Ola Electric slashes prices of three S1 models by up to Rs 25,000

Besides Ola Electric, several EV players such as Ather, Okaya, and Bajaj have slashed the prices of their products to make electric vehicles more affordable and accelerate their adoption in India

IPO-bound Ola Electric has announced a reduction in prices of three models in its S1 scooter portfolio by up to Rs 25,000. The reduced prices are valid only for February

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

“On the back of a strong vertically integrated in-house technology and manufacturing capabilities, we have been able to restructure costs and decided to pass on the benefits to customers. Priced equivalently to leading ICE scooters, we are confident that customers will now have no reason to buy an ICE scooter."

 

The company said that the Ola S1 scooters outperform any traditional ICE (internal combustion engine) vehicles. This, it claimed, makes them a superior choice in the scooter market, offering savings of up to Rs 30,000 annually.

The S1 X+ model will now cost Rs 84,999 after a price reduction of 25,000. Similarly, the price of S1 Pro has been brought down to Rs 1,29,999 (from Rs 1,47,499) and that of S1 Air to Rs 1,04,999 (from Rs 1,19,999).

Ola Electric is not the only player slashing prices. Rival firm Ather Energy had reduced the price of its entry-level model, the 450S, in January to expand its customer base in the competitive market. The firm announced a Rs 20,000 price cut on its 450S model, which was earlier available at a starting price of Rs 1.09 lakh in Bengaluru and Rs 97,500 in Delhi.

Okaya EV recently announced price cuts across all its electric scooters. The discounts are up to Rs 18,000 and the offer will remain valid until February 29. Okaya’s electric scooter range now starts with the Freedum priced at Rs 74,899.

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

Recently, in the four-wheeler space, Tata Motors announced reduction in the prices of the Tiago.ev and the Nexon.ev, days after MG Motor reduced the prices of its Comet electric hatchback.

Recently, Ola Electric became 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 aim is to book a 13 per cent subsidy on the sales value.

Ola Electric has recently announced a series of initiatives spanning products, services, charging networks, and battery warranties. With the launch of S1 X (4kWh), it expanded its portfolio to six products, catering to customers with different range requirements.

The company also launched the industry's first 8-year/80,000 km extended battery warranty for the entire range of products at no extra cost.