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Ola Electric shares surge 6% after Bhavish Aggarwal's post on expansion plans

Economic TimesEconomic Times · 20d
Ola Electric shares surge 6% after Bhavish Aggarwal's post on expansion plans

Ola Electric plans to expand its retail network, aiming to increase its store count from 800 to 4,000 by the end of December. The company aims to have all the new stores open simultaneously on December 20 across India. However, Ola Electric's sales saw a significant decline in November, dropping over 33% compared to October. The EV market as a whole experienced an 18% decline in November, indicating increasing competition in the sector. Ola Electric currently holds the market leader position with a 37% share year-to-date, but rivals like TVS and Bajaj are gaining ground. In Q2 FY22, Ola Electric reported a narrowing net loss, while revenue from operations increased by 39% year-on-year. However, the company's shares have declined by 27% in the past three months.

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