In Thursday’s trading session, the shares of one of the leading electric vehicle (EV) manufacturers in India specializing in the design, manufacturing, and development of electric vehicles (EVs) jumps upto 6 percent following the increase in its store network by up to 4,000 nationwide.
Price action
With a market capitalization of 41,483 Crores on Thursday, the shares of Ola Electric Mobility limited rose by 6.3 percent making a high of Rs 99.95 compared to its previous closing price of Rs 93.98.
What happened
Ola Electric Ltd specializes in the design, manufacturing, and development of electric vehicles (EVs), particularly electric scooters and two-wheelers. On Wednesday, the e-scooter manufacturer Ola Electric Mobility Ltd announced the opening of 3,200 new stores over the past month, bringing its total to over 4,000 centers across India. This expansion enables a deeper reach beyond tier-1 and tier-2 cities
They follow a unique B2C business model, allowing direct transactions with customers through its own stores across the country.
About the company
Ola Electric Ltd is a leading electric vehicle (EV) manufacturer in India, committed to revolutionizing the transportation sector with sustainable and innovative solutions. Founded in 2017 as a subsidiary of the well-known ride-hailing company Ola, Ola Electric focuses on producing high-performance electric scooters and two-wheelers.
It specializes in the design, manufacturing, and development of electric vehicles (EVs), particularly electric scooters and two-wheelers, and focuses on creating sustainable and high-performance electric mobility solutions.
Ola Electric is also specialized in building robust charging infrastructure, such as the Ola Hypercharger Network, to support the widespread adoption of electric vehicles.
Recent Launch
Ola unveiled the limited edition S1 Pro Sona, featuring real 24-karat gold-plated elements. To celebrate its expansion, Ola conducted the Ola Sona Contest and also launched the MoveOS 5 beta version by introducing new features such as Group Navigation, Live Location Sharing, Road Trip Mode with Ola Maps, Smart Charging, Smart Park, and TPMS alerts, enhancing the overall riding experience.
Shareholding pattern
The ownership structure of Ola Electric Ltd is diversified as follows: the promoters hold 36.78 percent, Foreign Institutional Investors (FIIs) own 4.18 percent, Domestic Institutional Investors (DIIs) hold 5.16 percent, and the remaining 53.88 percent is held by the public.
Financials
The company’s revenue rose by 42.5 percent from Rs 922 crore to Rs 1,314 crore in Q2FY24-25. Meanwhile, Net loss declined from Rs 524 crores to Rs 495 crore during the same period.
Written by Sridhar J
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