Ola Electric share price soars nearly 4% as market share expands to 34%
On Tuesday, October 15, Ola Electric’s stock price surged by about 4% to ₹90.72 per share on the announcement of a notable rise in the company’s market share. A press release from the firm stated that the electric vehicle (EV) leader currently has a 34% market share in India’s electric two-wheeler (2W) sector.
But the stock has been in a difficult trend before this recovery. Ola Electric Mobility Ltd.’s stock continued to decline on Monday for the third straight day, closing at ₹87.46 after falling 3.03 per cent. Since August 20, 2024, when the stock reached its all-time high of ₹157.53, it has now decreased by 44.48 per cent. The scrip is still 15.07% above its ₹76 launching price despite this decrease.
At 9:44 a.m. on the BSE, the share price of Ola Electric Mobility was up 3.13 per cent. The market valuation of the company is ₹39,723.93 crore.
Ola Electric Sales Trend
As of October 14, 2024, Ola Electric had 15,672 new registrations for the month, based on information from the government’s Vahan portal. The company’s expanding service network and broad S1 portfolio of electric scooters are the main drivers of growth. Ola Electric hopes to keep up this trend over the remainder of the holiday season in order to increase its market share in the run-up to Diwali.
In a statement, the company said, “Ola Electric has kickstarted the festive season on a strong note and consolidated its market leadership in the EV 2W segment.”
Ola Electric has launched several initiatives to increase the adoption of electric vehicles in tier-2 and tier-3 cities. As part of its Network Partner Program, the business intends to onboard 10,000 partners by the end of 2025 and quadruple its service centres to 1,000 by December 2024.
“Ola’s commitment to providing best-in-class after-sales experiences and expanding its service reach will further cement its leadership,” said a company spokesperson.
Additionally, Ola Electric has unveiled an extensive EV Service Training Program to prepare 100,000 independent mechanics in India for EV use.
Scooters at various price ranges are available in the company’s broad S1 portfolio, meeting the needs of a diverse range of consumers. The S1 Pro and S1 Air, the company’s premium models, cost ₹1,34,999 and ₹1,07,499, respectively, while the S1 X variants for the mass market range in price from ₹74,999 to ₹1,01,999.
To further expand its selection of electric vehicles, Ola Electric presented the Roadster motorbike series at its annual “Sankalp” event in August. These motorcycles range in price from 74,999 to 1,99,999. Modern technology may be found on these motorcycles, which have batteries that can hold 2.5 to 16 kWh.
