Ola Electric share price jumps over 6% after key update from CEO

Shares of Ola Electric surged over 6% on December 2 after CEO Bhavish Aggarwal announced a major expansion plan for the company’s retail presence.
The update revealed that Ola Electric is set to increase its number of stores from 800 to 4,000 by the end of this month, with all of them scheduled to open on December 20.
In a post on social media platform X, Bhavish Aggarwal said, “Taking the Electric revolution to the next level this month. Going from 800 stores right now to 4,000 stores this month itself. Goal to be as close to our customers as possible. All stores opening together on 20th Dec across India,” he said.
Aggarwal described the event as “probably the biggest single day store opening ever” and said that each store will include service capacity to better serve customers across India.
At 2:11 pm on December 2, Ola Electric’s stock had gained 6.27%, trading at Rs 92.90 per share, with a day high of Rs 93.7. The announcement gave a sharp boost to the stock, which had been trading lower earlier in the day. This is a sharp rebound from the losses it suffered in early trade.
The surge in shares follows a 30% rally over recent trading sessions, sparked by Ola Electric’s foray into the commercial vehicle market.
The company recently launched the ‘Gig’ range of scooters, priced from Rs 39,999, specifically designed for gig workers. The range includes two variants, ‘Gig’ and ‘Gig+’, tailored for short and long-distance trips, respectively.
The ‘Gig’ model offers a range of 112 km per charge with a top speed of 25 km/h, while the ‘Gig+’ variant is designed for longer trips, with a top speed of 45 km/h and a range of 81 km.
Ola Electric also unveiled its S1 Z series, aimed at urban commuters, with the S1 Z priced at Rs 59,999 and the S1 Z+ at Rs 64,999. Both models feature removable batteries and a range of 75 km. Additionally, the company introduced its PowerPod, a portable inverter priced at Rs 9,999, designed to power homes using Ola’s batteries.
Aggarwal’s announcement of the upcoming store openings, alongside these product launches, signals a bold step in Ola Electric’s strategy to expand its reach and strengthen its position in the electric vehicle market.