Ola Electric is India’s largest electric two-wheeler manufacturer and it’s clearly evident via its sales figures. In May 2023, the company recorded its highest-ever monthly sales of 35,000 units accounting a YoY (year-on-year) growth of 300 percent. Currently, Ola has over 30% of market share. With an aim to increase its market share to 60-70%, Ola will bring in 6 new electric two-wheelers including a mass-market scooter and bike. Besides this, the company will expand its sales network in Tier I and Tier II cities.
Ola Price Hike
Under the FAME II scheme, the government of India recently reduced the subsidy for electric two-wheelers that results in a significant price hike for e-scooters and bikes. Ola Electric has hiked prices of its S1 and S1 Pro scooters by at least Rs 15,000.
Now, the Ola S1 comes at Rs 1.30 lakh and the S1 Pro costs Rs 1.40 lakh. While the former uses a 3kWh battery pack and offers a range of 141km, the latter gets a 4kWh battery pack and delivers a range of 181km. The Ola S1 Air range is being offered at Rs 85,000. Its 2.5kWh and 3kWh battery variants are now available at Rs 1 lakh and Rs 1.10 lakh respectively. All aforementioned prices are ex-showroom.
Ola Lithium Bidding
Just so you know, a large lithium reserve was found in Jammu & Kashmir’s Reasi district in February 2023. With this finding, India became the 7th largest lithium reserve country in the world. Lithium, which falls in the critical resources category, is used in battery manufacturing for electronic products and electric vehicles.
The government announced that the bidding for the 5.9 million tonnes of Lithium reserve will be completed by December 2023. If reports are to be believed, Ola Electric, Tesla and Mitsubishi might participate in this bidding. As of now, there is no official word on the same from any authority or company.
