Ola Electric will open 3,200 stores on December 25, quadrupling the brick-and-mortar store footprint of the electric two-wheeler. This will bring the company’s total store count to 4,000.
With the expansion, Ola Electric aims to bring its products closer to households, part of the company’s new #SavingsWalaScooter campaign.
On December 2, the company said it would open these stores by December 20. This date has been pushed to Christmas.
Additionally, these new stores will be opened in metros as well as tier II and III cities.
The expansion came in November after growing consumer complaints about the company’s declining market share and after-sales service. To address this, 3,200 new stores will be co-located with service centres.
According to vehicle data, Ola Electric sold 29,196 units in November as against 41,775 units in October, resulting in its market share falling to 24.7%. This is a significant drop from its market share of 31.2% when the company was listed on the Indian Stock Exchange in August.
However, the company has maintained its position as the market leader in electric two-wheelers compared to Bajaj Auto and TVS Motor with a market share of 22% and 23% respectively.
The EV-maker is also deploying steps to achieve profitability, a sticking point that has plagued the company since it went public. To achieve this, Ola Electric has undertaken a restructuring exercise that is expected to affect 450-500 employees. your story was reported.
The company will also begin deliveries of its new motorcycle, the Roadster series, and has already launched models of its Ola Electric Gig, which aims to target the growing gig economy and last-mile delivery demand amid growth in the ecommerce and rapid commercial sectors. .
(Disclaimer: Shraddha Sharma, founder and CEO of YourStory, is an independent director at Ola Electric)