Ola Electric Shares: Bookings for the new scooters have already started, deliveries for the Ola Gig range are scheduled to begin in April 2025.
Ola Electric Shares: Shares of Ola Electric jumped 8% on the Bombay Stock Exchange (BSE) on Wednesday following the announcement of two new electric scooter ranges priced as low as Rs 39,000, making them the most affordable models in Ola’s lineup so far.
Share price of Ola Electric is Rs. 77.71, which was earlier Rs. It was marked up by 5% from a close of 73.47. Shares later traded at Rs. touched an intra-day high of 79.33, representing a gain of 8%.
In a post on X (formerly Twitter), Ola CEO Bhavish Agarwal introduced the new Ola S1 Z and Ola Gig range, priced at Rs. 39,000, along with a portable battery pack that doubles as a home inverter through the Ola PowerPod. He highlighted the affordability and accessibility of the new models, which are designed to cater to a wider range of customers.
Bookings for the new scooters have already begun, with deliveries slated for April 2025 for the Ola Gig range and May 2025 for the Ola S1 Z range.
Details of the new range of scooters:
Ola Electric launched the Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ models with starting ex-showroom prices of Rs. 39,999, Rs. 49,999, Rs. 59,999 and Rs. 64,999 is. Reservations for these models from November 26 at just Rs. 499 is available. The scooters offer affordable, durable and flexible solutions featuring removable batteries for personal and commercial use in urban, semi-urban and rural areas.
Ola’s move to expand its electric scooter range comes at a time when the company has been facing persistent customer complaints about its services and products. The Central Consumer Protection Authority (CCPA) had earlier ordered an inquiry into alleged service defects related to Ola Electric’s vehicles. Last month, the company reported resolving 99.1% of the 10,644 complaints forwarded by the CCPA.
In another development, Ola Electric laid off 500 employees in early November as part of a restructuring effort to improve margins and profitability.
Ola’s Vision for the EV Market:
With the launch of the new scooters, Ola Electric aims to revolutionize access to electric vehicles (EVs) by offering a wide range of affordable options for a diverse set of customers. Bhavish Aggarwal emphasized that the company is committed to EV adoption across India, saying that the new range of scooters, along with the existing portfolio, will help move the country closer to the “end of the internal combustion engine era”.
Agarwal also pointed out that the new scooter’s portable battery, which can act as a home inverter, provides added value by powering household appliances, increasing the efficiency of the battery system.