Ola Electric cuts prices on three S1 models by Rs 25,000

21 Feb 2024 CW Team

The electric vehicle company explained that this decision was a result of a robust cost structure, strong in-house technology integration, manufacturing capabilities, and eligibility for manufacturing incentives.

The company stated, "Due to our strong in-house technology and manufacturing capabilities, we have successfully restructured costs and have chosen to pass on the benefits to our customers. Priced similarly to leading ICE scooters, we are confident that customers will now find no reason to purchase an ICE scooter."

According to the company, the Ola S1 scooters surpass the performance of traditional internal combustion engine (ICE) vehicles, making them a superior choice in the scooter market and offering annual savings of up to Rs 30,000.

Following the price adjustment, the S1 X+ model will be priced at Rs 84,999, reflecting a reduction of Rs 25,000. Similarly, the price of the S1 Pro has been lowered to Rs 1,29,999 (from Rs 1,47,499), and that of the S1 Air is now Rs 1,04,999 (from Rs 1,19,999).

Ola Electric is not the sole player in reducing prices, as rival company Ather Energy had previously cut the price of its entry-level model, the 450S, in January to expand its customer base in the competitive market. The firm had announced a Rs 20,000 price cut on its 450S model, which had an initial price of Rs 1.09 lakh in Bengaluru and Rs 97,500 in Delhi.

Okaya EV also recently revealed price reductions across its entire electric scooter range, with discounts of up to Rs 18,000, valid until February 29. The starting price for Okaya's electric scooter range is now Rs 74,899 for the Freedum model.

In August of the previous year, Bajaj had reduced the prices of its Chetak electric scooter, with the base Chetak priced at Rs 1.22 lakh and the premium variant at Rs 1.52 lakh. The base variant received discounts, while the price of the premium variant was slashed by Rs 22,000 to Rs 1.3 lakh.

In the four-wheeler segment, Tata Motors recently announced price reductions for the Tiago.ev and the Nexon.ev, following MG Motor's reduction in prices for its Comet electric hatchback.

Ola Electric achieved a significant milestone as 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. The objective is to secure a 13% subsidy on the sales value.

Recently, Ola Electric introduced a series of initiatives covering products, services, charging networks, and battery warranties. With the introduction of the S1 X (4kWh), the company expanded its product portfolio to six offerings, catering to customers with varying range requirements. Additionally, the company launched the industry's first 8-year/80,000 km extended battery warranty for the entire product range at no additional cost.

Ola Electric, which is set to go public, has declared a reduction in the prices of three models within its S1 scooter portfolio by a maximum of Rs 25,000. It was mentioned that these adjusted prices would be applicable only for the month of February. The electric vehicle company explained that this decision was a result of a robust cost structure, strong in-house technology integration, manufacturing capabilities, and eligibility for manufacturing incentives. The company stated, Due to our strong in-house technology and manufacturing capabilities, we have successfully restructured costs and have chosen to pass on the benefits to our customers. Priced similarly to leading ICE scooters, we are confident that customers will now find no reason to purchase an ICE scooter. According to the company, the Ola S1 scooters surpass the performance of traditional internal combustion engine (ICE) vehicles, making them a superior choice in the scooter market and offering annual savings of up to Rs 30,000. Following the price adjustment, the S1 X+ model will be priced at Rs 84,999, reflecting a reduction of Rs 25,000. Similarly, the price of the S1 Pro has been lowered to Rs 1,29,999 (from Rs 1,47,499), and that of the S1 Air is now Rs 1,04,999 (from Rs 1,19,999). Ola Electric is not the sole player in reducing prices, as rival company Ather Energy had previously cut the price of its entry-level model, the 450S, in January to expand its customer base in the competitive market. The firm had announced a Rs 20,000 price cut on its 450S model, which had an initial price of Rs 1.09 lakh in Bengaluru and Rs 97,500 in Delhi. Okaya EV also recently revealed price reductions across its entire electric scooter range, with discounts of up to Rs 18,000, valid until February 29. The starting price for Okaya's electric scooter range is now Rs 74,899 for the Freedum model. In August of the previous year, Bajaj had reduced the prices of its Chetak electric scooter, with the base Chetak priced at Rs 1.22 lakh and the premium variant at Rs 1.52 lakh. The base variant received discounts, while the price of the premium variant was slashed by Rs 22,000 to Rs 1.3 lakh. In the four-wheeler segment, Tata Motors recently announced price reductions for the Tiago.ev and the Nexon.ev, following MG Motor's reduction in prices for its Comet electric hatchback. Ola Electric achieved a significant milestone as 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. The objective is to secure a 13% subsidy on the sales value. Recently, Ola Electric introduced a series of initiatives covering products, services, charging networks, and battery warranties. With the introduction of the S1 X (4kWh), the company expanded its product portfolio to six offerings, catering to customers with varying range requirements. Additionally, the company launched the industry's first 8-year/80,000 km extended battery warranty for the entire product range at no additional cost.