Last week, ARAI sent a notice to the Bengaluru-based firm regarding its pricing strategies for the S1 X 2 kWh model ahead of its flagship sale launched last week. During the sale, the model's price dropped to INR 49,999, with additional benefits of up to INR 25,000 on the S1 series.
In an exchange filing on Tuesday, Ola Electric stated that it is running a limited-time festive campaign offering a general discount of INR 5,000 to all customers and a higher discount of INR 25,000 to a select few.
Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, along with a screenshot from its app confirming the unchanged price of the scooter. It added that the INR 25,000 discount applied only to a limited inventory.
“We have responded to ARAI that we have not changed the price of Ola S1 X 2KWh; and we are running a very limited time festive campaign for a brief period where we are giving a general discount of INR 5,000 to every customer and higher discount of INR 25,000 to only a few customers and that too only with very limited inventories,” the Bengaluru-based company said in an exchange filing.
In the festive season, Ola said that its premium S1 models—the S1 Pro and S1 Air—are priced at INR 1,34,999 and INR 1,07,499, respectively and mass-market S1 X range, which includes 2 kWh, 3 kWh, and 4 kWh battery options, is priced at INR 74,999, INR 87,999, and INR 1,01,999, respectively.
Ola Electric has seen its market share increase in the ongoing festive season. According to data from the government-run Vahan vehicle registration platform, the company sold 17,417 electric two-wheelers by mid-October, capturing a 34.9% market share, up from 28.7% last month.
Other key players in India's electric two-wheeler market this month include Bajaj Auto, TVS Motor, and Ather Energy, with market shares of 22.9%, 21.8%, and 11.5%, respectively.
Ola attributed the rise in market share to the popularity of its S1 scooter portfolio and its expanding service network. The company aims to maintain this momentum through the festive season leading up to Diwali.
On Tuesday, shares of Ola Electric closed at INR 89.5 on the BSE.
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