Ola Electric Mobility share price is trading at ₹100.35, up by 1.83% as of 10:45 AM on December 4, 2024. The stock opened at ₹98.89 and reached a high of ₹102.50 and a low of ₹98.10 during the session. It previously closed at ₹98.55. Over the past year, the stock has fluctuated significantly, recording a 52-week high of ₹157.53 and a 52-week low of ₹66.60.
The rise in Ola Electric’s stock was driven by CEO Bhavish Aggarwal’s announcement of a large-scale store expansion. Using platform X, Aggarwal stated that the company will open 4,000 stores nationwide on December 20, 2024, marking one of the largest single-day store openings. Currently operating 800 stores, this expansion aims to strengthen Ola’s customer reach.
Despite holding the highest market share in the electric two-wheeler segment at 25.3% in November, Ola Electric has seen its dominance wane. The company’s share dropped from 49.8% in May to 31% in October and further declined during the festival season. Registrations fell from 41,775 units in October to 29,191 units in November. Rival companies TVS and Bajaj Auto also experienced drops but retained market shares of 23.3% and 22.6%, respectively.
To counter the competition, Ola Electric recently introduced 2 affordable scooters, the Ola S1Z and Ola Gig, priced at ₹39,999. The S1Z, equipped with dual 1.5 kWh batteries, is priced at ₹59,999, making it the most affordable in the S1 series. This strategic move aims to convert petrol scooter buyers into EV customers and boost sales.
Founded in 2017 by Bhavish Aggarwal and Ankit Jain, Ola Electric is a subsidiary of the Ola Group, one of India’s largest ride-hailing companies. Focused on transforming the electric vehicle market, the Bengaluru-based company specialises in electric two-wheelers and has ambitious plans to expand into electric cars and other mobility solutions.
The electric vehicle manufacturer posted a net loss of ₹495 crore for the quarter, a slight improvement from the ₹524 crore loss reported in the same period last year. In the previous quarter (June), the company had recorded a loss of ₹347 crore, marking its first quarter after going public.
Revenue for the quarter grew by 39.1% year-on-year to ₹1,214 crore, up from ₹873 crore in the corresponding period last year. The company’s EBITDA loss stood at ₹379 crore, which is slightly better than the ₹435 crore loss reported in the same quarter last year.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 4, 2024, 11:51 AM IST
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