Ola gears up to break all barriers in EV adoption with its massive electrification push across the country

Ola gears up

Bengaluru,5th February 2024 In a major move to deepen the 2W EV penetration and offer a significant push to India’s electrification efforts, Ola Electric has today launched an S1X 4kWh with a powerful 6kW motor and a long range of 190 Km. The all-new S1X 4kWh is priced at INR 1,09,999 with deliveries starting April 2024 onwards. The company has also announced an industry-first extended battery warranty of 8 years or up to 80,000 km across all its products, addressing customer concerns about battery health and eliminating the biggest barrier to EV adoption.

Bhavish Aggarwal – Founder, Chairman & MD of Ola Electric Mobility Limited, said: “Our latest initiatives spanning across products, service, charging network and battery warranty is a big leap towards breaking all barriers in EV adoption across the country. The all-new S1 X 4kWh is an extremely compelling value proposition with an extended range of 190 Kms at an highly accessible price point. Our 8 year extended battery warranty at no added cost coupled with the expansion of our service and charging network across India will set a new benchmark in the EV industry, and will elevate the ownership experience of all our customers.

With these initiatives, we have addressed all possible barriers to 2W EV adoption, and we are confident that these will further accelerate the transition to EVs across the country.”

As a company with deep R&D, engineering, and technology capabilities, we will continue to innovate and democratize EVs for all our customers.”

#EndICEAge with S1 X 4kWh: Unbelievable Range, Unbeatable Price

The new S1X 4kWh gets an IDC range of 190 kms with top speed of 90 Km/h with a quick acceleration of 0-40 Km/h in 3.3 secs. The scooter comes with a powerful 6kW motor and offers blistering quick performance and superior ride quality. S1X 4 kWh is aggressively priced at par with ICE models and caters to customers with different range requirements. The S1X is available in Red Velocity, Midnight, Vogue, Stellar, Funk, Porcelain white and Liquid Silver.

Built on the most advanced and sophisticated Gen-2 platform, the S1 X range is designed for customers with different daily commute needs. The entire S1X range of 4kWh, 3kWh, and 2kWh is available for purchase starting today at a price of INR 109,999*, INR 89,999*, INR 79,999* respectively. The deliveries of the same will start by April 2024.

Extended Battery Warranty

Launched the industry’s first 8 year/80,000 Kms extended battery warranty for the entire range of products at no extra cost. With this, the company has addressed the biggest barrier for EV adoption by extending the lifespan of the vehicles by 2X of ICE vehicles.

Over and above the extended warranty, customers can now also opt for Add-on warranty and increase the upper limit of the kilometers traveled up to 125,000 Kms. The Add-on warranty could be availed at a nominal starting price of INR 4,999.

Expansion of service network

Ola Electric has also unveiled the plans to expand its service network by 50% from the current 414 service centers to ~600 centers across the country by April 2024.

Fast-charging network

Additionally, the company has announced plans to ramp up its fast-charging network rapidly to 10,000 points by the next quarter. The company has also introduced a portable fast charger accessory of 3KW and is available for purchase at INR 29,999.

Ola Electric’s scooter portfolio now has six best-in-class products. Priced at INR 1,47,499, S1 Pro (2nd Generation) is the company’s flagship scooter while S1 Air is available at INR 1,19,999. The S1X has four variants – S1 X+, S1 X (4kWh), and S1 X (3kWh), S1 X (3Kwh) to cater to the requirements of riders with diverse preferences. The S1 X+ is available for purchase at INR 99,999.

*Prices are subject to change with Fame Subsidy revision

Disclaimer:

OLA ELECTRIC MOBILITY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its equity shares and has filed a draft red herring prospectus dated December 22, 2023 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of SEBI at www.sebi.gov.in, stock exchanges i.e., BSE at www.bseindia.com and NSE at www.nseindia.com, respectively and is also available on the website of our Company at www.olaelectric.com and websites of the book running lead managers, i.e. Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, BofA Securities India Limited at https://business.bofa.com/bofas-india, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, Axis Capital Limited at www.axiscapital.co.in, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at wwww.sbicaps.com and BOB Capital Markets Limited at www.bobcaps.in, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see the section titled “Risk Factors” on page 28 of the DRHP. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

The equity shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered or sold, and bids may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction. The equity shares have not been and will not be registered under the US Securities Act of 1933 (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws.

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