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  5. Ola Electric shares hit 20% upper circuit on 32% revenue growth and launch of three e-motorcycles

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Ola Electric shares hit 20% upper circuit on 32% revenue growth and launch of three e-motorcycles

Upstox
By Upstox News Desk

2 min read | Updated on August 16, 2024, 11:19 IST

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SUMMARY

Ola Group on Thursday announced its entry into the electric motorcycle segment by launching three models and developing two more. The group has also rebranded its ride-hailing service as Ola Consumer, announced a partnership with ONDC, and launched automated warehousing solutions to meet quick commerce requirements.

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Ola Electric's bike portfolio under the Roadster range comprises Roaster X, Roadster, and Roadster Pro.

Ola Electric shares hit their upper circuit on Friday after the electric two-wheeler maker's revenue jumped 32% to ₹1,644 crore in the first quarter of the current financial year. The company had reported a revenue of ₹1,243 crore a year back.

The stock gained 20% to ₹133 apiece to hit the upper circuit in the National Stock Exchange (NSE).

Ola Electric reported a consolidated loss of ₹347 crore for the latest June quarter of fiscal 2024-25 compared to ₹267 crore in Q1 FY24.

The company said the automotive segment EBITDA margin for the quarter under review was negative 1.97%, down from negative 8.29% in the year-ago period.

Also Read: Ola Electric Q1 Results Highlights: Electric two-wheeler maker reports net loss of ₹347 crore, revenue up 32%

Ola makes foray into electric motorcycle

On Thursday, Ola Group announced its entry into the electric motorcycle segment by launching three models and developing two more.

The group has also rebranded its ride-hailing service as Ola Consumer, announced a partnership with ONDC (Open Network for Digital Commerce), and launched automated warehousing solutions to cater to quick commerce requirements. Besides, the company said it will bring to the market the first made-in-India-designed and developed family of chips for artificial intelligence (AI), general computing, and Edge by 2026 under its Krutrim venture.

Speaking at Sankalp 2024, Ola's annual launch event, Ola Founder and CEO Bhavish Aggarwal said that presently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter this segment.

"We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said.

Aggarwal said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its vehicles starting Q1 FY26. The company so showcased its all-new Gen-3 platform for two-wheelers.

Ola Electric's bike portfolio under the Roadster range comprises Roaster X, Roadster, and Roadster Pro, with prices starting at ₹74,999, ₹1,04,999, and ₹1,99,999, respectively. Deliveries of these bikes will begin in Q4 FY25, and Roadster Pro deliveries will begin in Q4 FY26.

The company also teased two new motorcycles.

Ola also plans to deploy 1 lakh two-wheeler EVs throughout the next two years.

With PTI inputs
Uplearn

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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