Goldman Sachs has maintained its buy call on Ola Electric while raising the target price to ₹72, noting that the company is recalibrating its growth strategy with a more measured investment approach. Ola has revised its battery cell manufacturing ambition to 5 GWh capacity, down from its original 20 GWh target by 2030, which the brokerage said reflects a more pragmatic path to execution.
The company recently obtained certification under the government’s Production-Linked Incentive (PLI) scheme for its Gen 3 vehicle models, which should provide cost advantages and support scale. Ola Electric has also announced plans to launch a new range of performance scooters early next year, aimed at strengthening its leadership in the fast-growing premium EV two-wheeler segment.
Goldman Sachs said the combination of strategic battery localisation, PLI benefits, and a refreshed product pipeline reinforces Ola Electric’s long-term growth case, even as its manufacturing targets are scaled back for now.
Disclaimer: The views and recommendations made in this article are those of Goldman Sachs. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
