EV Stock Reports Highest Revenue Ever and Launches New Electric Motorcycles: Stock Hits 20 per cent Upper Circuit
The company launches electric motorcycles and announces integration of its own cells in EVs by Q1 FY26.
Ola Electric Mobility Ltd's stock is trading at Rs 133. The stock opened at Rs 119.30 and reached a day high of Rs 133 during the trading session. The company released its Quarterly Results on August 14, 2024. The stock price locked in the 20 per cent upper circuit. Also, the company launches electric motorcycles and announces integration of its own cells in EVs by Q1 FY26.
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Ola Electric today announced its first quarterly results post listing. Company’s revenue grew by 34.32 per cent to Rs 1,718 crore for the quarter ended 30th June 2024, up from Rs 1,279 crore for the quarter ended 30th June 2023. The company has registered its highest ever quarterly revenue during the quarter ended 30th June 2024.
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Strengthening market leadership, the company launches electric motorcycles and announces integration of its own cells in EVs by Q1 FY26. Launches Roadster portfolio - Roadster X, Roadster, and Roadster Pro with prices starting from Rs74,999, Rs 1,04,999, and Rs 1,99,999 respectively. Teases two new motorcycles – Sportster and Arrowhead. Showcases indigenously developed Bharat 4680 Cell and battery pack; announces the integration of its cells in its own vehicles starting Q1 FY26 and showcases all-new Gen-3 platform and new features to be unlocked with MoveOS 5.
Speaking at the event, Bhavish Aggarwal, Founder and CMD, Ola Electric, said, “Today, 2/3rd of India’s 2W market consists of motorcycles, and with Ola’s entry into this segment, EV penetration is poised to further accelerate in the Indian 2W segment. We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles. Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India.”
Founded in 2017, Ola Electric Mobility Limited is an electric vehicle company that primarily manufactures electric vehicles and core components for electric vehicles. These components include battery packs, motors, and vehicle frames, all produced at the Ola Futurefactory.
Affirming its resolve to make India a global EV and new energy hub, Ola Electric today announced new products and future roadmap across EV and energy verticals. With the launch of Roadster, Roadster X and Roadster Pro, the company today entered the electric motorcycle segment and further announced the integration of its cells in its own vehicles starting Q1 FY26. The company also showcased the indigenously developed Bharat 4680 cell and battery pack, new Gen-3 platform and MoveOS 5 at Sankalp 2024 - Ola’s annual launch event at its Futurefactory in Krishnagiri, Tamil Nadu on August 15, 2024.
Ola Electric Mobility Ltd, with a market capitalisation of Rs 58,558 crore. The stock of Ola Electric Mobility Limited settled at Rs 76 per share on the BSE, showing the listing at an exact par value of Rs 76. Additionally, on the NSE, the company's shares opened at Rs 76 per share. In the trading hours the stock saw stronger buying interest which pushed stock price to the upper circuit band of 20 per cent and locked at Rs 91.18.
Investors should keep a close eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.