Ola Electric Share Price Surges Nearly 5% Amid Expanding Market Share and Festive Season Sales

Last updated on October 17th, 2024 at 03:22 am

Ola Electric share price saw a strong surge of nearly 4% on Tuesday, October 15, reaching ₹90.72 per share as the company continues to solidify its position in the electric two-wheeler (2W) market. With the festive season in full swing, Ola Electric has now captured a commanding 34% market share in India’s electric 2W sector, according to a recent press release from the company. This growth highlights the company’s strong sales performance during this period.

Ola Electric Share Price Performance

This recent upward trend in Ola Electric share price comes after a challenging few days for the stock. On Monday, October 14, Ola Electric shares declined for the third consecutive session, dropping by 3.03% to settle at ₹87.46. The stock has fallen by 44.48% from its all-time high of ₹157.53, reached on August 20, 2024. Despite this significant drop from its peak, Ola Electric’s shares remain 15.07% above its listing price of ₹76. As of Tuesday morning, the Ola Electric Share price was up 3.13% at 9:44 am on the Bombay Stock Exchange (BSE), reflecting a market capitalization of ₹39,723.93 crore.

Festive Season Sales Boost and Market Share Growth

Ola Electric’s rise in market share is driven by robust sales during the festive season. The company has recorded 15,672 new registrations as of October 14, 2024, according to data from the government’s Vahan portal. This growth is largely attributed to the success of the company’s diverse S1 portfolio of electric scooters and its expanding service network. Ola Electric’s leadership in the electric 2W market has been further reinforced by a series of strategic moves aimed at boosting sales and improving after-sales support.

In a statement, Ola Electric expressed optimism about maintaining this momentum for the remainder of the festive season, particularly as Diwali approaches. “Ola Electric has kickstarted the festive season on a strong note and consolidated its market leadership in the EV 2W segment,” the company said.

Expansion Plans in Tier-2 and Tier-3 Cities

Ola Electric is making significant strides in expanding its presence in smaller cities across India. The company has rolled out several initiatives aimed at increasing EV adoption in tier-2 and tier-3 cities. As part of its ongoing expansion efforts, Ola Electric plans to double the number of service centers across India to 1,000 by December 2024. Additionally, the company aims to onboard 10,000 partners by the end of 2025 through its Network Partner Program, further enhancing its reach and service capabilities.

“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. These initiatives are expected to deepen Ola Electric’s market penetration and strengthen its customer base in emerging markets.

EV Service Training Program for Mechanics

In addition to expanding its service network, Ola Electric recently launched an ambitious EV Service Training Program. The program aims to train 100,000 third-party mechanics across India to become proficient in servicing electric vehicles (EVs). This initiative will help create a nationwide network of mechanics who can support the growing number of electric vehicles on the road, ensuring that customers have access to reliable after-sales service no matter where they are located.

Ola Electric’s S1 Portfolio and Roadster Series

Ola Electric’s diverse S1 portfolio of electric scooters continues to be a key driver of its sales growth. The company offers a range of models at different price points to cater to a wide variety of consumers. Premium models such as the S1 Pro and S1 Air are priced at ₹1,34,999 and ₹1,07,499, respectively, while the more affordable S1 X models are available for between ₹74,999 and ₹1,01,999.

At its annual ‘Sankalp’ event in August 2024, Ola Electric also unveiled its Roadster motorcycle series, further expanding its product lineup. The Roadster series features cutting-edge technology and is priced between ₹74,999 and ₹1,99,999. These electric motorcycles come with battery capacities ranging from 2.5 kWh to 16 kWh, catering to different consumer needs and preferences.