Announcing the launch, Ola CEO Bhavish Aggarwal posted on X, “Say hello to Ola S1 Z & Gig range, starting at just Rs 39K! Affordable, accessible, and now with a portable battery pack that doubles up as a home inverter using the Ola PowerPod.”
Ola has already started reservations for the two EVs. Bhavish added that deliveries of the scooters will begin in April 2025.
Currently, Ola offers three scooters: the S1X (Rs 69,999), the S1 Air (Rs 1,00,499), and the S1 Pro (Rs 1.34 lakh).
The announcement of the new scooters comes amidst ongoing customer complaints about services and other issues related to Ola scooters.
The stock’s rally was further fueled by Citi’s initiation of coverage on Ola Electric with a ‘Buy’ rating and a target price of Rs 90.
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“Our positive stance on Ola —largest E2W player in India with ~38% market share (FY25YTD)—is predicated on wide product portfolio, strong R&D focus, significant vertical integration (inc. Li-ion cell manufacturing), and large scale of production; soon to-be-launched motorcycles and E3Ws potential volume boosters,” Citi said in its report.”We admit service perception has been negative of late, but expect it to subside over the medium term as back-end supply chain catches up with volume growth,” it said.
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About Ola S1 Gig
The Gig range has been designed to address the needs of gig workers involved in both shorter and longer trips through two variants — ‘Gig’ and ‘Gig+’ — with introductory prices of Rs 39,999 and Rs 49,999 (ex-showroom), respectively.
The range will be available for business-to-business (B2B) purchases and rentals, Ola Electric said in a statement.
The term ‘Gig’ is aimed at gig workers involved in shorter trips. It offers a range of 112 km on single charge with a top speed of 25 kmph. It comes with a removable 1.5 kWh battery, a hub motor.
On the other hand, ‘Gig+’ is built for gig workers having to travel longer distances with heavier payloads. It comes with a top speed of 45 km/hr and a removable single/dual battery of 1.5 kWh with a range of 81 km, the company said.
It has a single portable battery and will be available at introductory price of Rs 39,999
According to Ola, the Gig Plus has also a single portable battery but is extendable to two. As per the product page it has slot for two 1.5 kWh battery and offers higher 157 km range. Its bigger 1.5 kw motor promises better 45 kmph speech.
It will be available at introductory price of Rs 49,999.
About Ola S1 Z
Like the Gig, the S1 Z also comes in two models – Z and Z+. However, S1 Z is a personal-use electric scooter aimed at urban commuters who value style, performance, and convenience. Ola Electric said the ‘S1 Z+’ is a dual-usage electric scooter designed for both personal and light commercial use with a robust body.
Both the ‘S1 Z’ and ‘S1 Z+’ have removable dual batteries of 1.5 kWh each with a range of 75 km and top speeds of 70 kmph.
The company also launched its PowerPod, an inverter that powers homes using its portable batteries, priced at Rs 9,999.
On Tuesday, Ola’s shares closed at Rs 73.5, up 5.7% on the BSE, while the benchmark Sensex declined 0.13%. Its shares have declined 41% in the past three months. The company currently holds a market capitalization of Rs 32,406 crore.
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