Ola S1 | Business Upturn

Ola Electric introduces 60-Month loan option for S1 electric scooters: Report

Aditya Bhagchandani — Sun, 18 Jun 2023 12:59:15 +0000

Ola Electric, following in the footsteps of Ather Energy, has introduced a new financing option for its S1 range of electric scooters. In collaboration with IDFC First Bank and L&T Financial Services, Ola now offers customers a 60-month loan option, featuring the industry’s lowest interest rate of 6.99 percent. This groundbreaking offering allows customers to purchase Ola electric scooters without making any down payment, while benefiting from the most affordable monthly EMIs in the market.

Traditionally, banks and non-banking financial companies (NBFCs) provided loans for electric two-wheelers with durations ranging from 36 to 48 months. However, Ola Electric has disrupted the market by extending the loan tenure to 60 months, offering customers more flexibility. These financing options are available at Ola’s experience centers across India, where customers can explore and gather comprehensive information before making their purchase through the Ola app.

Ola Electric has established a robust network of over 700 experience centers throughout the country, steadily progressing towards its goal of reaching 1000 retail outlets by August 2023. The company’s current product lineup includes three models: S1 Air, S1, and S1 Pro. Customers can look forward to the commencement of deliveries for the S1 Air model starting from July.

Ankush Aggarwal, Chief Business Officer at Ola Electric, expressed enthusiasm about the extended loan tenure, stating, “As the market leader, we have successfully forged strong alliances with leading financing partners, offering the most lucrative options not just in Tier 1 but in Tier 2 and 3 cities as well. India has immense potential for EV 2W adoption, and our financing offers are setting new benchmarks in the industry for ease of ownership for customers.” Aggarwal also emphasized Ola’s commitment to accelerating EV adoption and making it the preferred choice for all.

As manufacturers strive to enhance the accessibility of electric vehicles (EVs), the introduction of longer loan tenures is expected to become more widespread. The recent revision in the FAME II subsidy has led to a temporary price surge in electric two-wheelers, potentially impacting sales. However, customer-friendly financing alternatives like Ola Electric’s 60-month loan option will play a vital role in mitigating this downturn and ensuring the sustained growth of the EV market.

With Ola Electric’s pioneering efforts in providing affordable financing options, the cost of owning an EV is now significantly lower compared to traditional internal combustion engine (ICE) vehicles. As the industry continues to evolve, the availability of longer loan tenures and competitive financing options will undoubtedly contribute to the mainstream adoption of electric scooters and motorcycles, making them an attractive choice for consumers across the country.

Ola streamlines lineup for S1 Air and S1 E-Scooters

Aditya Bhagchandani — Sat, 10 Jun 2023 09:14:55 +0000

Ola, the Indian electric vehicle manufacturer, has made some significant changes to its lineup of e-scooters. Initially announced in October 2022, the Ola S1 Air was introduced with a 2.5kWh battery and an introductory price of Rs 79,999. However, in February 2023, the company expanded its offering to include three variants. Now, Ola has decided to discontinue the 2kWh and 4kWh variants, leaving only the 3kWh variant available for purchase.

Deliveries of the Ola S1 Air were initially planned to commence in the first quarter of 2023. However, as we approach the end of the second quarter, the e-scooter is yet to go on sale. Customers who had booked the other variants of the Ola S1 Air will now have no option but to choose the 3kWh variant.

The Ola S1 Air, now available solely in the 3kWh variant, is priced at Rs 1.10 lakh (ex-showroom, including FAME-II subsidy). According to a company official, the decision to discontinue the other variants was driven by the high demand for the 3kWh version. Similarly, the Ola S1 model has also been streamlined to only offer a single variant with a 3kWh battery. The discontinuation of the smaller 2kWh variant for the S1 was due to the same reason.

The Ola S1 Air boasts a 3kWh battery, offering a claimed IDC range of 125 km. It can reach a top speed of 85kph and features a motor rated for 4.5kW of peak power, as per the company’s claims.

Ola Electric marks sales of more than ₹600 crores worth of Ola S1 scooters in a single day

News Desk — Thu, 16 Sep 2021 07:35:58 +0000

On Wednesday, Ola Electric reported that the company has sold Ola S1 scooters worth more than ₹600 crores, a sale has been opened by the electric scooter company for people who reserved it in advance.

In the first 24 hours, ola has run to sell 4 scooters every second, the price of the scooter is said to be more than what the entire 2W industry sells in a day. “India is committing to EVs and rejecting petrol! We sold 4 scooters/sec at peak & sold scooters worth 600Cr+ in a day! Today is the last day, the purchase will shut at midnight. So lock in this introductory price and buy on the Ola app before we sell out!” Ola CEO Bhavish Aggarwal while celebrating the milestone wrote on Twitter.

India is committing to EVs and rejecting petrol! We sold 4 scooters/sec at peak & sold scooters worth 600Cr+ in a day! Today is the last day, purchase will shut at midnight. So lock in this introductory price and buy on the Ola app before we sell out! https://t.co/TeNiMPEeWX pic.twitter.com/qZtIWgSvaN

— Bhavish Aggarwal (@bhash) September 16, 2021

The purchase window is going to be closed today, the customer can purchase their Ola S1 and S1 Pro scooters, until midnight tonight only if they have registered them already. At Rs. 2,999 EMIs for the Ola S1 starts and for EMIs for Ola, S1 Pro starts at Rs. 3,199, the delivery month is likely to communicate to you at the time of making the advance payment.

It has also been confirmed by Ola that the exact date of delivery on dispatch of the buyer’s Ola Scooter from the Ola Future factory will be told to the customer. The new scooter has a driving range of up to 181 km for the S1 Pro and a top speed of up to 115kmph.