Ola shares jump 5% as company plans to open over 3,000 stores in single month; check details

Following the announcement, shares of Ola Electric Mobility jumped 5% and nearly 16% from intraday lows to ₹91.76 apiece on the NSE. More than 5.19 crore shares changed hands on NSE. The traded value stood at ₹ 480 crore. Total market capitalisation of the company reached ₹39,653.36 crore. Ola Electric Mobility shares have gained more than 9% in the past one month. The newly listed stock is still trading nearly 20% above its IPO price of ₹76 apiece.

Single largest stores launch

CEO Bhavish Aggarwal posted ,"Taking the Electric revolution to the next level this month.Going from 800 stores right now to 4000 stores this month itself. Goal to be as close to our customers as possible. All stores opening together on 20th Dec across India. Probably the biggest single day store opening ever!

In addition, the new stores will also cater to after sale service of vehicles, which was the major pain point for the company. Previosuly, company faces huge backlash on social media platforms on its poor after sales services

Total sales of Ola Electric Mobility declined by 30% to 29,191 units in November compared to 41,775 units in October, according to reports. Despite the fall in sales, Ola Electric remained the market leader in the electric 2-wheeler segment with around 31% market share.

TVS Motor reported sales of 26,292 units in November, up by 57% compared to 16,782 units in November 2023, according to a company filing.

Reports suggested that Ola Electric Mobility has sold 392,176 units this year so far, cornering a 37% market share in the electric two-wheeler segment. TVS sold 201,966 units with 19.5% share.

Ola Electric launches Gig and S1 Z range of scooters to push sales

Targeting gig and delivery segments, Ola Electric last month announced the launch of its Gig and S1 Z range of scooters.

The new models are designed to unlock the full potential of electric mobility for the masses, the company had stated in a statement.

The new range of scooters comprised Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ available at a starting pricing of ₹39,999 (ex-showroom), ₹49,999 (ex-showroom), ₹59,999 (ex-showroom), and ₹64,999 (ex-showroom), respectively. The reservations for both the Gig and S1 Z series opened on November 26.

The new models are affordable and offer flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers, the company said.