Ola Electric Hits 20% Upper Circuit as New Gig Range and S1 Z Scooters Spark Market Excitement
Ola Electric shares skyrocketed 20% to hit the upper circuit at ₹88.10 in afternoon trading on November 27. This surge followed the launch of its most affordable electric scooters to date – the S1 Z and the Gig range – starting at a competitive ₹39,000 (ex-showroom).
Revolutionizing Electric Mobility
CEO Bhavish Aggarwal unveiled the new models on X (formerly Twitter), emphasizing the scooters’ innovative features. A standout is the portable battery that doubles as a home inverter when paired with the Ola PowerPod. “Say hello to the Ola S1 Z & Gig range, starting at just ₹39K! Affordable, accessible, and now with a portable battery pack,” Aggarwal shared.
The Gig range, tailored specifically for gig workers, includes two variants – Gig and Gig+, priced at ₹39,999 and ₹49,999 (ex-showroom), respectively. These models are designed for business-to-business (B2B) purchases and rental services. Reservations are already open, with deliveries expected to commence in April 2025.
Brokerage Bullish on Ola Electric
Global brokerage firm Citi has initiated coverage on Ola Electric with a ‘Buy’ rating and a target price of ₹90, signaling a 23% upside from its last close of ₹73. Citi highlighted Ola’s 38% market share, expansive product portfolio, robust R&D, and vertical integration, which includes Li-ion cell manufacturing, as key strengths.
The report also cited upcoming launches, including electric motorcycles and electric three-wheelers (E3Ws), as major growth drivers. While service-related issues remain a concern, Citi expects them to improve as the company stabilizes its supply chain. Valuations are pegged at a 4x FY26 EV/Sales multiple, underlining Ola’s dominant position in the rapidly growing electric vehicle (EV) sector.
Stock Performance and Growth Potential
Ola Electric shares have seen a 14% gain over the past week, fueled by investor confidence in its innovation-driven approach and leadership in the EV space. With affordable pricing, cutting-edge features, and a focus on gig workers, the new S1 Z and Gig range are expected to significantly boost sales.
For gig workers, businesses, and EV enthusiasts alike, the Gig and S1 Z scooters represent a new era of affordable and sustainable mobility solutions.
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