NEW DELHI: IPO-bound Ola Electric has slashed the prices of its latest electric scooter range S1 X as it aims to ramp up sales and remain the top electric two-wheeler player ahead of its proposed listing on the Indian bourses.
Ola Electric said on Monday that the S1 X range, available in three battery configurations – 2 kWh, 3 kWh, and 4 kWh, would now be priced at Rs 69,999, Rs 84,999, and Rs 99,999, respectively.
When Ola Electric had launched the S1 X range in February this year, it had priced the three variants at Rs 79,999, Rs 89,999 and Rs 109,999 respectively.
The announcement comes a few weeks after rival Ather launched its first-ever family scooter, Rizta, at a starting price of Rs 109,999 per unit.
“We believe India’s EV industry has reached an inflection point with the EV penetration in the 2W segment at an all-time high last month. Our S1 X portfolio now addresses the high upfront cost of EVs which is one of the major barriers to EV adoption,” said an Ola Electric spokesperson.
Ola Electric also slashed prices of S1 Pro, S1 Air, and S1 X+ to Rs 1,29,999, Rs 1,04,999, and Rs 84,999, respectively. The cut in prices comes soon after rival Ather Energy launched Rizta, a family focused EV, at a starting price of Rs 1.09 lakh.
The Softbank-backed company sold 326,443 e-scooters in the financial year 2024 and had a market share of 35% in the e2W segment. Ola was followed by TVS Motors at 19% share and Bajaj Auto at 12% share.