Ola Electric Mobility shares jumped over 6% on the NSE on Thursday, December 26, to hit an intraday high of Rs 99.95 per share after the company announced the opening of over 3,200 new outlets.
In a filing to the stock exchange on December 25, Ola Electric Mobility said that the company has expanded its network to 4,000 stores across the country, which is four times the total number of stores.
According to the stock exchange filing, with this expansion, the company aims to have deeper penetration and greater EV adoption in smaller cities beyond tier-1 and tier-2 cities.
“Driven by one of the world’s most significant expansions in terms of EV footprint, Ola Electric has strengthened its leadership position in the region by driving reach, growth and adoption in the country. With the launch of over 3,200 new stores with service facilities, the company is committed to promote EV adoption at a large scale, thereby making a deep penetration in almost every town and tehsil of India beyond tier-1 and tier-2 cities, the company said. The company’s aggressive expansion comes amid rising complaints over service issues related to its e-scooters. The expansion is expected to expand its presence in smaller cities as well as address customer grievances. The company’s aggressive expansion comes amid rising complaints over service issues related to its e-scooters. The expansion is expected to expand its presence in smaller cities as well as address customer grievances. “The company is committed to promote EV adoption at a large scale, thereby making a deep penetration in almost every town and tehsil of India beyond tier-1 and tier-2 cities,” the release said.
The company is facing rising complaints of dissatisfaction among customers over the availability of after-sales services. Ola Electric has faced customer anger on social media platforms and in stores over poor after-sales services. A government agency had also asked the company to explain to customers about the poor service.
The aggressive expansion is likely to address customer dissatisfaction with Ola’s services and improve its presence locally, especially in smaller towns.
Ola Electric announces special offers to boost sales
The electric 2-wheeler player also announced special discount offers on Christmas Day to boost its sales.
Ola Electric announced attractive offers with benefits of up to ₹25,000 on the S1 portfolio, exclusively available on December 25, 2024.
Customers were offered a flat discount of up to ₹7,000 on the S1X portfolio. In addition, benefits of up to ₹18,000 were available on select credit card EMIs, including MoveOS benefits worth ₹5,000 and ₹6,000. At the new Ola stores.
Ola Electric Mobility shares were trading 2.17% higher at ₹96.02 per share on the NSE at 10:20 am.
