Tue Dec 03 12:06:59 UTC 2024: ## OLA Electric’s Aggressive Expansion Boosts Share Price Despite Losses

**MUMBAI, INDIA** – OLA Electric Mobility’s share price surged over 15% after the company announced plans to aggressively expand its retail presence. The electric vehicle manufacturer will open a staggering 4,000 new stores across India on December 20th, increasing its network from 800 to 4,000 stores in a single month. CEO Bhavish Aggarwal touted this as potentially the largest single-day store opening in history, aiming to bring its products closer to consumers. All new stores will include service capabilities.

This expansion comes despite OLA Electric reporting a net loss of Rs 495 crore (approximately $59 million USD) for the quarter, a slight improvement compared to the previous year’s Rs 524 crore loss. However, revenue increased by 39.1% year-on-year to Rs 1,214 crore (approximately $145 million USD).

Despite the losses, investor confidence appears to be high, with the stock price rising 31% in the last five trading sessions and over 15% in the last month. While down over 40% from its peak, the performance outpaces the benchmark Nifty 50 index, which saw a 0.74% increase over the past five days and 0.55% over the last month.

The news of OLA Electric’s expansion overshadowed a separate announcement of a price increase for the Aprilia RS457 sports bike, which will see a Rs 10,000 increase to Rs 4.20 lakh (approximately $50,000 USD) ex-showroom on January 1, 2025, attributed to high demand.

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