Shares of Ola Electric were on the rise on Tuesday as the electric vehicle (EV) manufacturer clawed back some market share from rivals ahead of the festive season, as per the latest data.

What Happened: Ola Electric has kicked off the festive season with strong momentum, further solidifying its leadership in the two-wheeler EV market. The company sold over 15,672 vehicles by October 14, securing a 34% market share, the EV giant said citing the latest data from the Vahan portal.

The growth in market share has been driven by Ola’s popular S1 scooter lineup and its rapidly expanding service network. The company aims to maintain this momentum throughout the festive period leading up to Diwali.

Big Plans Ahead: Ola Electric has launched several initiatives to boost its market footprint, particularly in tier-2 and tier-3 cities, while also enhancing its after-sales service. Under its #HyperService campaign, the company plans to double its service centres to 1,000 by December 2024, providing customers with a tech-driven, superior after-sales experience.

Additionally, through its Network Partner Program, Ola is working to onboard 10,000 sales and service partners by the end of 2025.

See Also: CDSL To Report Q2 Earnings On Oct 26: What To Expect

In a bid to prepare for the growing EV demand, Ola Electric has set a goal to train 1 lakh third-party mechanics across India in EV servicing, ensuring widespread EV readiness among local mechanics.

Ola Electric's S1 portfolio includes six models designed to cater to a wide range of customers. Premium models like the S1 Pro and S1 Air are priced at ₹1,34,999 and ₹1,07,499, respectively, while the more affordable S1 X series starts at ₹74,999.

During its August 2024 “Sankalp” event, Ola unveiled its Roadster motorcycle series, which features advanced technology and high performance. The Roadster series, available in three variants—Roadster X, Roadster, and Roadster Pro—are priced between ₹74,999 and ₹1,99,999.

Welcome Relief: Ola’s market dominance has been under pressure recently, logging drops in both August and September. However, the latest uptick could give it some momentum going into the festive season.

There have also been several reports about the company's service complaints mounting up. The developments have halted Ola Electric's sweet ride at the bourses. Ola’s market share is still lower than the 49% share it held at the end of the June quarter, with Bajaj Auto close behind.

The scrip is also down over 40% from its record highs, currently trading at around ₹90.78, which is slightly off its listing day closing price of ₹92 per share.

Price Action: Ola Electric’s share price climbed 4.3% to ₹91.21 in early morning trade on Tuesday before paring some gains.

Read Next: Reliance Jio Reports 23% Jump In Q2 Profit To ₹6,539 Cr, ARPU At ₹195