The Automotive Research Association of India (ARAI) expressed concerns that Ola Electric did not notify the agency about a price cut for its S1 X 2 kilowatt-hour model prior to launching its prominent “BOSS” sale.
In response to a query from the Automotive Research Association of India (ARAI) regarding its pricing strategies, Ola Electric clarified that there has been no change in the price of its S1 X 2 kilowatt-hour (kWh) scooters during its BOSS sale event. The notice from ARAI came last week, just as the Bengaluru-based firm launched its flagship sale, where the model’s price was notably reduced to INR 49,999, complemented by additional benefits of up to INR 25,000 on the S1 series.
In a stock exchange filing on Tuesday, Ola Electric detailed that the discounts were part of a limited-time festive campaign, with a general discount of INR 5,000 applicable to all customers and a more substantial discount of INR 25,000 available to a select few. Supporting this, Ola Electric provided an invoice dated October 6, which indicated a INR 5,000 discount and a screenshot from its app confirming the unchanged list price of the scooter. The INR 25,000 discount was clarified to apply only to a limited stock.
Ola also highlighted its festive season pricing for other models, with the premium S1 Pro and S1 Air priced at INR 1,34,999 and INR 1,07,499, respectively, and the mass-market S1 X range, which includes 2 kWh, 3 kWh, and 4 kWh battery options, priced at INR 74,999, INR 87,999, and INR 1,01,999 respectively.
Amidst the ongoing festive season, Ola Electric has seen a significant increase in its market share, capturing 34.9% as per mid-October data from the government-run Vahan vehicle registration platform, a substantial rise from 28.7% in the previous month. This growth positions Ola ahead of other key players in India’s electric two-wheeler market, such as Bajaj Auto, TVS Motor, and Ather Energy.
The company attributed its rising market share to the growing popularity of its S1 scooter portfolio and an expanding service network, aiming to sustain this momentum through to Diwali. Following these developments, Ola Electric’s shares closed at INR 89.5 on the Bombay Stock Exchange (BSE) on Tuesday.
