Ola Electric Mobility shares are down 2.37%, on the day the company began mass deliveries of the S1 Pro+ powered by its locally produced 4680 Bharat Cell. The rollout aligns with a period in which Ola’s delivery volume has been expanding from 23,000 units in early FY25 to over 50,000 units in Q2.
Ola: First use of 4680 Bharat Cell in a commercial scooter
The 5.2 kWh S1 Pro+ is the first scooter to run on the in-house cell. Ola claims improvements in range, performance and safety, but these points will require proof through daily usage rather than internal testing. The company stated, “This is a big moment, not just for Ola, but for India’s journey towards becoming a global EV hub. With the national rollout starting soon, we are now ready to take this breakthrough product and technology to every corner of the country.”
The timing of this launch coincides with an auto gross margin of 30.7% for the quarter, with incentives contributing only about 2%. As the new pack extends to more models, margins will indicate whether the cell line is stable or introduces new costs.
Ola Market share under pressure
However the market share of the company has been on a declining trend. Recent data indicates that Ola’s registrations slipped to about 8,400 units, placing the company in fifth position behind TVS, Bajaj, Ather and Hero MotoCorp, as per a report by Nomura. The report adds that Ola’s market share fell to roughly 7.2%, a 390-basis-point decline month-on-month, making it one of the weaker performers in that period. No other operational or financial commentary on Ola appears in the document, and the company is referenced solely through this single retail performance datapoint.
Pricing of Ola’s latest models
Ola’s scooters cover several price brackets. The S1 Pro+ is listed at Rs 1,90,338 (5.2 kWh) and Rs 1,70,338 (4 kWh).
The S1 Pro sits at Rs 1,44,999 (4 kWh) and Rs 1,24,999 (3 kWh).
The S1 X+ (4 kWh) is Rs 1,19,999, while the S1 X variants stand at Rs 84,999 (2 kWh), Rs 98,999 (3 kWh) and Rs 1,14,999 (4 kWh).
The S1 Pro Sport is priced at Rs 1,64,999 (5.2 kWh) and Rs 1,49,999 (4 kWh).
Ola Electric Q2 performance
The Q2 consolidated operating expenses came in at Rs 416 crore with auto opex at Rs 258 crore. Auto EBITDA was 0.3%, while auto operating EBITDA stood at negative 6.8%. Consolidated EBITDA remained at negative 18.1%. Any disruption in cell output or quality would show up quickly in these figures.
The quarter’s cash flow from operations was negative Rs 40 crore, with management noting that underlying auto operating cash flow would have been positive Rs 15 crore without a Rs 55 crore inventory buildup tied to the festival period. Total cash stood at Rs 2,903 crore, offering a cushion but not an unlimited one.