SUMMARY
Ola Electric said that the S1 X range, available in three battery configurations – 2 kWh, 3 kWh, and 4 kWh, would be priced at INR 69,999, INR 84,999, and INR 99,999, respectively
Ola Electric also trimmed prices of S1 Pro, S1 Air, and S1 X+ to INR 1,29,999, INR 1,04,999, and INR 84,999, respectively
The Bhavish Aggarwal-led startup also said that it reached the registration milestone of 5 Lakh units as per Vahan portal
Bhavish Aggarwal-led Ola Electric has slashed the prices of its latest electric scooters range S1 X in a bid to increase the sales and electric vehicle (EV) adoption.
In a statement, the startup said that the S1 X range, which is available in three battery configurations – 2 kWh, 3 kWh, and 4 kWh, would be priced at INR 69,999, INR 84,999, and INR 99,999, respectively.
The initial public offering (IPO)-bound startup also said that the deliveries of the new model would commence next week, that is, post April 21. The escooters have been available for purchase since February 2.
In February, when Ola Electric launched the S1 X range, it said the 4kWh escooter will be available for INR 109,999, the 3kWh one for INR 89,999, and the 2kWh escooter for INR 79,999.
With the price cut, the startup has placed its new scooters in the price range of Ather 450S, Hero Electric Atria, among other EV scooters. Further, Ola S1 X 2kWh will take on conventional petrol scooters Honda Activa, Honda Dio, and TVS Jupiter, among others.
Commenting on the announcement, a company spokesperson said, “We believe India’s EV industry has reached an inflection point with the EV penetration in the 2W segment at an all-time high last month. Our S1 X portfolio now addresses the high upfront cost of EVs which is one of the major barriers to EV adoption.”
Along with the revisions to the price of its latest range of escooters, Ola Electric also trimmed prices of S1 Pro, S1 Air, and S1 X+ to INR 1,29,999, INR 1,04,999, and INR 84,999, respectively.
Besides the price cut announcement, Ola Electric also introduced a portable fast charger accessory of 3KW, which is available for purchase at INR 29,999.
“Ola’s robust cost structures coupled with vertically integrated in-house technology and manufacturing capabilities enable us to price our products competitively. With new prices of S1 X and a wide product portfolio across all popular price points, we are confident of driving EV penetration further across the country,” the spokesperson added.
Earlier this month, Ola Electric received the nod from the Ministry of Heavy Industries (MHI) to sell electric two-wheelers and claim subsidies under the new ‘Electric Mobility Promotion Scheme (EMPS), 2024’.
Ola Electric’s S1 X range runs on a 6kW motor and offers an acceleration of 0-40 km/h in 3.3 seconds and a top speed of 90 kmph in 4kWh and 3kWh variants, and 4.1 seconds and 85 kmph in the 2 kWh variant.
While introducing the new escooter range in February, Aggarwal said that the startup will also expand its service network by 50% to around 600 centres across the country by April.
Meanwhile, Ola Electric also said that it reached the registration milestone of 5 Lakh units as per the Vahan portal. It is pertinent to note that the startup has been leading the two-wheeler EV space in the country for several months now. Its total escooter registrations stood at 53,000 units in March 2024.
The latest developments come at a time when Ola Electric is marching towards its IPO. It filed its DRHP in December 2023 for an INR 5,500+ Cr IPO.
