Ola Electric shares climbed 9% to an intraday high of Rs 83.70 on the NSE today following the launch of two new electric scooter ranges, starting at just Rs 39,000, making them the most affordable offerings in Ola’s lineup.
New Scooter Launches: Ola S1 Z and Gig Range
Ola Electric unveiled two new models: the S1 Z and the Gig range, designed to cater to diverse customer needs. CEO Bhavish Aggarwal announced the launch on X, saying, “Say hello to Ola S1 Z & Gig range, starting at just Rs 39K! Affordable, accessible, and now with a portable battery pack that doubles up as a home inverter using the Ola PowerPod.”
The company has already begun accepting reservations for the new models, with deliveries expected to start in April 2025.
Currently, Ola Electric offers three scooters in the market:
- S1X priced at Rs 69,999
- S1 Air at Rs 1,00,499
- S1 Pro at Rs 1.34 lakh
Details of Ola Gig Range
The Gig range targets gig workers and is available in two variants—Gig and Gig+, priced at Rs 39,999 and Rs 49,999 (ex-showroom), respectively. These models are specifically designed for business-to-business (B2B) use and rentals, providing practical solutions for delivery and ride-sharing professionals.
- Gig:
- Range: 112 km on a single charge
- Top Speed: 25 km/h
- Battery: Removable 1.5 kWh
- Introductory Price: Rs 39,999
- Gig+:
- Range: 81 km (extendable to 157 km with dual batteries)
- Top Speed: 45 km/h
- Battery: Removable single/dual 1.5 kWh
- Introductory Price: Rs 49,999
Details of Ola S1 Z
The S1 Z range caters to personal-use customers, especially urban commuters. Like the Gig range, it offers two variants—S1 Z and S1 Z+.
- S1 Z:
- Range: 75 km
- Top Speed: 70 km/h
- Battery: Removable dual 1.5 kWh
- S1 Z+:
- Designed for personal and light commercial use
- Features a robust body for dual purposes
Ola also introduced the PowerPod, a home inverter powered by the scooter’s portable battery, priced at Rs 9,999.
Addressing Complaints and Challenges
The launch comes amid ongoing challenges for Ola Electric. The company has faced customer complaints about service quality and product issues.
The Central Consumer Protection Authority (CCPA) recently investigated alleged deficiencies in Ola’s services, though the company claims to have resolved 99.1% of the 10,644 complaints forwarded by the CCPA.
Earlier this month, Ola reportedly laid off 500 employees across various verticals as part of a restructuring exercise aimed at improving margins and boosting profitability.
Share Performance and Outlook
Despite today’s surge, Ola Electric shares have declined 41% in the past three months. On Tuesday, the stock closed at Rs 73.5, up 5.7%, outperforming the benchmark Sensex, which fell 0.13%. The company’s market capitalization currently stands at Rs 32,406 crore.
Commenting on the technical outlook Anshul Jain Head of Research at Lakshmishree investments said that Ola Electric has shown a much-needed pullback to its falling quarterly VWAP around Rs 84, signaling a potential short-term opportunity. However, despite the recent rally, the stock’s overall structure remains weak.
Jain also added that traders and investors should consider using this rise as an exit point for long positions. With underlying market pressures and a lack of bullish momentum, the stock is at risk of further downside, potentially testing the Rs 55 level in the near term. Caution is advised for those holding long positions, as the current price movement suggests limited upside potential in the coming weeks.
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