 "Ola Electric share price gains 7% on plans to open 4000 stores in Dec")
Ola Electric share price advanced 7.1 per cent in Monday's trade on BSE and logged an intraday high at Rs 93.69 per share. Around 12:46 PM, Ola Electric shares were up 4.66 per cent at Rs 91.49 per share. In comparison, the BSE Sensex was down 0.07 per cent at 79,857.09.
The stock rose after Ola Electric's CEO Bhavish Aggarwal revealed plans to open 4000 stores in December all at once on December 20, 2024, through X.
"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 December 20, across India. Probably the biggest single day store opening," the X post read.
It added: All stores have service capacity too.
The developments come after the Bengaluru-based Ola Electric’s market share fell from a dominant 49.8 per cent in May to 31 per cent in October on the back of an aggressive discounting in the festival season. It dropped further to 25.3 per cent in November - the lowest this year - with 29,191 registrations. The registrations stood at 41,775 in October.
While Ola Electric continues to hold the highest market share at over 25 per cent, its rivals TVS and Bajaj Auto are closely behind with 23.3 per cent and 22.6 per cent, respectively. TVS and Bajaj’s numbers also fell during the festival season, but it was lower than that of Ola.
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Recently, Bhavish Aggarwal announced two electric scooters — Ola S1Z and Gig — starting at an ex-showroom price of Rs 39,999.
With this, Aggarwal has brought down the entry price for electric scooters in the hope of attracting more buyers of petrol scooters. He has announced a new model S1Z (with two batteries of 1.5 KWH) priced at Rs 59,999, which will be the cheapest vehicle in the S1 series which accounts for a substantial volume for Ola.
Ola Electric is an Indian electric vehicle (EV) manufacturer, which is a subsidiary of the Ola Group, one of India’s largest ride-hailing companies. Founded in 2017 by Bhavish Aggarwal and Ankit Jain, Ola Electric focuses on revolutionizing the electric mobility landscape in India and globally, offering a range of electric two-wheelers and planning to expand into other segments like electric cars and mobility solutions.