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Ola Electric Shares: Reservations for the new scooters have already begun, with deliveries scheduled to begin in April 2025 for the Ola Gig range.
Shares of Ola Electric rose 8% after launching the Gig and S1 Z scooters.
Ola Electric Shares: Shares of Ola Electric surged 8% on the Bombay Stock Exchange (BSE) on Wednesday, following the announcement of two new electric scooter ranges priced below Rs 39,000, making them the largest in Ola’s lineup so far. became the most affordable model of
Shares of Ola Electric opened at Rs 77.71, up 5 percent from the previous close of Rs 73.47. The stock later touched an intraday high of Rs 79.33, reflecting a gain of 8 percent.
In a post on X (formerly Twitter), Ola CEO Bhavesh Aggarwal introduced the new Ola S1 Z and Ola Gig range, which start at Rs 39,000, along with a portable battery pack that Ola Doubles as a home inverter via 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 introductory ex-showroom prices of Rs 39,999, Rs 49,999, Rs 59,999 and Rs 64,999 respectively. Reservations for these models are available from November 26 for just Rs 499. Scooters offer affordable, durable and flexible solutions, with removable batteries for personal and commercial use in urban, semi-urban and rural areas.
Ola’s move to expand its range of electric scooters comes at a time when the company has been facing constant customer complaints regarding its services and products. The Central Consumer Protection Authority (CCPA) had earlier ordered a probe into the alleged service lapses related to Ola Electric’s vehicles. Last month, the company reported resolving 99.1% of the 10,644 complaints sent by the CCPA.
In another development, Ola Electric reportedly 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 new scooters, Ola Electric aims to revolutionize access to electric vehicles (EVs) by offering a wide range of affordable options to a diverse set of consumers. Bhavesh Agarwal emphasized that the company is committed to increasing EV adoption across India, stating that the new range of scooters, combined with the existing portfolio, will help the country “end the era of the internal combustion engine. will help bring you closer to “doing”.
Agarwal also pointed out that the new scooter’s portable batteries, which can act as home inverters, offer added value by powering home appliances, increasing the efficiency of the battery system.