On December 2 2024, Ola Electric's share price surged 7.1% during trading hours on BSE, reaching an intraday high of ₹93.69 per share. By 12:46 PM, the stock was trading at ₹91.49, up 4.66%. Meanwhile, the BSE Sensex recorded a marginal dip of 0.07%, standing at 79,857.09.
The rise in share price has caught the attention of investors exploring opportunities for share market investment.
Ola Electric announces plans to open 4000 stores
Ola Electric CEO announced through X that the company plans to increase its store count from 800 to 4000 by December 20, 2024. This will be one of the largest single-day store openings in India, significantly expanding Ola Electric's presence across the country. The announcement also highlighted that all stores will have service capacity, aiming to bring the company closer to its customers.
These expansion plans come at a time when the company's market performance has shown fluctuations, further making it a subject of interest for individuals keen on share market investment.
Ola Electric's market share sees a dip
Ola Electric, which previously held a 49.8% market share in May 2024, saw its share fall to 31% in October and further to 25.3% in November. Despite this decline, Ola Electric remains the market leader in the electric two-wheeler segment, with competitors close behind.
The company registered 29,191 units in November, down from 41,775 units in October. This dynamic market performance highlights evolving trends for those engaged in share market investment.
New electric scooter models launched
Recently, Ola Electric launched two new electric scooter models, Ola S1Z and Gig, with prices starting at ₹39,999. The S1Z, equipped with two batteries of 1.5 KWH, is priced at ₹59,999, making it the most affordable model in the S1 series, which contributes significantly to Ola's sales.
This strategic pricing aims to attract customers from the petrol scooter segment, showcasing Ola's commitment to growing its electric vehicle market. These developments may influence investor sentiment and provide further opportunities for share market investment in the EV sector.
Ola Electric's vision for electric mobility
Founded in 2017 as a subsidiary of the Ola Group, Ola Electric focuses on revolutionising electric mobility in India and beyond. Its range of products includes electric two-wheelers and plans for electric cars and other mobility solutions. The company's commitment to innovation and expansion aligns with the growing interest in the EV market, making it a prominent name for those evaluating share market investment opportunities.
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