The shares of the Bhavish Aggarwal-led company jumped more than 7% to Rs 30.40 apiece on Monday. The three-day gaining streak took its total market capitalisation above Rs 13,450 crore. Notably, the stock has crossed the Rs 30-mark for the first time in seven weeks.
Ola Electric secures PLI Certification for Roadster X+ 4.5 kWh
In an exchange filing on Friday, Ola Electric announced that it has secured Production Linked Incentive (PLI) certification for its Roadster X+ 11 kW 4.5 kWh from the Global Automotive Research Centre (GARC) under PLI-Auto Scheme. “With this, Roadster X+ 4.5 kWh becomes the first motorcycle in the Roadster portfolio to receive PLI certification, marking a significant milestone in the company’s expansion into the electric motorcycle segment,” the company said.The PLI certification applies to all Roadster X+ 4.5 kWh units, and confirms a minimum Domestic Value Addition (DVA) compliance. “The PLI certification for our Roadster X+ 4.5 kWh is a strong validation of our efforts towards deep localisation and building a truly indigenous EV ecosystem. With our Roadster lineup, we are making electric motorcycles accessible to a much wider set of customers, while leading category creation in the electric motorcycle segment. This milestone further strengthens our ability to scale sustainably while continuing to deliver high-performance, technology-led EVs at compelling price points,” said a spokesperson for Ola Electric.
The company said this milestone reinforces its continued focus on deep localisation, vertically integrated manufacturing, and advancing indigenous EV technology. “The company recently announced a significant price reduction for its 4680 Bharat Cell powered Roadster X+ 9.1 kWh, enabled by rapid economies of scale at its Gigafactory, and deep vertical integration of its indigenously developed 4680 Bharat Cell. As cell production has ramped up, cost efficiencies have improved materially, allowing Ola Electric to pass on these benefits directly to customers. The Roadster 9.1 kWh will now be priced at ₹1,29,999, down from ₹1,89,999, and would be available in limited units only during specific purchase windows,” it added.
March sales numbers
Last week, Ola Electric on Wednesday reported a “strong comeback in business performance”, with daily orders exceeding 1,000 units in the last week of March. Its registrations, meanwhile, jumped over 150% month-over-month to 10,117 units in March from 3,973 units in February. The company said its market share witnessed a V-shaped M-o-M recovery, and it continued to gain share through the month.The Bhavish Aggarwal-led company said this demand recovery was driven by a structural transformation in service operations. Over 80% of vehicles are now serviced on the same day, enabled by improved parts availability, faster diagnostics and tighter operational control across the network, it claimed.
Speaking about the recent service challenges seen over the past few months, Ola Electric said that it implemented big operational changes, resulting in significantly improved turnaround times and customer experience.
Ola Electric sees a clear inflexion in demand
“We are seeing a clear inflexion in demand, with daily orders scaling steadily through March and accelerating meaningfully in the final weeks. 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. As customer confidence strengthens, we are seeing stronger conversion across our portfolio, giving us confidence that this recovery will further sustain and scale,” a spokesperson for Ola Electric said.
In March, the company became the first EV brand in India to cross 1 million cumulative registrations, Ola Electric said, citing VAHAN data. It said this marked a historic milestone for the company and a defining moment for India’s EV ecosystem. “Together, the strong March performance, improving service fundamentals, and market initiatives signal a decisive and sustained turnaround, positioning Ola Electric to lead the next phase of EV adoption in India with scale, trust, and unmatched value,” the spokesperson added.
Ola Electric shares are down around 60% from its IPO price of Rs 76 apiece, and nearly 81% lower than its all-time high of Rs 157.4 apiece, which it hit in August 2024 right after its debut.
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