EV stock under Rs 100 hit 20 per cent upper circuit after company launches Gig and S1 Z range of scooters to democratize electric mobility
This strategic move aims to democratize electric mobility by offering affordable and practical solutions for a diverse range of consumers.
On Wednesday, shares of Hyundai Motor Company’s portfolio EV stock hit 20 per cent upper circuit to Rs 88.16 per share from its previous closing of Rs 73.47. The shares of the company saw a spurt in volume by more than 9 times on BSE.
The stock name is Ola Electric Mobility Ltd.
Ola Electric, a prominent player in the electric vehicle market, has recently unveiled its new Gig and S1 Z range of scooters. This strategic move aims to democratize electric mobility by offering affordable and practical solutions for a diverse range of consumers.
The Gig series, comprising the Ola Gig and Ola Gig+, is specifically designed to cater to the needs of gig workers. These scooters prioritize durability, range, and payload capacity, making them ideal for delivery riders, food delivery personnel, and other professionals who rely on two-wheelers for their livelihood. The Gig and Gig+ are priced competitively at Rs 39,999 and Rs 49,999, respectively, making electric mobility more accessible to a larger segment of the workforce.
The S1 Z series, on the other hand, focuses on personal mobility. The Ola S1 Z and Ola S1 Z+ are stylish, efficient, and feature-packed scooters that cater to urban commuters, students, and young professionals. With a top speed of 70 kmph and a range of up to 146 km on a single charge, these scooters offer a compelling alternative to traditional petrol-powered scooters. The S1 Z and S1 Z+ are priced at Rs 59,999 and Rs 64,999, respectively.
In addition to its new scooter range, Ola Electric has introduced the PowerPod, a portable inverter that can be powered by the removable batteries of its electric scooters. This innovative product offers a reliable power solution for households in areas with frequent power cuts or limited access to electricity. The PowerPod is priced at Rs 9,999.
By launching the Gig and S1 Z range of scooters and the PowerPod, Ola Electric is taking significant strides towards a sustainable future. These products not only reduce carbon emissions but also provide affordable and convenient transportation and energy solutions. As electric mobility continues to gain momentum, Ola Electric is well-positioned to lead the charge and shape the future of sustainable transportation in India.
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About the Company
Ola Electric Mobility Limited is a prominent Indian EV manufacturer renowned for its vertical integration of technology and manufacturing. The company's flagship, the Ola Futurefactory, is a state-of-the-art facility producing EVs and key components like battery packs, motors, and frames. Ola's global R&D efforts, spanning India, the UK, and the US, drive innovation in EV products and core components. The company is also establishing a comprehensive EV hub in Tamil Nadu, comprising the Future factory and the upcoming Gigafactory. This hub is complemented by the Bengaluru-based Battery Innovation Centre, dedicated to advancing cell and battery technology. Ola's direct-to-customer distribution network, encompassing over 750 stores and a robust online presence, positions it as the largest company-owned automotive experience centre network in India.
As of September 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 Rs 38,885 crore. Investors should keep an eye on this EV stock.
Disclaimer: The article is for informational purposes only and not investment advice.