Bhavish Aggarwal-led Ola Electrical has slashed the costs of its most recent electric powered scooters selection S1 X in a bid to raise the revenue and electrical auto (EV) adoption.
In a statement, the startup reported that the S1 X assortment, which is accessible in 3 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 first public featuring (IPO)-bound startup also claimed that the deliveries of the new model would commence upcoming 7 days, that is, write-up April 21. The escooters have been available for acquire considering the fact that February 2.
In February, when Ola Electric powered launched the S1 X range, it claimed the 4kWh escooter will be obtainable for INR 109,999, the 3kWh a person for INR 89,999, and the 2kWh escooter for INR 79,999.
With the rate lower, the startup has put its new scooters in the price selection of Ather 450S, Hero Electrical Atria, between other EV scooters. Additional, Ola S1 X 2kWh will consider on conventional petrol scooters Honda Activa, Honda Dio, and TVS Jupiter, among the some others.
Commenting on the announcement, a enterprise spokesperson mentioned, “We believe India’s EV business has reached an inflection point with the EV penetration in the 2W segment at an all-time superior very last thirty day period. Our S1 X portfolio now addresses the significant upfront charge of EVs which is just one of the major boundaries to EV adoption.”
Alongside with the revisions to the cost of its most recent variety of escooters, Ola Electric powered also trimmed prices of S1 Professional, S1 Air, and S1 X+ to INR 1,29,999, INR 1,04,999, and INR 84,999, respectively.
Moreover the rate slice announcement, Ola Electric also released a transportable speedy charger accessory of 3KW, which is out there for acquire at INR 29,999.
“Ola’s robust price structures coupled with vertically integrated in-dwelling technological know-how and manufacturing abilities help us to value our items competitively. With new selling prices of S1 X and a large product or service portfolio across all well known rate details, we are self-assured of driving EV penetration additional throughout the nation,” the spokesperson extra.
Previously this month, Ola Electrical been given the nod from the Ministry of Significant Industries (MHI) to promote electric two-wheelers and assert subsidies under the new ‘Electric Mobility Marketing Scheme (EMPS), 2024’.
Ola Electric powered’s S1 X vary operates on a 6kW motor and delivers an acceleration of -40 km/h in 3.3 seconds and a top pace of 90 kmph in 4kWh and 3kWh variants, and 4.1 seconds and 85 kmph in the 2 kWh variant.
Although introducing the new escooter selection in February, Aggarwal mentioned that the startup will also increase its company community by 50% to all over 600 centres across the region by April.
Meanwhile, Ola Electrical also said that it reached the registration milestone of 5 Lakh units as for every the Vahan portal. It is pertinent to observe that the startup has been main the two-wheeler EV area in the region for quite a few months now. Its full escooter registrations stood at 53,000 units in March 2024.
The most recent developments occur at a time when Ola Electric is marching to its IPO. It submitted its DRHP in December 2023 for an INR 5,500+ Cr IPO.
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