In an event on Independence Day, 2023, Bhavish Aggarwal-led Ola Electric launched a new series of its electric vehicle (EV), the Ola S1 X series of scooters, along with the next generation of platforms for all Ola Electric vehicles.
The vehicle will come in three variants, the Ola S1 X (with a 2 kWh battery), the Ola S1 X and Ola S1 X+ (with a 3 kWh battery each). “This scooter will end the ICE age,” said Bhavish Aggarwal during the launch.
The Ola S1 X can go up to 195 kilometres on a single charge and can reach a top speed of 120 km/h. The vehicle can hit 0-40 km/h in 2.6 seconds, and Ola Electric claimed it to be the fastest electric scooter in the country.
However, these stats are valid for the 3 kWh S1 X, with the other two having slightly different ranges and top speeds.
The S1 X+ will start at INR 1.09 Lakh, with the purchase starting today. The 3 kWh S1 X will retail at INR 99,999. The 2 kWh variant will retail at INR 89,999. All three scooters invite a discount of INR 10,000 if a customer reserves the scooter this week.
Along with the new vehicle, Bhavish Aggarwal also introduced the new vehicle platform, the Gen 2 platform, that will be featured on all Ola Electric vehicles.
According to the mobility unicorn, the new platform will feature a new motor, a new battery, a new electric control unit and a new frame, reducing the number of parts needed, the costs and energy consumption. Ola Electric also said the new battery will separate low-voltage and high-voltage boards, improving thermal performance.
With this, Ola Electric now has a range of five electric two-wheelers, including the new Gen 2 S1 Pro, which will retail at INR 1.47 Lakh.
Alongside the new platform, Ola Electric has also introduced the latest version of its software, the MOVE OS 4. The startup has planned a beta launch starting September 15, with a timeline of mid-October to bring it to all users.
Meanwhile, the startup also announced the launch of 100 new service centres across India, taking the total service centres to nearly 1,000.
The development comes as Ola Electric saw its net loss almost quadruple to INR 784.1 Cr in the financial year 2021-22 (FY22) from INR 199.2 Cr in FY21. However, the numbers for FY22 are not comparable with those of FY21 as the electric vehicle (EV) startup began delivering its escooters only in December 2021.
Operating revenue stood at INR 373.4 Cr in FY22. The startup primarily earns revenue through the sale of its escooters. Further, reports suggest its losses for FY23 will hover around INR 1,116 Cr ($136 Mn) and revenue of about INR 2,750 Cr ($335 Mn), missing its publicly-stated goals for the financial year.
Meanwhile, Singapore’s sovereign wealth fund Temasek is set to lead a $300 Mn – $350 Mn funding round in Ola Electric. The PE firm is said to be looking to invest $100-150 Mn in the electric vehicle maker.
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