough of the foreign franchise is better, clothes, jewellery, food, auto, content, shoes, and just about… pic.twitter.com/trYDpJnujj
— Nikhil Kamath (@nikhilkamathcio) July 8, 2024
India’s EV sector has major players such as Ola Electric, Bajaj Auto, Ather Energy, TVS Motor Co, Hero Moto Corp.
Ola Electric is the biggest market player in the sector with a share of 42.3 per cent, according to a Mint report on March 11. Followed by other players such as TVS Motor co with a market share of 17.5 per cent, Bajaj Auto with 15.2 per cent market share, Ather Energy with a share of 10.4 per cent.
However, the electric two-wheeler market in India has seen subdued volumes in the last three months. Registrations for high-speed electric two-wheelers declined by 27% in May compared to the previous year’s high base, according to a Mint report on June 11.
Ola Electric is all set to make its debut in the stock market this year. The market regulator, Securities and Exchange Board of India approved Ola Electric’s IPO in June, with primary issue of Rs5,500 crore and secondary sale of Rs1,750 crore making it the first EV startup to get regulator’s nod to raise capital.
