Shares of Ola Electric Mobility revved up 14.5 percent on January 31, briefly surpassing its IPO price of Rs 76 after the company gained some market share in the month of January, reclaiming its top spot in the electric vehicle two-wheeler segment.
Ola Electric has regained its position as the leader in the EV two-wheeler segment, capturing a 25 percent market share in January. The company recorded 22,656 registrations in the month, marking an impressive 65 percent month-on-month growth, according to Vahan data.
This surge comes on the back of Ola’s strong S1 portfolio and the expansion of its sales and service network, which now boasts 4,000 stores across the country, as stated in the company’s press release. The company also introduced the Ola Electric Gen3 scooter, which will further cement its market leadership and serve as the foundation for the S1 series. Based on this, the company launched its S1 Gen 3 portfolio, encompassing s 8 new scooters across mass
and premium segments.
At 11.05 am, shares of Ola Electric were trading at Rs 75 on the NSE. The steep surge in today's session was also intensified by heavy trading volumes. As much as six crore shares of the company changed hands on the exchanges thus far, already double the one-month daily traded average of three crore shares.
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With Gen 3, Ola aims to enhance performance, safety, efficiency, and reliability, while also improving its gross margins by 20 percentage points over the next 12 months.
The entire Ola Electric portfolio now features a mid-drive motor and chain drive for optimised performance and reliability, alongside an integrated Motor Control Unit (MCU) for better range and efficiency.
Compared to the Gen 2, the Gen 3 platform offers a 20 percent increase in peak power, an 11 percent reduction in cost, and a 20 percent increase in range.
Bhavish Aggarwal, CMD of Ola Electric, stated that the new platform would bring significant improvements in reliability, quality, and serviceability, with a key change being the switch to mid-mount motors across the range.
"Today, with Gen 3, we are taking the EV 2W industry to the ‘Next Level’. Gen 3 is bringing unmatched performance, superior efficiency and reinventing benchmarks we set for ourselves, and which will change the industry all over again,” Aggarwal added.
Investors are also eagerly waiting for the company's Q3 earnings report, the date of which is yet to be announced.
Ola Electric Mobility had made its stock market debut last year and within a few days of listing, the stock had doubled from its IPO price, hitting a record high of Rs 157.40 before profit booking took over the counter. As of today, the stock is trading over 51 percent off its record high.
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