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Shares of Ola Electric rose as much as 8% during early trade on Wednesday. This recently listed electric vehicle manufacturing company has launched scooters in the commercial segment. The stock is now up 19% from its 52-week low on Nov. 22. The company on Tuesday launched the Gig and S1 Z range of scooters, which are priced between ₹39,999 – ₹64,999.
Apart from this, the company has also launched an inverter named PowerPod, which will work on portable battery. The price of PowerPod is ₹9,999.
With this launch the company has entered the commercial vehicle segment. The idea of Gigs is derived from the work and needs of the company’s gig workers. The Gig scooter is priced at ₹39,999 and the Gig+ is priced at ₹49,999 (ex-showroom).
The company said in a statement that its new range of scooters will be available for business-to-business (B2B) purchase and rental. For commuting in urban areas, the company has also launched the S1 Z model, which is priced at Rs 59,999. After the launch, Ola Electric founder Bhavesh Aggarwal said that these scooters will also have the facility of portable battery, which will also help in meeting the electricity needs at home with the help of PowerPod. These scooters can be booked for just ₹499 and deliveries will begin in April 2025 and May 2025.
City’s advice on Ola Electric after launch
After this launch, global brokerage firm Citi has also issued a note on this stock. On this note, Citi has also set a target of ₹90 per share with a buy rating on the stock. In a note, analysts at the brokerage firm said the company will wait to generate profits based on scale, technology and backward integration. EV penetration in India is only 6%. Its reach in China is up to 65 percent. The company has a market share of 38% in the EV2 wheeler business. He prefers Ola Electric because of Bajaj Auto and TVS Motors.
The brokerage firm said in a note that vertical integration and large-scale manufacturing are positives for the company. The company is also going to launch a motorcycle soon and will launch it in E3W, which will increase the volumes. The company’s attitude towards service is currently negative, but this will change in the future. Increasing capacity utilization will improve profits. The note said this target price has been set due to 4x growth in EV/sales for FY26.
ola electric stock movement
The listing of Ola Electric shares took place on 9 August. Its issue price was ₹76 per share. The stock is trading about 3.3% below the issue price so far. However, a few days after the listing, on August 20, the stock managed to touch a 52-week high of ₹157.40 per share. But, on November 14, it slipped to ₹69.54 per share.