Ola Electric shares were up 7.5% at ₹78.96 on NSE at 10:30 am. At the day’s high level, the stock rose 19% from the 52-week low it hit on November 22.
The uptrend in the auto stock comes after the Bhavish Aggarwal-led company launched Gig and S1 Z Range of scooters in the price range of ₹39,999 – ₹64,999, and introduced PowerPod at ₹9,999, an inverter that powers homes using its portable batteries.
The Gig range marks the company entry into the commercial vehicles segment. The idea behind the ‘Gig’ comes from the fact that this range is 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 ₹39,999 and ₹49,999 (ex-showroom), respectively.
According to the company’s statement, the new range will be available for business-to-business (B2B) purchases and rentals.
Ola Electric has also launched its S1 Z model, a personal-use electric scooter aimed at urban commuters. The segment of the EV two-wheeler priced at ₹59,999 is also aimed at a certain category of customers.
“With the S1 Z, Ola Electric aims to offer an unparalleled alternative value proposition to entry-level ICE models keeping young professionals, students, women, and elderly riders in mind,” the firm said.
On the other hand, Ola S1 Z+ caters to both personal and commercial use cases. Its ideal for e-commerce or delivery partners, and small business owners involved in light to medium commercial activities, the firm said. “Ola S1 Z+ is ideal for urban, semi-urban and rural commuting. The scooter is built for ruggedness, durability, and extended range, catering to the needs of small business owners, local shopkeepers, and individuals involved in light to medium commercial activities.”
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Founder Aggarwal said, the new range of Ola Electric’s scooters also feature portable batteries that can double up as an inverter using the Ola PowerPod and power home appliances allowing for more efficient use of our batteries.
Customers can start making bookings for the Gig and S1 Z range of scooters with just ₹499 while deliveries of the vehicles are expected to begin in April 2025 and May 2025, respectively.
Alongside the scooters, the company has also introduced PowerPod, an inverter that powers homes using Ola’s portable batteries, at ₹9,999. It will allow Ola’s portable battery to double up as an inverter which can power small household appliances, lights, fans, and other essential devices. “The PowerPod has a maximum output of 500W, a 1.5kWh battery that can provide power for 3 hours to run 5 LED bulbs, 3 ceiling fans, 1 TV, 1 Mobile charging, and 1 Wi-Fi router.”
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