Ola Electric Mobility share price rises 5% as firm expands network to 4,000 stores

Ola Electric Mobility share price rose by 5% in morning trade on Thursday, December 26, following the company's announcement of a major expansion to 4,000 stores. This expansion includes the addition of 3,200 new stores, marking a four-fold increase from its previous network.

In a press release to the stock exchanges, Ola Electric stated, "Ola Electric accelerates its Electric Vehicle (EV) revolution with record expansion to 4,000 stores nationwide."

Four-fold increase in Ola's network

Ola Electric highlighted that it has opened more than 3,200 new stores co-located with service centres, making it India’s largest EV expansion in one go. Its expansion to 4,000 stores nationwide represents a four-fold increase from the existing network.

The expansion by Ola Electric Mobility spans beyond metros and Tier-1 and Tier-2 cities into smaller towns and tehsils, which will help democratise access to EVs nationwide, said Ola Electric. With this expansion, Ola Electric has fulfilled its promise under its #SavingsWalaScooter campaign, said the company.

Bhavish Aggarwal, Chairman & Managing Director of the company said, “We promised, and now we have delivered! Today marks a significant milestone in India’s EV journey as we expand our network to every city, town, and taluk. With our newly opened stores co-located with service centres, we have completely redefined EV purchase & ownership experience, setting new benchmarks with our #SavingsWalaScooter campaign."

Ola Electric Mobility further announced that it has opened priority registrations for MoveOS 5 beta, which has features like group navigation, live location sharing, and road trip mode powered by Ola Maps, among others.

New Launches

Ola Lectric recently announced the launch of its Gig and S1 Z scooter range, comprising Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+, available at an introductory price of ₹39,999 (ex-showroom), ₹49,999 (ex-showroom), ₹59,999 (ex-showroom), and ₹64,999 (ex-showroom), respectively.

The new range of scooters as per Ola Electric offers durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers.

Reservations for the Gig and S1 Z series are open at just ₹499, and deliveries will begin in April 2025 and May 2025, respectively.

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