Ola Electric has announced a price reduction of up to INR 25,000 on its S1 scooter portfolio for March, aiming to accelerate India's electrification efforts and break barriers to EV adoption. The reduction is based on the company's robust cost structure, vertically integrated in-house technology and manufacturing capabilities, and eligibility for manufacturing incentives. The Ola S1 scooters outperform traditional ICE vehicles, offering savings of up to INR 30,000/year. Ola Electric has also become the first Indian 2W company to receive a Domestic Value Addition (DVA) certificate under the Production Linked Incentive (PLI) Scheme for the automobile and auto component industry.
The company has launched initiatives to break barriers in EV adoption, including the launch of the S1 X (4kWh), an industry-first 8-year/80,000 km extended battery warranty, and plans to expand its service network by 50% from 414 to 600 centres across the country by April 2024. The company's vertically integrated manufacturing capabilities and localized supply chain ecosystem have helped it restructure costs.