Ola Electric share price gained up to 15% on Wednesday, November 27 after the company announced the launch of Gig and S1 Z range of scooters, its most-affordable range of scooters so far, with prices starting at ₹39,000.
Following the announcement, Ola Electric Mobility share price opened at ₹77.71 on the BSE on Wednesday, more than 5% higher than the previous close of ₹73.47. Later, the stock extended gains and rose as much as 15.14% to ₹84.60, reclaiming its IPO price of ₹76.
Ola Electric Mobility in its release on November 26 said that it has launched Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ starting at introductory prices of ₹39,999, ₹49,999, ₹59,999, and ₹64,999, respectively. The prices are ex-showroom.
Ola Electric Mobility also said that the reservations for both the Gig and S1 Z series are open at just ₹499 starting November 26. It highlighted that the new range of scooters offer durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers.
Deliveries of the Ola Gig and Ola S1 Z series will begin starting April 2025, and May 2025, respectively.
With the new range of products, coupled with the existing portfolio, Ola Electric said that it aims to further revolutionise access to EVs with a wide range of affordable offerings across categories, catering to a broad spectrum of customers, thereby democratising electric mobility for all.
The new range of our scooters also features 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. With Ola Gig and Ola S1 Z scooters, and our existing EV portfolio, we are strongly positioned to take India closer to #EndICEAge, said Bhavish Aggarwal, Chairman & Managing Director, Ola Electric, in a statement.
Aggarwal added, “At Ola, we are committed to taking the EV revolution to every nook and corner of the country. With the launch of the Ola Gig & S1 Z range of scooters, we will further accelerate EV adoption, catering to a wide range of personal and commercial use cases with affordability, reliability, and safety as the core pillars".
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