OLA Electric, the largest electric scooter manufacturer in India, has introduced its most affordable electric scooter, the S1X, as part of its efforts to expand its electric two-wheeler lineup and attract more customers. The Softbank Group-backed company also unveiled four premium electric motorbikes, set to be available for sales and deliveries within a year, during an event held at the OLA Future Factory in Tamil Nadu.
New Entry-Level Scooter S1X:
OLA Electric launched the S1X electric scooter in three variants, differentiated by battery capacity and features. The introductory price for the S1X with a 2kWh battery is Rs 79,999 for the first week, rising to Rs 89,999 afterwards. The S1X with a 3kWh battery has an introductory price of Rs 89,999 for the first week and will be priced at Rs 99,999 thereafter. The scooters are designed for daily commutes of around 10-20 km.
Premium Electric Motorbikes:
OLA Electric unveiled four premium electric motorbikes, with sales and deliveries anticipated within a year. The company aims to expand its portfolio under various categories to cater to consumer preferences across form factors and price points.
Manufacturing Capacity:
OLA Electric’s Krishnagiri facility currently has a manufacturing capacity of 1 million electric vehicles annually. The company plans to double this capacity to 2 million within the next nine months. Eventually, the factory is expected to scale up to a capacity of 10 million units per year.
Gigafactory and Cell Manufacturing:
OLA’s Gigafactory, located near the Future Factory in Krishnagiri, is set to become one of the world’s largest cell factories with a capacity of 100 GWh. The factory is expected to be operational by early next year, starting with an initial capacity of 5 GWh. This move aims to contribute to India becoming a Global hub for electric vehicles.
Global Expansion:
OLA Electric plans to tap into global markets by the next year, particularly in the Asia Pacific region and neighboring countries.
Financial Outlook:
CEO Bhavish Aggarwal mentioned that FY22 was an investment year for the company, with product sales beginning in January 2022. FY23 has reportedly been a strong revenue year, with improved bottom-line performance. While no specific forecasts were provided, Aggarwal expressed confidence in positive financial outcomes due to a strong balance sheet and continued investor support.
