OLA EV

img. taken from businesstoday

Ola Electric, connected with IPO, has announced a reduction of up to ₹25,000 in the prices of three models in its S1 scooter portfolio. These reduced prices are valid only for February.

The electric vehicle company attributed this step to a robust cost structure, strong long-term integrated in-house technology, manufacturing capabilities, and a commitment to eligibility for manufacturing incentives.

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"With a robust integrated in-house technology and manufacturing capabilities, we have been able to restructure costs and decided to pass on the benefits to customers. At par with leading ICE scooters, we believe there will be no reason for customers to not choose an ICE scooter now."

The company claimed that the Ola S1 scooter outperforms any traditional Internal Combustion Engine (ICE) vehicles. It asserted that this makes the scooter a better option in the scooter market, resulting in annual savings of up to ₹30,000.

After the price cut of ₹25,000, the S1 X+ model is now priced at ₹84,999. Similarly, the S1 Pro is now priced at ₹1,29,999 (reduced from ₹1,47,499), and the S1 Air is priced at ₹1,04,999 (reduced from ₹1,19,999).

Ola Electric is not the only company to reduce prices. Competitor Ather Energy had reduced the price of its entry-level model, the 450S, in January to increase its customer base. The company announced a ₹20,000 price cut on the 450S model, which was previously available at a starting price of ₹1.09 lakh in Bangalore and ₹97,500 in Delhi.

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Recently, Okinawa EV also announced a price reduction across all its electric scooters. The discount ranges up to ₹18,000, and the offer is valid until February 29. Okinawa's electric scooter range now starts with the Freedom model, priced at ₹74,899.

Last August, Bajaj had reduced the prices of its Chetak electric scooters. The base Chetak was priced at ₹1.22 lakh, and the premium variant was priced at ₹1.52 lakh. The base variant received a discount, while the premium variant's price was reduced by up to ₹1.3 lakh.

In the four-wheeler electric vehicle sector, MG Motor and Tata Motors announced price cuts for their Comet electric hatchback and Tiago.ev and Nexon.ev models, respectively, shortly after MG Motor reduced the prices of its Comet electric hatchback.

Recently, Ola Electric became the first Indian two-wheeler company to receive Production-Linked Incentive (PLI) certificates under the Domestic Value Addition (DVA) scheme for the electric automobile and component industry. The goal is to book a 13% subsidy on the sale price.

Ola Electric has recently made several announcements regarding products, services, charging networks, and extended battery warranties. The company has also launched the industry's first 8-year/80,000 km extended battery warranty for the entire range of products without any additional cost.