Ola Electric's 19-day goal to expand from 800 locations to 4,000

The statement that Ola Electric will launch almost 169 stores in a single day coincides with a significant decline in the company's market share.

As of today, December 2, Ola Electric has 800 stores that are owned by the corporation. By December 20, 2024, the Bhavish Aggarwal-led electric vehicle manufacturer hopes to have 4,000 stores in India and have more than quadrupled the network in just 19 days.

Ola Electric had stated in October that it intended to reduce the number of stores to just 2,000 by March 2025. However, the business claimed in a new statement on December 2 that it is now "doubling down on the rollout plan" to speed up the adoption of EVs in major rural markets, which are the primary market for two-wheeler sales.

In addition to doubling the number of locations, the corporation has shortened the schedule by several months.

Ola Electric has repeatedly announced its intention to "electrify" India.

It's noteworthy to note, meanwhile, that the announcement to build over 169 stores in a single day coincides with Vahan registrations indicating that, despite continuing to lead the two-wheeler EV industry, the company's market share in November suffered significantly.

The business added that although though it only has a fraction of its competitors' distribution network, it still leads the industry.

Even though Ola was the market leader in 2024, its share has been erratic. Due to festive discounts, it returned to 31% in October after dropping from a peak of 52% in April to 28.6% in September. As of November, it is currently down 25%.

The market share of TVS Motor Company increased from 12% in April to 23% in November, while Bajaj Auto is not far behind, with a 22% share last month compared to 12% in April.

growing rivalry from Bajaj Auto and TVS, whose more reliable results suggest a possibly closer battle in 2025.

The chairman and managing director of Ola Electric, Bhavish Aggarwal, has previously stated that the country's EV adoption rate is still low.

He therefore thinks that Ola Electric's enormous network growth will be essential to the company's #EndICEAge objective. Beyond tier-I and tier-2 cities, the company hopes to reach the entire nation with its extensive D2C network and touchpoints under the Network Partner Program, he stated.

According to the company's announcement from today, all of the new stores will be situated next to servicing facilities.

"Ola Electric will run India's largest EV distribution network, covering all the country's pin codes, with over 3,200 new stores set to open," the business added in the statement.

The launch of Ola Electric's new scooter line and entry into the commercial market nearly align with the company's shop growth strategy.

On November 26, the business unveiled the Gig and S1 Z scooters, which range in price from ₹39,999 to ₹64,999. Additionally, it unveiled PowerPod, an inverter that uses portable batteries to power houses, which costs ₹9,999.