The share price of the Indian electric vehicle manufacturer Ola Electric Mobility Limited is witnessing significant gains.
On Thursday, Ola Electric soared to a high of ₹28.55, up by 10.27% from the previous closing price of ₹25.89. At the time of writing, the stock is changing hands for ₹28.13.
Strong Demand in March
The share jumps as the Bengaluru-based company experiences strong demand in March.
In a statement, Ola Electric says that daily orders crossed 1,000 units in the last week of the month. Registrations also rose from 3,973 units in February to 10,117 units representing over 150% month-on-month growth.
“We are seeing a clear inflection in demand, with daily orders scaling steadily through March and accelerating meaningfully in the final weeks,” says Ola Electric’s spokesperson.
The firm says it is witnessing demand recovery as it implements operational changes following a period of service challenges in recent months. Ola Electric says that over 80% of vehicles are now serviced on the same day with improved parts availability, faster diagnostics and tighter operational control.
“This momentum is being driven by the structural improvements in our service operations, which are now delivering faster turnaround times and a significantly better ownership experience,” says the spokesperson. “As customer confidence strengthens, we are seeing stronger conversion across our portfolio, giving us confidence that this recovery will further sustain and scale.”
Historic Milestone
Ola Electric made history in March by becoming the first EV brand in India to reach 1 million cumulative registrations.
Ola Electric says it will continue to focus on advancing battery technology and accelerating EV adoption as India moves to reduce dependence on imported crude oil.
“To accelerate India’s transition away from ICE and oil, we are doubling down on batteries and domestic manufacturing,” says the company’s spokesperson.
Source: https://coinpaper.com/15941/ola-electric-share-price-jumps-on-strong-ev-demand-surge
