Ola Electric Mobility Ltd has expanded its retail network to 4,000 stores across India, a four-fold increase from its previous count
Ola Electric Mobility Ltd has expanded its retail network to 4,000 stores across India, a four-fold increase from its previous count. In a BSE filing, the company stated, “With the launch of over 3,200 new stores, co-located with service facilities, Ola Electric is committed to driving large-scale electric vehicle (EV) adoption and expanding its reach beyond tier-1 and tier-2 cities to almost every town and tehsil in the country.”
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On Thursday, Ola Electric’s stock surged 6.22% to a high of Rs 99.90, and it was last seen trading 1.78% higher at Rs 95.72, marking a 30.41% rise in just one month.
Earlier this month, the company, led by Bhavish Aggarwal, received a showcause notice from the Central Consumer Protection Authority (CCPA) asking for additional documents and information regarding the handling of consumer complaints.
As part of its significant network expansion, Ola Electric has rolled out attractive offers, with benefits of up to Rs 25,000 on the S1 portfolio. Additionally, customers can avail extra benefits worth up to Rs 18,000, including Rs 5,000 on select credit card EMIs and MoveOS features valued at Rs 6,000.
The company also introduced a new range of scooters, including the Ola Gig, Gig+, S1 Z, and S1 Z+, starting at Rs 39,999. These scooters are designed to cater to the diverse needs of urban, semi-urban, and rural users, offering durable designs, removable batteries, and flexible solutions. Deliveries for these models are expected to begin in April and May 2025, with bookings now open for Rs 499.
“The stock is currently in an uptrend after hitting its all-time low of Rs 66.60. Investors with a high-risk appetite may consider adding this stock with a one-year investment horizon,” said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
Technically, support levels are seen between Rs 92-80, with potential resistance in the Rs 100-110 range.
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Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, commented, “The overall structure on daily charts is not looking strong. One can buy the stock around Rs 85 for an upside target of Rs 100, with a stop loss at Rs 80.”
Founded in 2017, Ola Electric is a pure-play electric vehicle manufacturer, producing electric vehicles and key components such as battery packs, motors, and vehicle frames at the Ola Futurefactory. As of September 2024, the promoters held a 36.78% stake in the company.
