The Electric Vehicle (EV) segment is rapidly expanding as countries aim for cleaner and sustainable transportation. Leading companies in the EV sector include Tata Motors, Mahindra Electric, and players like Ather, Ola Electric, Hero, and Bajaj, which are innovating in electric cars, buses, and two-wheeler manufacturing.
With the rise in environmental awareness, the demand for EVs is growing across the globe, particularly in India, where the market is witnessing strong potential for growth. The sector’s future looks promising, driven by advancements in battery technology, charging infrastructure, and cost reductions, making EVs more accessible and affordable for consumers.
Government’s Push
The Indian government is aggressively promoting the EV sector through various incentives, including subsidies for manufacturers and buyers, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, and tax breaks.
The push is aimed at reducing dependence on fossil fuels, cutting emissions, and fostering cleaner urban mobility. This policy support, along with infrastructure development and technology advancements, is expected to accelerate EV adoption, making it a key part of India’s future transportation ecosystem.
Recent Updates
Bhavish Aggarwal recently revealed an ambitious expansion plan for OLA Electric, aiming to increase its retail presence from 800 to 4,000 stores by the end of this month. The company intends to open all the new stores simultaneously across India on December 20, marking a significant milestone in its growth strategy.
This expansion is part of OLA Electric’s effort to strengthen its footprint in the rapidly growing electric vehicle market, providing greater accessibility for customers nationwide. By increasing its retail network, OLA Electric aims to enhance its sales, service, and customer engagement, further solidifying its position as a leader in the EV industry. This bold move showcases the company’s commitment to driving the adoption of electric vehicles in India.
Share Price
OLA Electric shares started the trading session on December 2 with a decline of 7 percent, hitting an intraday low of ₹81.20. However, the stock quickly recovered, surging 15.40% from its intraday low, and eventually closed at ₹93.06, marking a 6.46% increase from its previous close of ₹87.41.
Share Pledge
Bhavish Aggarwal plans to pledge 1.10% of Ola Electric’s equity—a move believed to be a first for the EV maker. As of September 30, Aggarwal held 30.02% of the company’s total shares.
Drop in Sales
Ola Electric Mobility witnessed a significant drop in sales for November, with only 27,746 units sold, compared to 41,756 units in the previous month. This represents a sharp decline of over 33% on a month-on-month basis.
Despite the downturn, Ola Electric continues to maintain its position as the top electric vehicle seller in India. With a year-to-date total of 3,92,176 vehicles sold, the company remains a leader in the country’s growing EV market with a market share of 37% The sales dip could be attributed to seasonal factors or market dynamics.
About the Company
Company History and Structure
Ola Electric Mobility Ltd was originally established as ‘Ola Electric Mobility Private Limited’ in Bengaluru, Karnataka, on February 3, 2017. The company transitioned to a public limited entity on October 5, 2023, with a new certificate of incorporation issued on November 17, 2023. This change reflects its growth trajectory in the rapidly evolving electric vehicle (EV) sector.
Primary Business Activities
Ola Electric is a dedicated player in the electric vehicle domain, focusing on the development and manufacture of electric scooters and core EV components. The company operates from the Ola Future factory, where it is building vertically integrated technology and manufacturing capabilities that encompass battery packs, motors, and vehicle frames.
The business strategy is centered around capitalizing on the electrification of mobility in India, with an eye toward potential exports to select international markets in the future.
Written By: Dipangshu Kundu
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