The shares of one of the leading electric vehicle (EV) manufacturers in India, specializing in the design, manufacturing, and development of electric vehicles (EVs), jumped upto 7 percent after denying regulatory issues, citing registration backlog for February sales discrepancy.
Price action
With a market capitalization of 24,008.15 Crores on Friday, the shares of Ola Electric Mobility Limited jumped upto 7.1 percent making a high of Rs. 55.35 compared to its previous closing price of Rs. 51.66.
What Happened
Ola Electric Mobility Limited, engaged in the design, manufacturing, and development of electric vehicles (EVs), was in bullish phase in the day’s trade after clarifying that the low sales numbers for February 2025 were due to a backlog in vehicle registrations, not regulatory issues.
The company emphasized that its sales were strong and that this backlog was not caused by any internal operational issues. Daily registrations had already exceeded 50 percent of the average daily sales over the past three months. As of the latest update, 40 percent of the February backlog had been cleared, with full resolution expected by the end of March 2025.
Management Commentary
Aggarwal-led EV manufacturer stated: This is a straightforward case of a temporary registration backlog, yet certain media outlets and vested interests have deliberately misrepresented it as a regulatory issue through misinformation and smear campaigns.
About the Company
Ola Electric Mobility is an Indian electric vehicle (EV) manufacturer focused on providing sustainable, eco-friendly transportation solutions. The company, a subsidiary of Ola Group, produces electric scooters and aims to revolutionize the Indian mobility market with cutting-edge technology and a robust charging infrastructure.
Recent Launches
Ola Electric has launched its new electric motorcycle series, the Roadster, featuring models like the Roadster X and Roadster X+, with prices starting at Rs. 84,999 and Rs. 1,14,999 respectively. The company unveiled these production-ready models on February 5, 2025, aiming to expand its electric vehicle lineup beyond scooters.
Financials
The company’s revenue declined by 14.5 percent from Rs. 1,371 crore to Rs. 1,172 crore in Q3FY24-25. Meanwhile, Net loss increased from Rs. 376 crore to Rs. 564 crore during the same period.
Written by Sridhar J
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