Ola Electric Stock Rises as CEO Announces Major Expansion Plans

Shares of Ola Electric experienced a sharp recovery from intraday lows on December 2, following a significant update from CEO Bhavish Aggarwal regarding the company’s expansion plans.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Aggarwal announced via the X platform that Ola Electric plans to increase its network of stores from 800 to 4,000 within the month. He emphasized the strategic goal of enhancing proximity to customers, with all new stores set to open simultaneously across India on December 20. He described this initiative as "probably the biggest single-day store opening ever." Aggarwal also confirmed that each store would be equipped with service capabilities.

This announcement drove a strong rebound in Ola Electric share price, which was trading up by 4.5% at ₹91.34 per share as of 1:25 PM on December 2, after hitting a day's high of ₹93.7. Over the past few trading sessions, the stock has surged by 30%, buoyed by the company’s expansion into the commercial segment.

Recently, Ola Electric introduced its 'Gig' range of scooters targeting gig workers, priced at ₹39,999 (introductory). The company also launched the S1 Z, a personal-use scooter for urban commuters, starting at ₹59,999.

The 'Gig' series caters specifically to the needs of gig workers. The base 'Gig' model is designed for shorter trips, offering a range of 112 km per charge with a top speed of 25 km/h. It features a removable 1.5 kWh battery and a hub motor. Meanwhile, the 'Gig+' model, intended for longer distances and heavier payloads, has a top speed of 45 km/h and comes with a 1.5 kWh single or dual battery option, offering an 81 km range.

Under the S1 Z range, two variants were introduced: the S1 Z and S1 Z+, priced at ₹59,999 and ₹64,999 (introductory), respectively. The S1 Z is a stylish urban commuter scooter, while the S1 Z+ offers dual-use functionality for personal and light commercial purposes. Both variants come with removable dual 1.5 kWh batteries, providing a range of 75 km and a top speed of 70 km/h.

Additionally, Ola Electric launched the PowerPod, a home inverter powered by portable batteries, priced at ₹9,999, further expanding its product portfolio.