Shares of Ola Electric Mobility witnessed a substantial surge on Wednesday, climbing as much as 13% during intraday trading after the company unveiled its highly anticipated new range of electric scooters. The stock opened at Rs 77.71 on the Bombay Stock Exchange (BSE), marking a 5% increase from the previous closing price of Rs 73.47, and reached an intraday high of Rs 83.90, reflecting a remarkable increase of over 13%. This uptick in the stock price is seen as a direct response to the excitement surrounding the new product launch, underscoring investor optimism about Ola Electric’s growth potential in the rapidly expanding electric vehicle (EV) market.
The newly launched range of electric scooters is priced at ex-showroom rates, making them more accessible to a broad customer base that includes individuals and businesses across rural, semi-urban, and urban areas. Ola's move to offer these scooters at competitive prices aims to tap into the growing demand for electric vehicles in India, where concerns about pollution and rising fuel prices have accelerated the shift toward EVs. The company's strategy of introducing affordable EVs is also aligned with the Indian government's push to promote the adoption of cleaner and more sustainable transportation alternatives.
Reservations for the new scooters began on November 26, with a token amount of Rs 499, giving potential customers the opportunity to secure their vehicles ahead of the official launch. Deliveries for the Ola Gig series are scheduled to commence in April 2025, while the S1 Z series will be available from May 2025. This timeline reflects the company's commitment to ensuring that these new models are introduced in a phased manner, with ample time to cater to the anticipated demand.
Ola has emphasized that these models are designed to meet both personal and commercial needs, offering features such as removable and portable batteries that add a layer of versatility for users. In addition, the batteries can function as inverters when paired with the Ola PowerPod, allowing them to power home appliances. This feature could be particularly valuable in rural areas where access to reliable electricity can sometimes be inconsistent, further enhancing the appeal of these scooters for a wide range of customers.
The new range of scooters is part of Ola Electric’s broader strategy to drive EV adoption across India. Bhavish Aggarwal, the Chairman and Managing Director of Ola Electric, highlighted the company’s dedication to expanding the reach of electric vehicles throughout the country. He expressed that the launch of the Ola Gig and S1 Z series scooters would accelerate EV adoption by catering to a wide variety of personal and commercial use cases. At the heart of this strategy are the principles of affordability, reliability, and safety—ensuring that the scooters provide real value to consumers and businesses alike.
This launch is also an important step for Ola in its effort to phase out internal combustion engine (ICE) vehicles as part of the company’s #EndICEAge campaign. By expanding its range of electric scooters, Ola is positioning itself to lead the charge in India's transition toward a cleaner, greener future in transportation. With a diverse range of products designed for different segments of the market, Ola Electric is making significant progress in its mission to revolutionize India's EV landscape. The company's efforts are poised to contribute not only to the reduction of carbon emissions but also to the creation of a more sustainable and energy-efficient future for the country.
Furthermore, Ola Electric's push to make EVs more mainstream is reflected in the affordability and accessibility of the new scooter models. These efforts come at a time when the Indian government is taking active steps to support the growth of the electric vehicle industry, including incentives for manufacturers and consumers. As a result, Ola Electric's position in the EV space continues to strengthen, and the company is poised to play a key role in shaping the future of transportation in India.
The company's forward-looking approach, coupled with its strategic investments in cutting-edge technology, is helping to fuel its rapid growth. With these new scooters, Ola Electric aims to capture a significant share of the Indian EV market, which is expected to experience substantial growth in the coming years. By offering a range of products tailored to meet the needs of different customer segments, Ola Electric is well-positioned to become a dominant player in India’s electric vehicle industry.
