Ola Electric vrooms 8% after launching Gig and S1 Z range of scooters

Ola Electric shares gained 7.9 per cent in Wednesday's trade and logged an intraday high at Rs 79.33 per share on BSE. The buying came after the company launched its Gig and S1 Z range of scooters.

 

Around 10:05 AM, Ola Electric's share price was up 7.15 per cent at Rs 78.72 per share on BSE. In comparison, the BSE Sensex was down 0.04 per cent at 79,972.54. The market capitalisation of the company stood at Rs 34,810.27 crore. 

 

As per the filing, the new range of scooters comprises Ola Gig, Ola Gig+, Ola S1 Z, and Ola S1 Z+ available at an introductory pricing of Rs 39,999 (ex-showroom), Rs 49,999 (ex-showroom), Rs 59,999 (ex-showroom), and Rs 64,999 (ex-showroom), respectively. The reservations for both the Gig and S1 Z series are open at Rs 499.

 

 

The new scooters offer durable, reliable, affordable, and flexible solutions, including removable batteries, fulfilling personal and commercial use cases of rural, semi-urban, and urban customers. Deliveries of the Ola Gig and Ola S1 Z series will begin starting April 2025, and May 2025, respectively.

 

Ola Gig offers an IDC-certified range of 112 km and a top speed of 25 kmph. It comes with a removable 1.5 kWh battery, a hub motor, and 12” tyres for superior braking. With an introductory price of Rs 39,999. 

 

Ola Gig+ comes with a top speed of 45 km/h and a removable single/dual battery of 1.5 kWh each with an IDC-certified range of 81 km (157 km X 2). The scooter is powered by a hub motor with a peak output of 1.5 kW. With an introductory price set at Rs 49,999, the Ola Gig+.

 

Ola S1 Z sports removable dual batteries of 1.5 kWh each with an IDC-certified range of 75 km (146 km X 2) and comes with a top speed of 70 kmph, an LCD display, and a physical key. Powered by a 2.9 kW hub motor, it can clock 0-20 kmph in 1.8 seconds and 0-40 km in 4.8 seconds. The Ola S1 Z is priced at Rs 59,999 (introductory price).

 

Ola S1 Z+ sports removable dual batteries of 1.5 kWh each with an IDC-certified range of 75 km (146 km X 2) and comes with a top speed of 70 kmph, 14” tyres, an LCD display, and a physical key. Powered by a 2.9 kW hub motor, it can clock 0-20 kmph in 1.8 seconds and 0-40 km in 4.7 seconds. The Ola S1 Z+ is priced at Rs 64,999 (introductory price).

 

Ola PowerPod allows Ola’s portable battery to double up as an inverter which can power small household appliances, lights, fans, and other essential devices.   Meanwhile, Citi initated coverage on Ola Electric with a 'Buy' rating and gave a target of Rs 90 per share.  "Our positive stance on Ola —largest E2W player in India with 38 per cent market share (FY25YTD)—is predicated on wide product portfolio, strong research and development (R&D) focus, significant vertical integration (inc. Li-ion cell manufacturing), and large scale of production; soon to-be-launched motorcycles and E3Ws potential volume boosters," the report read.   It also flagged lower electric vehicle (EV) penetration in 2Ws, elevated competition, negative perception on product/service quality, tech obsolescence, and sustained losses as key risks.

 

Since its listing on August 9, Ola Electric shares have lost 19.4 per cent against Sensex's rise of 0.37 per cent.