Ola Electric's stock price saw a significant boost on Wednesday after the company revealed its plans to launch two new electric scooter ranges priced at just Rs 39,000. CEO Bhavish Aggarwal also introduced a portable home inverter, the Ola PowerPod, which doubles as a battery pack for the scooters. These affordable and accessible options are set to cater to a broad range of customers, with reservations already open. However, this move comes amidst ongoing customer complaints and a recent restructuring effort within the company. With the launch of these new models, Ola Electric aims to revolutionize EV adoption in India and pave the way for a greener future.
Ola Electric Unveils Affordable Scooters and PowerPod Inverter, Boosting Stock Price
Background
Ola Electric, a subsidiary of ride-sharing giant Ola, has established itself as a leading player in India's rapidly growing electric vehicle (EV) market. The company has faced challenges in the past, including production delays and customer service issues. However, Ola Electric remains committed to its mission of making EVs accessible and affordable to the Indian public.
Latest Developments
On Wednesday, Ola Electric announced plans to launch two new electric scooter ranges priced at just Rs 39,000. The scooters, dubbed the S1 and S1 Air, are designed to be affordable and accessible to a wide range of customers. The company also unveiled a portable home inverter, the Ola PowerPod, which doubles as a battery pack for the scooters.
Stock and Customer Response
The announcement of the new scooters and PowerPod was met with positive sentiment on the stock market. Ola Electric's stock price saw a significant boost on Wednesday. However, the company continues to face ongoing customer complaints, particularly regarding service and repair issues.
FAQs
1. What are the specifications of the Ola S1 and S1 Air scooters?
2. When will the Ola S1 and S1 Air scooters be available?
Reservations are now open, and deliveries are expected to begin in September 2023.
3. How much will the Ola PowerPod cost?
The Ola PowerPod will cost Rs 24,999.
4. How does the Ola PowerPod work?
The Ola PowerPod can be used to power household appliances during power outages. It can also be used as a backup battery pack for the Ola S1 and S1 Air scooters.
5. What is Ola Electric's future outlook?
Ola Electric is aiming to revolutionize EV adoption in India. The company plans to expand its product portfolio, including the launch of electric cars in the future. Ola Electric is also investing in battery technology and infrastructure to support the growing EV market.
Honda Motorcycle & Scooter India has officially announced its entry into the Indian electric vehicle market with the launch of two new models: the Activa E and the QC1. These new scooters cater to the needs of personal commuters and price-sensitive buyers with features such as swappable batteries and compact in-wheel motors. The company plans to start bookings for the Activa E in January and expand its presence in major metro cities with battery swapping facilities in collaboration with OMC Power Pvt Ltd.
The Adani Group, one of India's largest conglomerates, has suffered a massive loss of $55 billion in its market capitalization since US prosecutors accused its founder and other officials of fraud. The November 20 indictment in New York alleges that billionaire Gautam Adani and his team misled international investors by offering bribes to Indian government officials. The group denies the charges but has still seen a significant drop in its market value.
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Bengaluru-based Ola Electric has expanded its portfolio with the launch of four new electric scooters, including a budget-friendly option for gig workers. With prices ranging from Rs 39,999 to Rs 64,999, the new models offer different features and ranges to cater to different needs. Ola has also introduced a portable battery inverter for home use.
Italian motorcycle brand Ducati has announced that it will be raising the prices of some of its models from January 2022. The company cites increased operational costs, driven by inflation and commodity prices, as the reason for the price hike. While the brand has not yet disclosed which models will be affected, it is expected that popular models will see a marginal increase while slower-selling ones may keep their current prices. The price increase is set to take effect on January 1st next year.
In an effort to promote sustainable agriculture and reduce farmers' electricity and diesel expenses, the government has launched the PM Kusum Scheme which provides free agricultural pumps to farmers. Experts suggest crowd-financed loans as a viable option for farmers to obtain solar-powered pumps which have long-term benefits. With the central government setting a target for Haryana to install 22,000 solar pumps, applicants can avail of up to 75% subsidy for irrigation.
Mahindra, a prominent carmaker, is set to launch its first ever battery electric vehicles - BE 6e and XEV 9e - in early 2025. These SUVs are built on Mahindra's INGLO platform, specifically designed for electric vehicles. The BE 6e is a sporty coupe with rugged features, while the XEV 9e has an "SUV coupe" appearance. These vehicles are expected to compete with other popular electric cars in the market. The starting prices for BE 6e and XEV 9e are around Rs 18.90 lakh and Rs 21.90 lakh respectively (ex-showroom).