The electric scooter market leader said the S1 X range would be available for purchase immediately, with delivery starting by April this year. It will be available in three different power ranges – the 2 kWh priced at Rs 79,999, the 3 kWh priced at Rs 89,999, and the 4kWh priced at Rs 109,999.
In comparison, Ola Electric’s most premium offering, the S1 Pro with an 11 kWh capacity, is priced at Rs 147,499, while the popular S1 Air (6kWh) is priced at Rs 119,999.
The Softbank and Tiger Global-backed firm also announced an extended warranty for all its variants of scooters to 80,000 kilometres (kms) or 8 years, compared to the 40,000 kms or 3 years that it currently provides.
“We are offering the longer warranty at no extra costs… the warranty will be transferable if the ownership changes,” founder and managing director Bhavish Aggarwal said. Users will also have the option to extend the warranty up to 1,25,000 kilometres at an extra charge, he added.
The firm also said it would set up 10,000 fast-charging points by the end of the next quarter, up from the existing 1,000 in its network currently. It will also sell portable fast chargers at Rs 29,999, for which it will offer home set-up services.
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The Bengaluru-headquartered company is looking to expand its service centre network from the current 400 to 600 by April 2024. It also runs over 900 experience centres, where it sells its vehicles, Aggarwal added. “We have been talking to our customers, and the lack of service centres and the battery have been among the biggest concerns when it comes to EV adoption,” Aggarwal said, while announcing the expansions.
Ola Electric had first announced the S1 X model at an event on August 15 last year, along with four variations of electric bikes that were to be launched by the end of 2024. Asked about the progress on the electric bikes, Aggarwal only said it would be available “soon”.
Aggarwal also said the construction of its ‘gigafactory’, which the firm will use to manufacture its own battery cells, is on track for opening by the end of this quarter, but did not give further details.
The gigafactory features prominently in Ola Electric’s draft initial public offering (IPO) papers, with Rs 1,226 crore of the total proceeds of Rs 5,500 crore expected to be raised being assigned to it.
On being asked about EV-related government policies, Aggarwal said the firm was preparing for a future where the Faster Adoption and Manufacturing of Electric Vehicles (FAME) subsidy is tapered off or ended altogether.
Last year, after a change in the FAME subsidy, overall electric scooter sales in the country plummeted from over 1 lakh units in May to 46,000 units in June, though sales eventually recovered by the end of the year.