Ola Electric Extends Price Reduction on S1 Scooters to Boost Electrification Efforts

Ola Electric, in its continued commitment to spearheading India’s transition to electric vehicles (EVs) and ending the era of internal combustion engines (ICE), has announced an extension of its price reduction on the S1 scooter portfolio until the end of March. This move is part of the company’s ambitious drive to accelerate the country’s electrification efforts and overcome barriers to EV adoption.

Under this extension, customers can avail of price reductions of up to INR 25,000 on various models within the S1 portfolio. The S1 Pro, S1 Air, and S1 X+ will continue to be available at attractive prices of INR 1,29,999, INR 1,04,999, and INR 84,999 respectively.

The decision to extend the price reduction stems from Ola Electric’s robust cost structure, bolstered by its strong vertically integrated in-house technology and manufacturing capabilities. Additionally, the company’s eligibility for manufacturing incentives has facilitated this move, making electric mobility more accessible to Indian consumers.

Notably, Ola Electric’s S1 scooters offer significant cost savings compared to traditional ICE vehicles, with potential savings of up to INR 30,000 per year. This value proposition positions the company’s offerings as the superior choice in the scooter market, further incentivizing the transition to electric mobility.

Furthermore, Ola Electric recently achieved a significant milestone by becoming the first Indian two-wheeler company to receive a Domestic Value Addition (DVA) certificate under the Production Linked Incentive (PLI) Scheme for the automobile and auto component industry. This certification underscores the company’s vertically integrated manufacturing capabilities, which, combined with a robust localized supply chain ecosystem and government subsidies, have contributed to cost optimization efforts.

In line with its commitment to breaking barriers to EV adoption, Ola Electric has introduced a series of initiatives across product, service, charging network, and battery warranty domains. Notably, the company launched the S1 X (4kWh) model, expanding its product portfolio to six offerings catering to diverse consumer needs and price points.

Moreover, Ola Electric introduced an industry-first 8-year/80,000 km extended battery warranty across its entire product range at no extra cost. This initiative addresses a significant barrier to EV adoption by enhancing the longevity of vehicles, doubling that of ICE vehicles.

Looking ahead, Ola Electric aims to expand its service network by 50%, reaching approximately 600 service centers nationwide by April 2024, thereby enhancing accessibility and customer support.

It’s important to note that Ola Electric Mobility Limited has proposed an initial public offering of its equity shares, subject to regulatory requirements. Investors are advised to refer to the relevant documentation for comprehensive risk assessment before making any investment decisions.

In summary, Ola Electric’s extended price reduction on its S1 scooter portfolio, coupled with strategic initiatives and milestones, underscores the company’s unwavering commitment to driving EV adoption and fostering sustainable mobility solutions in India.