EV-bike company announces HyperService campaign, to double company-owned service network to 1,000 centres by December 2024

The company has a market cap of over Rs 45,000 crore with net sales of Rs 1,644 crore and net loss of Rs 347 crore in Q1FY25.

On Friday, shares of Hyundai Motor Company’s portfolio EV-stock gained 1.16 per cent to an intraday high of Rs 104.70 per share. The stock is up by 37.8 per cent from its 52-week low of Rs 75.99 per share.

The stock name is Ola Electric Mobility Ltd.

Ola Electric has announced a major expansion of its service network and customer support initiatives. Under the #HyperService campaign, the company will double its company-owned service centres to 1,000 by December 2024. To further enhance accessibility, Ola Electric will also train 1 lakh third-party mechanics through its EV Service Training Program.

In addition to expanding its service network, Ola Electric is also introducing new customer-centric features. Starting from October 10, 2024, the company will guarantee quick service, with a backup Ola S1 scooter provided if service resolution takes longer than a day. Ola Care+ customers will also receive free Ola Cabs coupons during service downtime.

To provide a seamless ownership experience, Ola Electric will deploy AI-powered proactive maintenance and remote diagnostics. These features will enable the company to identify and address potential issues before they arise, minimizing inconvenience for customers.

Ola Electric's commitment to customer satisfaction is evident in its various initiatives. By expanding its service network, training mechanics, and introducing innovative features, the company aims to set a new standard for after-sales service in the electric vehicle industry.

Speaking on the announcement, Bhavish Aggarwal, Chairman and MD of Ola Electric, said: “In the last 3 years, we’ve built a 7L+ community and the leading market position. We have close to 800 sales stores but only about 500 service centres. With the launch of #HyperService we are expanding our network and also building the best-in-class ownership experience with on-demand and AI-powered service. The #HyperService campaign is built with a clear focus on enhancing the service and ownership experience of our community, and we will continue to push the boundaries with innovative service initiatives that cater to our fast-growing community across the country.”

About the Company

Ola Electric Mobility Limited is a leading electric vehicle (EV) manufacturer in India, specializing in the vertical integration of technology and manufacturing for EVs and their components, including battery cells. Operations are centred around the Ola Futurefactory, where the production of EVs and critical components like battery packs, motors, and vehicle frames are undertaken. Ola’s R&D efforts span India, the UK, and the US, focusing on innovation in EV products and core components.

Ola is also developing an extensive EV hub in Tamil Nadu, which includes the Ola Futurefactory and the upcoming Ola Gigafactory. This hub is supported by Ola’s Bengaluru-based Battery Innovation Centre (BIC), dedicated to advancing cell and battery technology. Ola maintains a direct-to-customer distribution network with more than 750 experience centres across India, as well as a robust online presence, making Ola Electric the largest company-owned network of automotive experience centres in the country

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 45,000 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.