Ola Electric, which is planning an IPO, has announced a price drop of up to Rs 25,000 for three models in its S1 scooter lineup. The discounted pricing are available just in February.
The electric car manufacturer ascribed its decision to a good cost structure, vertically integrated in-house technologies, production capability, and eligibility for manufacturing incentives.”With a strong vertically integrated in-house technology and production capabilities, we were able to restructure costs and opted to pass on the gains to consumers. We are certain that with prices comparable to leading ICE scooters, buyers will no longer have a reason to purchase an ICE scooter.”
According to the firm, the Ola S1 scooters outperform all regular ICE cars. This, it claimed, makes them a better choice in the scooter market, with savings of up to Rs 30,000 each year.
Price Drop
The S1 X+ variant will now cost Rs 84,999, a 25,000 price decrease. Similarly, the price of the S1 Pro has been reduced to Rs 1,29,999 (from Rs 1,47,499), and that of the S1 Air to Rs 1,04,999 (from Rs 1,19,999).
Ola Electric is not the only company cutting rates. In January, rival manufacturer Ather Energy dropped the price of its entry-level model, the 450S, in an effort to broaden its client base in the competitive market. The company announced a Rs 20,000 price decrease for its 450S model, which was previously priced at Rs 1.09 lakh in Bengaluru and Rs 97,500 in Delhi.
Okaya EV has announced price reduction for all of their electric scooters. The reductions are up to Rs 18,000, and the deal is good till February 29. Okaya’s electric scooter lineup now begins with the Freedum, priced at Rs 74,899.
Last August, Bajaj cut the price of its Chetak electric scooter. The Base Chetak was priced at Rs 1.22 lakh. The premium model was priced at Rs 1.52 lakhs. The base model received reductions, while the premium variant’s price was reduced by Rs 22,000 to Rs 1.3 lakh.
Tata Motors recently announced price reductions for the Tiago.ev and Nexon.ev, only days after MG Motor slashed the price of its Comet electric hatchback.
Ola Electric has became the first Indian two-wheeler manufacturer to earn a domestic value addition (DVA) certificate via the production-linked incentive (PLI) plan for the car and auto component industries. The goal is to book a 13% subsidy on the sales value.
Ola Electric recently launched a number of projects that cover goods, services, charging networks, and battery guarantees. With the introduction of S1 X (4kWh), it increased its product offering to six, providing to consumers with varying range needs.
The business also announced the industry’s first 8-year/80,000 km extended battery guarantee for the whole product line at no additional cost.
