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Ola Electric Shares: Reservations for the new scooters have already begun, with deliveries scheduled to start in April 2025 for the Ola Gig range
Ola Electric Shares Jump 8% After Launching 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 as low as Rs 39,000, making them the most affordable models in Ola’s lineup to date.
Ola Electric’s share price opened at Rs 77.71, marking a 5% increase from the previous close of Rs 73.47. The stock later reached an intraday high of Rs 79.33, reflecting a gain of 8%.
In a post on X (formerly Twitter), Ola CEO Bhavish Aggarwal introduced the new Ola S1 Z and Ola Gig ranges, priced starting at Rs 39,000, along with a portable battery pack that doubles as a home inverter via the Ola PowerPod. He highlighted the affordability and accessibility of the new models, which are designed to cater to a broad range of customers.
Reservations for the new scooters have already begun, with deliveries scheduled to start in April 2025 for the Ola Gig range and May 2025 for the Ola S1 Z range.
New Scooter Range Details:
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 at just Rs 499. The scooters offer affordable, durable, and flexible solutions, featuring removable batteries for both personal and commercial use in urban, semi-urban, and rural areas.
Ola’s move to expand its electric scooter range comes at a time when the company has faced ongoing customer complaints regarding its services and products. The Central Consumer Protection Authority (CCPA) had previously ordered an investigation into alleged service deficiencies related to Ola Electric’s vehicles. Last month, the company reported resolving 99.1% of the 10,644 complaints forwarded 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 the new scooters, Ola Electric aims to revolutionize access to electric vehicles (EVs) by offering a wide range of affordable options for a diverse set of customers. Bhavish Aggarwal emphasized that the company is committed to expanding EV adoption across India, stating that the new range of scooters, coupled with the existing portfolio, will help drive the country closer to “ending the internal combustion engine age.”
Aggarwal also pointed out that the new scooters’ portable batteries, which can function as home inverters, offer added value by powering household appliances, enhancing the efficiency of the battery system.
