Bengaluru-based electric vehicle manufacturer Ola Electric aims to sell 325,000 to 375,000 units, which will translate to revenue of INR 42 billion to INR 47 billion in FY2026. It anticipates its auto business will achieve full-year EBITDA positive status, with gross margins expected to rise to 35-40 percent starting in the second quarter, buoyed by Production Linked Incentive (PLI) benefits.

The optimistic outlook follows a strong performance in Q1 of FY2026, where the company saw significant sequential growth and a key profitability milestone. It sold 68,192 two-wheelers, up 32.7 percent compared to 51,375 units sold in Q4 FY2025. The revenue came at INR 8.28 billion, up 35.5 percent over the previous quarter. Ola Electric claims its auto business achieved EBITDA positive status in June 2025, a significant turnaround from previous quarters. The auto segment's Q1 EBITDA improved sharply to -11.6 percent from -90.6 percent in Q4 FY25. Consolidated EBITDA also saw a substantial recovery to -28.6 percent.

Ola Electric's ‘Project Lakshya,’ a cost optimisation initiative, has driven considerable operational efficiencies. Monthly auto operational expenses have been reduced from INR 1.78 billion to INR 1.05 billion, with a target to further lower consolidated operational expenses to approximately INR 1.30 billion per month through FY26. This focus on efficiency has contributed to a notable improvement in free cash flow, which improved to negative INR 1.07 billion in Q1 from negative INR 4.55 billion in Q4 FY2025.

Product innovation continues to be a key driver, with the newly introduced Gen 3 scooters accounting for 80 percent of total scooter sales in the quarter. These models the company shared have not only improved margins but also led to a significant reduction in warranty claims. The rollout of Ola Electric’s Roadster X motorcycles is also progressing, now available in 200 stores across India and slated for further scaling during the upcoming festive season. Software adoption is also on the rise, with MoveOS+ adoption surging to nearly 50 percent among new customers.

A significant technological leap for Ola Electric is the in-house production of its 4680 Bharat Cell, set to power vehicles starting this Navratri. The company plans to fully utilise its 1.4 GWh capacity by the end of FY2026 and scale it to 5 GWh by FY2027. Furthermore, the company has successfully developed Heavy Rare Earths (HRE) free Motors, scheduled for production deployment in Q3 FY2026. These vertical integration efforts aim to reduce costs, enhance performance, and improve supply chain resilience.

Ola Electric aims to further solidify its position as an industry leader, being the only major EV player currently offering ABS-equipped products (S1 Pro+). The company is also developing its in-house ABS, expected to be production-ready by January 2026, aligning with evolving safety standards.

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Pune-headquartered electric vehicle company Kinetic Watts and Volts, a subsidiary of Kinetic Engineering, has entered into a retail financing partnership with IDFC FIRST Bank to provide credit options across its dealership network.

The arrangement enables customers at Kinetic EV dealerships to access loan options, interest rates and instalment plans, subject to eligibility criteria. Ground teams from IDFC FIRST Bank will collaborate directly with dealership staff to process applications at the point of sale. The initiative coincides with the expansion of Kinetic EV’s retail footprint, which currently comprises over 65 operational sales, service and spare parts facilities in India.

Ajinkya Firodia, MD, Kinetic Watts and Volts, said, "For many customers, choosing an electric two-wheeler is not just about selecting the right product, but also about finding a purchase option that works for them. Our partnership with IDFC FIRST Bank gives customers greater choice at the point of purchase and strengthens the support available across our dealership network. With quick financing options, attractive EMI plans and exciting offers for eligible customers, we want to make the overall purchase journey simpler and more convenient. As we continue to expand our presence across markets, we look forward to making the journey towards electric mobility more accessible for more customers."

The tie-up leverages the bank's branch and operational network to support dealership sales in multiple regional markets. The companies are also developing customer schemes and promotional offers that will be announced at a later date.

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Chennai-headquartered two-wheeler and three-wheeler company TVS Motor Company conducted a single-day delivery event in Cuttack, Odisha, handing over more than 100 units of the TVS iQube MillionR Special Edition electric scooter to customers.

The MillionR Special Edition was launched on 25 August 2026 to mark the cumulative sales milestone of one million TVS iQube scooters. Based on the 3.5 kWh battery variant, the edition features an Aurora Green Dual Tone paint finish, custom seat upholstery and specific graphics alongside MillionR badging.

The e-scooter features a front utility storage compartment that expands overall storage capacity from 32 litres to 35.5 litres, an integrated USB Type-C charging port and over 118 connected features. The 3.5 kWh battery setup provides an Indian Driving Cycle (IDC) range of 145 km on a single charge.

In Odisha, the TVS iQube MillionR Special Edition is priced at INR 131,138 (effective ex-showroom). The standard TVS iQube range starts at INR 105,851 (effective ex-showroom), with Battery-as-a-Service (BaaS) option pricing starting at INR 59,999.

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More Retail, a leading supermarket and hypermarket chain, has expanded its electric mid-mile logistics operations through the deployment of 110 Montra Electric Eviator electric small commercial vehicles across its distribution network, including 25 units in Bengaluru.

The company shared that electric commercial vehicles now account for 150 of its 600 total mid-mile logistics fleet. The 110 Montra Electric Eviator units operate across daily store replenishment and delivery routes, covering a combined minimum distance of 22,000 kilometres per day. The transition from internal combustion engine vehicles aims to lower operational energy expenses and vehicle maintenance requirements while providing driver ergonomics for city traffic conditions.

Saju Nair, CEO of the e-SCV Division, Montra Electric, said, "Electrification of commercial mobility will accelerate when it delivers measurable business value at scale. More Retail’s journey towards 100 percent electrification with our Eviator, is a strong example of that shift, from evaluating EVs as an alternative to deploying them as a core part of everyday logistics. As More Retail moves towards a fully electric mid-mile fleet, our focus is to enable that transition with vehicles and an ecosystem built around uptime, efficiency and long-term profitability."

Prasanna Hegde, National Transport Manager, More Retail, said, "Our mid-mile fleet keeps our stores stocked every day, so reliability comes first for us. The move from ICE vehicles to Montra Electric's Eviator e-SCVs has been smooth across our distribution network. The vehicles have already covered over 8.8 lakh kilometres on our routes, and our drivers have responded well to their comfort, instant torque and day-to-day dependability. Alongside lower operating costs, we are cutting emissions with every delivery run. With 150 of our 600 mid-mile vehicles now electric, we are well on our way to a fully electric fleet, and Montra Electric has been a trusted partner at every step."

The Montra Electric Eviator features a 10.3-foot loading deck and a payload capacity of up to 1,707 kg. The vehicles are integrated with telematics systems that monitor battery status, driver metrics, and route planning data to maintain fleet uptime between distribution centres and retail outlets.

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South Korean energy major LG Energy Solution has signed a non-binding memorandum of understanding (MoU) with United States-based commercial electric vehicle startup indiGOtech to explore battery supply and technological collaboration.

Under the MoU, the companies will work toward a final agreement for LG Energy Solution to supply 46-series NCM cylindrical battery cells from 2027 to 2030 for indiGOtech’s Flow Ride and Flow Cargo vehicles.

The partnership involves vehicle-battery integration, performance verification, driving range extension, and charging time reduction. The agreement expands LG Energy Solution's client base for its 46-series cylindrical batteries, following a reported 1.5-fold YoY increase in cylindrical battery shipments in the second quarter.

Headquartered in Woburn, Massachusetts, indiGOtech specialises in commercial van platforms for the North American market, integrating vehicles, charging infrastructure and digital services.

Will Graylin, Chairman and CEO, indiGOtech, said, "Urban ride hail and delivery must electrify and automate at scale, but today’s electric vehicles are not designed for purpose, and are severely limited by the local charging infrastructure – that’s why vast majority of rides and deliveries are still driven by gas vehicles. Working toward a long-term relationship with LG Energy Solution brings together advanced battery technology for durable economic advantage for vehicles, drivers and fleet operators."

Sunghwan Oh, Mobility & IT Battery Marketing Group Leader, LG Energy Solution, said, "Based on LG Energy Solution’s 46-series NCM cylindrical battery technology that boasts high energy density and rapid charging capabilities, we will closely collaborate with indiGOtech, which is successfully building the Transportation-as-a-Service (TaaS) ecosystem in the U.S. Leveraging this partnership, we plan to enter the diverse commercial vehicle market in the U.S., including logistics, last-mile delivery, and ride-hailing."

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