The stock rose to Rs 31.72 during morning trade, adding around Rs 1,275 crore to the company’s market capitalisation and taking it close to Rs 14,000 crore.
Ola Electric founder Bhavish Aggarwal took to X to announce the development. “This is our 46100 format cell—bigger than our current NMC cell. It will start entering our products from next quarter,” he said.
EV scooters to get cheaper?
The new LFP cell is expected to enable further cost reductions, accelerate EV adoption, and lay the foundation for the company’s broader battery storage ambitions, Aggarwal said, adding that it marks the next phase of its Gigafactory scale-up.
“In our End ICE Age journey, we’ve focused on removing barriers to EV adoption—through customer offers, service guarantees, and buyback programmes to build confidence. Passing on PLI benefits is also aimed at improving affordability. We are building not just vehicles, but the full energy stack,” he added.
Strong progress at Gigafactory
In an exchange filing, Ola Electric said the Gigafactory ramp-up is progressing well, with thousands of vehicles powered by its 4680 Bharat Cells already on Indian roads, clocking millions of kilometres in real-world conditions.The Gigafactory currently has a capacity of 2.5 GWh, which is being scaled up to 6 GWh, the company said.
It added that the new LFP cell remains subject to regulatory approvals.
A company spokesperson said the readiness of the LFP 46100 cell marks a key milestone in building an advanced EV and energy ecosystem in India.
“Along with strong progress at our Gigafactory and proven performance of our 4680 cells, this milestone reflects our commitment to innovation, scale, and self-reliance. LFP technology will be critical in driving affordability and accelerating EV adoption,” the spokesperson said.
Stock performance
Ola Electric shares have recently rebounded after a steep decline, supported by strong March sales and PLI certification for its Roadster X+ 4.5 kWh model.
However, the stock is still down around 58% from its IPO price of Rs 76 and nearly 80% below its all-time high of Rs 157.4, hit in August 2024.