The shares of Ola Electric Mobility Ltd., rose by as much as 15% on Wednesday touching its IPO level of ₹76 after it unveiled two of its most affordable electric scooters the Gig and S1 Z series. The announcement reaffirms Ola’s mission of making EVs accessible to everyone in India.
The shares of Ola Electric were listed on Friday at ₹77.71 on the Bombay Stock Exchange (BSE), up more than 5 percent from its issue price of ₹73.45. During the day, the stock rose further to the intraday high of ₹84.60, a hike of 15.14% over the previous close. The surge made the company’s stock price float again above its IPO Listing Price.
Information about the New Scooter Range
On November 26, Ola Electric introduced the following models with attractive pricing:
- Ola Gig: Starting at ₹39,999
- Ola Gig+: ₹49,999
- Ola S1 Z: ₹59,999
- Ola S1 Z+: ₹64,999
These prices are introductory and ex-showroom reflecting the firm’s commitment to address all forms of electric mobility including private as well as commercial usage.
Features and Innovations
The new range comes with features like removable portable batteries that are compatible with the Ola PowerPod, which can also act as a home appliance inverter. This makes the scooters appealing for all kinds of riders and use cases, improving value for urban, semi-urban, and rural areas.
Bookings for the new models started as early as November 26 for just ₹499. Deliveries are expected to commence as follows:
- Ola Gig Series: From April 2025
- Ola S1 Z Series: From May 2025
Aiming to Revolutionize EV Accessibility
Ola Electric underlined its commitment to helping more people acquire EVs. “With the launch of the Ola Gig and S1 Z range, we aim to cater to a wide spectrum of customers with affordability, reliability, and safety at the core,” said Bhavish Aggarwal, Chairman and Managing Director of Ola Electric.
While addressing it, Aggarwal highlighted that these products are the direction towards the goal of no Internal Combustion Engines (#NoICE) and faster adoption of EVs in India.
Market Implications
Ola Electric is also attempting to increase Gig’s market share in the EV segment with the help of affordable Gig and S1 Z scooters. Thus, the company is likely to meet the rising demand for eco-friendly and more importantly affordable means of transport since it seeks to diversify its product offering.
