- Passes on the benefits of robust cost structures, vertically integrated in-house technology and manufacturing capabilities, along with Production Linked Incentive (PLI) to its customers
- S1 Pro, S1 Air, and S1 X+ now available at INR 129,999, INR 104,999, and INR 84,999 respectively
Bengaluru, February 16, 2024: In its biggest push yet to accelerate India’s electrification efforts and breaking all barriers to EV adoption, Ola Electric, India’s largest electric vehicle company, has reduced the prices across its S1 scooter portfolio by up to INR 25,000. The company has announced this move on the back of a robust cost structure coupled with strong vertically integrated in-house technology and manufacturing capabilities, and eligibility to manufacturing incentives.
With a robust, aggressively priced product portfolio, the Ola S1 scooters outperforms any traditional ICE vehicles, making it the superior choice in the scooter market with savings of upto INR 30,000/year. These prices are valid only for the month of February.
W.E.F 16th Feb, 2024, the revised pricing of the S1 portfolio is as follows:
| Variants | Current Price | New Price |
| S1 Pro | INR 1,47,499 | INR 1,29,999 |
| S1 Air | INR 119,999 | INR 104,999 |
| S1 X (4kWh) | INR 109,999 | INR 109,999 |
| S1 X+ (3kWh) | INR 109,999 | INR 84,999 |
| S1 X (3kWh) | INR 89,999 | INR 89,999 |
| S1 X (2kWh) | INR 79,999 | INR 79,999 |
Ola spokesperson, Ola Electric said, “At Ola, we are committed to #EndICEAge by breaking all barriers to EV adoption and making EVs more affordable and accessible. Aligned with our mission to push EV adoption across the country, we are introducing unprecedented prices across our S1 portfolio. On the back of a strong vertically integrated in-house technology and manufacturing capabilities, we have been able to restructure costs and decided to pass on the benefits to customers. Priced equivalently to leading ICE scooters, we are confident that customers will now have no reason to buy an ICE scooter.”
Recently, Ola Electric was awarded as the first Indian 2W company to receive Domestic Value Addition (DVA) certificate under Production Linked Incentive (PLI) Scheme for automobile and auto component industry. The PLI certification is a testament to companies’ vertically integrated manufacturing capabilities, robust localised supply chain ecosystem and govt. subsidies have helped the company restructure costs and hence reduce prices of scooters across S1 portfolio making them more affordable and accessible.
Ola Electric has recently announced a series of initiatives spanning across products, service, charging network and battery warranty in an effort to break all barriers in the adoption of EVs. With the launch of S1 X (4kWh), Ola Electric expanded its portfolio to six best-in-class products, ranging across different price points and catering to customers with different range requirements.
The company also launched the industry’s first 8 year/80,000 km extended battery warranty for the entire range of products at no extra cost, a move that addresses the biggest barrier for EV adoption by extending the lifespan of the vehicles by 2X of ICE vehicles. Additionally, Ola Electric also unveiled the plans to expand its service network by 50% from the current 414 service centres to ~600 centres across the country by April 2024.
Disclaimer:
OLA ELECTRIC MOBILITY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its equity shares and has filed a draft red herring prospectus dated December 22, 2023 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI at www.sebi.gov.in, stock exchanges i.e., BSE at www.bseindia.com and NSE at www.nseindia.com, respectively and is also available on the website of our Company at www.olaelectric.com and websites of the book running lead managers, i.e. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, BofA Securities India Limited at https://business.bofa.com/bofas-india, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, Axis Capital Limited at www.axiscapital.co.in, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at wwww.sbicaps.com and BOB Capital Markets Limited at www.bobcaps.in, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see the section titled “Risk Factors” on page 28 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.
The equity shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The equity shares have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws.
