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Ola Electric shares hit 20% upper circuit on affordable EV scooter launch and Citi's 'Buy' call

Economic Times

Economic Times · 8m ago

Ola Electric shares hit 20% upper circuit on affordable EV scooter launch and Citi's 'Buy' call

Ola Electric shares surged by 20% on the announcement of the launch of two new affordable electric scooters, priced at Rs 39,000, making them the cheapest in Ola's lineup. The scooters, called Ola S1 Z and Gig, are aimed at gig workers and urban commuters, respectively. Ola has already started accepting reservations, with deliveries expected to begin in April 2025. Citi also played a role in boosting Ola Electric's shares by initiating coverage with a 'Buy' rating and a target price of Rs 90.

Related News

Ola Electric Teases Launch Of Electric Bike On August 15

Inc42 · 1y ago

Ola Electric Teases Launch Of Electric Bike On August 15

EV startup, Ola Electric, hinted at the launch of an electric bike during its annual event on August 15. In a video shared on social media, the company teased the rough sketch and silhouette of the upcoming ebike model. Recently, shares of Ola Electric listed on exchanges, and after a lukewarm start, jumped 20% to hit the upper circuit.

Aftermarket parts used in the scooter led to a short circuit: Ola Electric on Pune fire incident

Economic Times

Economic Times · 1y ago

Aftermarket parts used in the scooter led to a short circuit: Ola Electric on Pune fire incident

Ola Electric has revealed that aftermarket parts used in an Ola S1 scooter caused a short circuit that led to the vehicle catching fire in Pune. The company confirmed that the battery was unaffected and the customer was unharmed. This is the second incident of an Ola electric scooter catching fire in Pune, with a previous incident occurring in March 2022. Another user also reported a similar fire accident with an Ola S1 Pro scooter.

Ola Electric shares extend listing-day gains; jump 20%

YourStory

YourStory · 12m ago

Ola Electric shares extend listing-day gains; jump 20%

Shares of Ola Electric Mobility Ltd, led by Bhavish Aggarwal, surged 20% on Monday, hitting the upper circuit limit and extending their listing-day rally. The company's market valuation also saw an increase of INR 8,040.94 crore, reaching INR 48,258.89 crore. Ola Electric's initial public offering (IPO) received 4.27 times subscription and had a price range of INR 72-76 per share. The company plans to use funds from the IPO for capacity expansion, research and development, debt repayment, and organic growth initiatives. Ola Electric manufactures electric vehicles and core components at its Ola Futurefactory.

Ola Electric’s Bhavish Aggarwal takes a swipe at ‘cute’ Ather Rizta ads

Economic Times

Economic Times · 1y ago

Ola Electric’s Bhavish Aggarwal takes a swipe at ‘cute’ Ather Rizta ads

Ola Electric founder, Bhavish Aggarwal, took a jab at rival Ather Energy's marketing strategy, stating that "cute ads" won't be effective in the electric vehicle (EV) segment. He suggested that EV companies focus on improving their supply chain and technology to lower product costs instead of investing heavily in marketing and sales. Ola Electric currently leads in the Indian EV scooter market, while Ather recently launched its family scooter, Rizta, to compete with Ola Electric's S1 range. Ola Electric spent Rs 61.4 crore on marketing in FY23, while Ather's advertising expenses surpassed Rs 203 crore.

‘Ola toh Ola hai, Chetak shola hai’: Rajiv Bajaj takes dig at Ola Electric | Company Business News

Livemint

Livemint · 8m ago

‘Ola toh Ola hai, Chetak shola hai’: Rajiv Bajaj takes dig at Ola Electric | Company Business News

Bajaj Auto's CEO Rajiv Bajaj claimed that the Bajaj Chetak has become the best-selling electric scooter in India, surpassing rival Ola. With over 300,000 units sold to date, Bajaj Auto is set to launch a new model of the Chetak on December 20. Ola Electric currently leads the electric two-wheeler market in terms of market share, but Bajaj's announcement showcases the growing competition in India's EV market.

EV giant Ola Electric records Rs 373Cr revenue in FY22; losses stood at Rs 784Cr

IndianStartupNews

IndianStartupNews · 1y ago

EV giant Ola Electric records Rs 373Cr revenue in FY22; losses stood at Rs 784Cr

Ola Electric, a prominent player in the electric vehicle (EV) industry, reported a revenue of Rs 373 crore in the fiscal year 2021-2022. Despite the significant topline, the company's losses expanded due to the launch of its electric scooter and associated operational expenses. Ola Electric continues to invest in EV technology and infrastructure to further its growth and market share.

Touché: Ashneer Grover as Mamaearth shares surge 20%

Twitter · 1y ago

Touché: Ashneer Grover as Mamaearth shares surge 20%

BharatPe's former MD Ashneer Grover took to X to share a graph showing the surge of Mamaearth parent Honasa Consumer's shares and wrote, "Touché!" Honasa Consumer's shares surged 20% and hit the upper circuit at ₹423.75, as the company's Q2 profit nearly doubled to nearly ₹30 crore. In a now-deleted tweet, Ashneer claimed he applied for Mamaearth IPO.

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Economic Times

Economic Times · 9m ago

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric has clarified that it has not changed the price of its most affordable scooter, the Ola S1 X 2 KWh. The company is running a limited-time festive campaign offering a discount of Rs 5,000 to all customers and a higher discount of Rs 25,000 to a few customers with limited inventories. However, the Automotive Research Association of India (ARAI) raised concerns about Ola Electric's failure to inform the agency of a price reduction before initiating its BOSS sale. This could affect the scooter's eligibility for government subsidies, impacting Ola Electric's position in the EV market.

Ola Electric Stock: HSBC Says Recent Market Share Loss Worrisome But Retains Target Price

Inc42 · 11m ago

Ola Electric Stock: HSBC Says Recent Market Share Loss Worrisome But Retains Target Price

HSBC expressed concerns over Ola Electric's recent market share loss, resulting in a downside risk to its volume projections. The electric scooter company witnessed a 34% decline in registrations in August. However, HSBC maintains a positive outlook on Ola Electric's recovery and maintains a 'buy' rating on the stock.

Ola Electric captures over 52 per cent market share

Thehindubusinessline

Thehindubusinessline · 1y ago

Ola Electric captures over 52 per cent market share

Ola Electric has captured a significant 52% market share in the electric two-wheeler segment in April 2024. The company registered 34,000 new vehicle registrations during the month, with a year-on-year growth of 54%. Recently, Ola Electric introduced new pricing for its S1 X scooter portfolio, offering three battery configurations at different price points. The company also offers an extended eight-year/80,000 km battery warranty to encourage EV adoption. Ola Electric aims to further expand its presence in the mass-market 2W EV segment with the impending deliveries of its S1 X portfolio.

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