December 26, 2024
New Delhi, India
Ola Shares
Shares of Ola Electric Mobility soared over 6% on Thursday, December 26, hitting an intraday high of ₹99.95 on the NSE. This surge came after the company announced the launch of over 3,200 new outlets, expanding its nationwide network to 4,000 stores—a fourfold increase from its previous footprint.
Key Highlights of Ola Electric’s Expansion:
- Deeper Market Penetration:
- The expansion aims to drive electric vehicle (EV) adoption in smaller towns and rural areas beyond Tier-I and Tier-II cities.
- The initiative is among the world’s largest EV network expansions, co-locating stores with service facilities.
- Addressing Service Complaints:
- Ola Electric’s aggressive growth strategy comes amidst rising customer dissatisfaction regarding after-sales service for its e-scooters.
- Social media platforms and government agencies have flagged these issues, prompting the company to focus on improving its service network.
- Promotional Offers to Boost Sales:
- As part of its Christmas campaign, Ola Electric offered discounts of up to ₹25,000 on its S1 portfolio.
- Customers could avail a ₹7,000 flat discount on the S1 X series, with additional benefits like ₹5,000 off on select credit card EMIs and MoveOS upgrades worth ₹6,000.
Company’s Vision:
In its official statement, Ola Electric emphasized its commitment to promoting large-scale EV adoption across India. By establishing a strong presence in nearly every town and tehsil, the company aims to solidify its leadership in the EV space.
Market Impact:
At 12:37 pm, shares of Ola Electric Mobility were trading 0.93% higher at ₹94.83 apiece on the NSE. Analysts believe the expansion will not only enhance the company’s footprint in smaller towns but also address lingering customer service issues, improving brand loyalty and sales in the long run.
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