EV-stock under Rs 100 jumps after expanding its distribution network to 4,000 stores in December; 4X expansion drive to boost business growth and EV adoption
The company has a market cap of over Rs 41,000 crore and stock is up by 40 per cent from its 52-week low of Rs 66.60 per share.
On Monday, shares of Hyundai Motor Company’s portfolio EV-stock gained over 6.68 per cent to Rs 93.26 per share from its previous closing of Rs 87.42 per share. The shares of the company saw a spurt in volume by more than 2 times on BSE.
The stock name is Ola Electric Mobility Ltd.
Ola Electric, India's leading electric vehicle (EV) company, has announced a significant expansion of its distribution network. By December 20, 2024, the company aims to increase its store count to 4,000, adding over 3,200 new stores to its existing 800. This rapid expansion will create one of the world's largest EV distribution networks, covering all pin codes in India and boosting EV adoption. All new stores will be co-located with service facilities, strengthening Ola's after-sales service network.
Despite facing competition from traditional two-wheeler manufacturers, Ola Electric maintains its market leadership. The company's current distribution network is only one-fifth the size of its rivals. To further solidify its position, Ola recently launched the Gig and S1 Z scooter range, offering affordable and durable solutions for both personal and commercial use. The company has also taken several initiatives to enhance sales, after-sales service, and ownership experience, including expanding its store network, launching a Network Partner Program, and training third-party mechanics. With its diverse range of electric scooters and motorcycles, including the premium S1 Pro and S1 Air, the mass-market S1 X series, and the high-performance Roadster series, Ola Electric is well-positioned to drive the adoption of electric vehicles 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 over Rs 41,000 crore and stock is up by 40 per cent from its 52-week low of Rs 66.60 per share. Investors should keep an eye on this EV stock.
Disclaimer: The article is for informational purposes only and not investment advice.