In a significant move, Ola Electric, the Bangalore-based electric vehicle (EV) startup, has reduced the prices of its battery-powered scooters by up to Rs 25,000, signaling a commitment to making electric mobility more accessible. The price reduction, effective from February 16, applies to the S1 Pro, S1 Air, and S1 X+ models, with new prices set at Rs 129,999, Rs 104,999, and Rs 84,999, respectively, until the end of the month.
Ola Electric attributes this price cut to its robust cost structures, in-house technology, manufacturing capabilities, and eligibility for manufacturing incentives. The move comes in the wake of Tata Motors’ recent reduction in Battery Electric Vehicle (BEV) prices, reflecting a positive trend toward more competitive pricing in the electric vehicle market.
Moreover, Ola Electric has received certification for its second product under the Production-Linked Incentive (PLI) scheme for the automobile and auto component industry. This certification makes Ola S1 Pro and Ola S1 Air eligible for government subsidies for five years under the Auto PLI scheme, a significant step in promoting electric vehicle adoption.
Bhavish Aggarwal, Chairman and Managing Director of Ola Electric, announced a special discount on the S1 X model, effective from February 16 until the end of the month. He emphasized the company’s dedication to breaking barriers and making electric vehicles more accessible with the hashtag #EndICEAge.
Earlier in January, Ola Electric had introduced a similar scheme, offering a 50 per cent discount on extended warranty and up to Rs 2,000 exchange bonus for the S1 Air and S1 Pro models. Industry experts view Ola Electric’s customer-centric approach as a strategic move to stimulate electric vehicle adoption in the Indian market.
According to Uday Narang, Founder and Chairman of Omega Seiki Mobility, this reduction in prices aligns with the industry trend towards more affordable electric vehicles, fostering a positive downward price trend as the electric vehicle market matures and strengthens its ecosystem, ultimately driving increased adoption in the country.
