Hyundai Motor Company’s portfolio EV-stock ends 5.7% lower after doubling from IPO price: Company first to certify 4 two-wheeler products under Auto PLI Scheme
This company is the first and only company to get 4 products in both premium and mass market 2W products certified under the Auto PLI Scheme
On Tuesday, shares of Hyundai Motor Company’s portfolio EV-stock gained 7.8 per cent to an intraday high & fresh 52-week high of Rs 157.35 per share. The stock doubled from its listing price of Rs 76 per share. At the closing bell, shares of the company were trading at Rs 137.72 per share, down 5.7 per cent with a 2 times spurt in volume.
The stock name is Ola Electric Mobility Ltd.
Ola Electric has achieved another milestone by securing Production Linked Incentive (PLI) certification for its S1 X 3 kWh and 4 kWh scooters, joining its S1 Air and S1 Pro models as the only electric two-wheeler manufacturer with four PLI-certified products. This accomplishment underscores Ola's commitment to local manufacturing, as both S1 X variants meet the mandatory 50 per cent localization requirement. The certification, granted by ARAI, qualifies Ola for incentives of up to 18 per cent on sales value over five years, further boosting the company's position in the EV market. This achievement comes in addition to Ola's earlier acquisition of a 20GWh battery manufacturing capacity under the government's PLI scheme for Advanced Chemistry Cells, solidifying its role as a key player in India's EV ecosystem. Ola is the first and only company to get 4 products in both premium and mass market 2W products certified under the Auto PLI Scheme
Additionally, Ola Electric announced its vision to transform India into a global EV and energy hub at its Sankalp 2024 event. The company launched the Roadster series of electric motorcycles, showcased its indigenously developed Bharat 4680 cell, and unveiled the Gen-3 platform. Additionally, Ola plans to integrate its cells into vehicles from Q1FY26 and introduced MoveOS 5, the next iteration of its operating system, promising advanced features and improved performance.
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About the Company
Ola Electric is a leading Indian EV manufacturer vertically integrating technology and production from battery cells to finished vehicles. Its core operations are centred around the Ola Futurefactory, producing EVs and key components. With R&D hubs in India, the UK, and the US, Ola focuses on EV innovation. It's building a massive EV hub in Tamil Nadu, including the Futurefactory and upcoming Gigafactory, supported by its Bengaluru-based Battery Innovation Centre. Ola boasts India's largest company-owned automotive experience centre network with over 750 locations and a strong online presence.
As of August 2024 shareholding pattern, Hyundai Motor Company own a 2.47 per cent stake in Ola Electric Mobility Ltd. The company has a market cap of over Rs 60,000 crore with net sales of Rs 1,644 crore and net loss of Rs 347 crore in Q1FY25. Investors should keep an eye on this EV stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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