Shares of Ola Electric surged by 15% on Wednesday, reclaiming their initial public offering (IPO) price after the company announced the launch of its new range of scooters. The stock opened at ₹77.71 on the BSE, up 5% from the previous close, and continued to rise to ₹84.60, marking a 15.14% increase. The positive market reaction reflects investor confidence in Ola Electric's new product offerings and its potential to capture a larger market share in the electric vehicle (EV) sector.
The new range of scooters includes the Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ models, with prices starting at ₹39,999, ₹49,999, ₹59,999, and ₹64,999 respectively. Designed to cater to both personal and commercial use, these scooters aim to democratize electric mobility by offering affordable, reliable, and flexible solutions. Ola Electric's Chairman and Managing Director, Bhavish Aggarwal, stated, "With the launch of the Ola Gig & S1 Z range of scooters, we will further accelerate EV adoption, catering to a wide range of personal and commercial use cases with affordability, reliability, and safety as the core pillars."
Reservations for the new scooter range opened at just ₹499, with deliveries set to begin in April 2025 for the Gig series and May 2025 for the S1 Z series. The company aims to revolutionize access to electric vehicles (EVs) with a wide range of affordable offerings, catering to a broad spectrum of customers. This launch is expected to boost Ola Electric's sales and market presence, further solidifying its position as a leading player in the EV industry.
This announcement comes as a significant boost for Ola Electric, which has faced challenges in recent months, including a sharp correction in share price and increased government scrutiny. However, the new scooter range and positive market response indicate a promising future for the company. Investors and market analysts are optimistic about Ola Electric's prospects, with some suggesting that the stock could see further gains if it sustains above the ₹87-88 resistance level.