Tuesday , 23 April 2024
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Ola Electric Leads Price Reductions in EV Market Push in India

Ola Electric, the electric vehicle company, has recently announced a significant reduction in prices for three models in its S1 scooter portfolio. The price cuts, which amount to up to Rs 25,000, are part of the company’s efforts to make electric vehicles more affordable and accelerate their adoption in India. This move comes as Ola Electric aims to leverage its robust cost structure, vertically integrated in-house technology, manufacturing capabilities, and eligibility for manufacturing incentives to pass on the benefits to its customers.

The company stated that its S1 scooters outperform traditional internal combustion engine vehicles, making them a superior choice in the scooter market. By offering savings of up to Rs 30,000 annually, Ola Electric aims to position its electric scooters as a compelling alternative to traditional ICE vehicles. The reduced prices apply to three models within the S1 portfolio, with the S1 X+ model now priced at Rs 84,999, the S1 Pro at Rs 1,29,999, and the S1 Air at Rs 1,04,999.

In addition to Ola Electric, other players in the electric vehicle market, such as Ather Energy, Okaya, and Bajaj, have also slashed prices of their products to attract more customers and promote the adoption of electric vehicles in India. Ather Energy, for instance, reduced the price of its 450S model by Rs 20,000, while Okaya EV announced price cuts across its electric scooter range, with discounts of up to Rs 18,000. Bajaj, on the other hand, reduced the prices of its Chetak electric scooter last year.

Furthermore, Ola Electric recently became the first Indian two-wheeler company to receive a domestic value addition (DVA) certificate under the production-linked incentive (PLI) scheme for the automobile and auto component industry. This certification allows the company to avail a 13% subsidy on the sales value of its products. Ola Electric has also introduced a series of initiatives, including extended battery warranties, charging networks, and new product launches, to enhance its offerings and cater to a wider range of customers with different requirements.

Overall, the price reductions by Ola Electric and other electric vehicle players reflect a growing trend in the industry towards making electric vehicles more accessible and affordable to consumers. With advancements in technology, manufacturing capabilities, and government incentives, the electric vehicle market in India is poised for significant growth in the coming years.

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