Ola Electric share price up 5% as it consolidates 34% market share in Oct
Source: Business Standard
Ola Electric share price Photo: Shutterstock
The stock saw an upmove after the electric two-wheeler manufacturer recorded over 15,672 registrations this month (as on October 14) with an impressive market share of 34 per cent.
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As per the company’s exchange filing, Ola Electric had a market share of 34 per cent on the back of its wide portfolio of S1 scooters and a rapidly expanding service network.
The S1 portfolio of Ola Electric consists of S1 Pro and S1 Air, priced at Rs 1,34,999 and Rs 1,07,499, respectively, while the S1 X portfolio (2 kWh, 3 kWh, and 4 kWh scooters) are priced at Rs 74,999, Rs 87,999, and Rs 101,999, respectively.
Further, the company expects the momentum to continue for the rest of the festive season leading up to Diwali, spearheading India’s transition towards electric mobility in the 2W segment.
Additionally, the company said that as a part of its Network Partner Program, Ola Electric will onboard 10,000 partners across sales and service by the end of 2025.
In case the company is found to have violated the set guidelines, Ola Electric may face legal action and potentially lose the subsidies its electric vehicles are eligible for under the PM Electric DRIVE Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme.
Since its listing on August 9, 2024, Ola Electric shares have lost 4 per cent, compared to the BSE Sensex’s rise of 2.8 per cent during the same period.
First Published: Oct 15 2024 | 12:18 PM IST
