Ola Electric shares jump 16% in 2 sessions. Here's what is triggering the stock
Ola Electric Mobility rallied 16% in just two sessions after the pure-play EV company on Monday announced its plans for a four-fold expansion of its company-owned store network to 4,000 by December 20, 2024.
With the current 800-store network, the company has set an ambitious target of opening 3,200 stores in less than three weeks. This translates into 178 stores per day.
«With over 3,200 new stores set to open, Ola Electric will operate India's largest EV distribution network, covering all the country's pin codes. It is one of the world's most significant expansions of the EV footprint, bolstering access, growth and adoption in the country. All the newly launched stores will be co-located with service facilities, strengthening the company's service network all across the country,» the company filing said.
The move assumes significant importance following Ola Electric's 6% market share loss in November.
Commenting on the development, the company's Chairman & Managing Director Bhavish Aggarwal said that Ola Electric's «massive network expansion» will be a pivotal moment in the country's journey towards #EndICEAge with India swiftly moving towards electric mobility.
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