Ola Electric shares surged by 7.9% in Wednesday’s trading session, reaching an intraday high of ₹79.33 per share on the Bombay Stock Exchange (BSE). This rally follows the launch of the company’s new Gig and S1 Z series scooters. By 10:05 AM, the stock was trading at ₹78.72 per share, marking a 7.15% increase compared to the broader BSE Sensex, which registered a marginal decline of 0.04% at 79,972.54. Ola Electric’s market capitalisation currently stands at ₹34,810.27 crore.
A Revolutionary Line-Up
In a regulatory filing, Ola Electric unveiled four new scooters: Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+. These models, aimed at catering to both personal and commercial users across rural, semi-urban, and urban markets, are competitively priced to attract a wide consumer base. Introductory ex-showroom prices are as follows:
- Ola Gig: ₹39,999
- Ola Gig+: ₹49,999
- Ola S1 Z: ₹59,999
- Ola S1 Z+: ₹64,999
Reservations for these scooters have begun at ₹499, with deliveries slated for April 2025 (Gig series) and May 2025 (S1 Z series).
Key Features of the Models
The new range promises affordability, durability, and reliability, with removable batteries designed to serve diverse customer needs.
- Ola Gig
- Range: IDC-certified 112 km
- Top Speed: 25 km/h
- Battery: 1.5 kWh removable
- Special Features: Hub motor and 12” tyres for superior braking
- Price: ₹39,999
- Ola Gig+
- Range: 81 km (single battery), 157 km (dual battery)
- Top Speed: 45 km/h
- Battery: 1.5 kWh removable (single or dual)
- Special Features: Hub motor with a peak output of 1.5 kW
- Price: ₹49,999
- Ola S1 Z
- Range: 75 km (single battery), 146 km (dual battery)
- Top Speed: 70 km/h
- Battery: Dual 1.5 kWh removable
- Special Features: LCD display, physical key, and 2.9 kW hub motor
- Acceleration: 0-20 km/h in 1.8 seconds, 0-40 km/h in 4.8 seconds
- Price: ₹59,999
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- Ola S1 Z+
- Range: Similar to S1 Z
- Top Speed: 70 km/h
- Battery: Dual 1.5 kWh removable
- Special Features: 14” tyres, LCD display, and physical key
- Acceleration: Slightly faster at 0-40 km/h in 4.7 seconds
- Price: ₹64,999
Additionally, Ola has introduced the Ola PowerPod, which allows its portable battery to double as an inverter for powering small household appliances like lights and fans, underscoring its commitment to innovative utility.
Market Performance and Challenges
Despite the positive response to its latest offerings, Ola Electric’s share performance since its market debut on 9th August has been less than stellar. The stock has witnessed a decline of 19.4%, contrasting with the BSE Sensex’s modest rise of 0.37% over the same period. The recent surge, however, hints at renewed investor confidence, driven by the strategic diversification of Ola’s product portfolio.
Vision for the Future
The introduction of the Gig and S1 Z series marks Ola Electric’s continued focus on addressing the evolving mobility needs of Indian customers. By offering versatile solutions at accessible price points, Ola is well-positioned to tap into the expanding electric two-wheeler market. With deliveries set to commence in 2025, the company is gearing up to solidify its foothold in both personal and commercial segments.
As the electric vehicle landscape continues to evolve, Ola Electric’s ability to innovate and deliver practical, customer-centric solutions will be pivotal in determining its long-term market success.
