Ola Electric’s stock saw a significant rebound on December 2, recovering from its earlier lows, following a key update from CEO Bhavish Aggarwal regarding the company’s store expansion plans.
On the X platform, Aggarwal posted, “This month, we’re taking the electric revolution to the next level.” By the end of this month, we will have grown from 800 outlets to 4,000 stores. We want to be as close to our customers as we can. The stores will all open simultaneously on December 20 throughout India, perhaps making it the largest single-day store opening in history.
He further mentioned that all the new stores will also offer service capabilities to enhance customer support.
The announcement gave a strong boost to Ola Electric’s stock, pushing it into positive territory after trading lower earlier in the day. By 1:25 PM on December 2, the stock was up by 4.5%, trading at Rs 91.34 per share, with a day-high of Rs 93.7.
Ola Electric shares had previously surged by 30% in recent trading sessions, largely driven by the company’s entry into the commercial vehicle segment.
Last week, Ola launched its ‘Gig’ range of electric scooters, priced from Rs 39,999, aimed at gig workers. Aimed for urban commuters, the business also introduced the S1 Z variant, which retails for Rs 59,999.
Both the ‘Gig’ and ‘Gig+’ versions of the ‘Gig’ series are intended for short-distance and long-distance travel, respectively. The ‘Gig+’ version is designed for longer trips, with a top speed of 45 km/h and a range of 81 km. The ‘Gig’ model has a range of 112 km per charge and a top speed of 25 km/h.
The S1 Z series offers two variants: ‘S1 Z’ for urban commuters and ‘S1 Z+’ for both personal and light commercial use. Both feature removable dual batteries and offer a range of 75 km, with top speeds reaching 70 km/h.
Additionally, Ola Electric introduced the PowerPod, a Rs 9,999 inverter that uses portable batteries to power homes.
