With this decline, the stock has now dropped 37.5% from its peak of Rs 157.4, which it reached shortly after its listing.
The electric scooter maker announced on Friday that it will double its company-owned service centre network to 1,000 by December as part of its newly launched Hyperservice, a campaign aimed at boosting electric vehicle (EV) adoption in the country.
βWith #HyperService weβre expanding our network and building the best in class ownership experience with on-demand and AI powered service,β Bhavish Aggarwal, CEO of Ola Electric shared in a post on X (formerly Twitter).
Launching #HyperService today for @OlaElectric customers!
In the last 3 years, weβve built a 7L+ community and the leading market position. We have close to 800 stores but only about 500 service centres. Changing that today onwardsπͺπΌ
With #HyperService weβre expanding ourβ¦ pic.twitter.com/REZIVO4XW8
β Bhavish Aggarwal (@bhash) September 27, 2024
Ola Electric currently operates around 800 stores and about 500 service centres, according to Aggarwal.
Aggarwal also announced that the company aims to train 100,000 third-party mechanics to service EVs by December 2025 under its Network Partner Programme.
Additionally, Ola Electric will launch a quick-service guarantee, offering a backup Ola S1 scooter to customers whose service is delayed beyond one day. Customers subscribed to Ola Care+ will also receive Ola cab coupons, valid until their service requests are fulfilled.
Starting in October, the company will also deploy AI-powered proactive maintenance and remote diagnostics features that can identify issues before they occur, Aggarwal added.
This announcement comes a day after the Bengaluru-based company revealed plans to establish 10,000 sales and service outlets by the end of 2025, with 1,000 partners set to come on board ahead of the upcoming festive season.
In related news, Ola Electric’s S1 X 2kWh scooter has recently received compliance certification under the government’s Production-Linked Incentive (PLI) scheme.
Ola Electric currently leads the Indian electric two-wheeler market with a 32% share, followed by TVS and Bajaj, each with 19%, and IPO-bound Ather Energy with 12%. Global brokerage firm Bernstein recently noted that Ola Electric is on a strong path to profitability.
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