Ola Electric has increased the prices of its S1 and S1 Pro electric scooters by up to Rs 15,000. The new prices are in effect from June 1, 2023. The Ola S1's price has increased from Rs 1,14,999 to Rs 1,29,999, while the Ola S1 Pro's price has increased from Rs 1,24,999 to Rs 1,39,999.
The price hike has been attributed to the reduction in subsidies offered under the FAME II scheme. The FAME II scheme is a government program that provides subsidies to electric vehicles. The subsidies under the FAME II scheme were reduced by 50% in April 2022. The reduction in the subsidy is expected to lead to an increase in the prices of all electric vehicles.
Ola Electric has said that the price hike is due to the rising cost of raw materials. The company has also said that it is committed to providing affordable electric vehicles to its customers.
The Ola S1 and S1 Pro are the first electric scooters from Ola Electric. The scooters were launched in September 2021 and have been well-received by the market. The scooters offer a range of up to 141 km and 181 km. Both are equipped with a number of features, including a 7-inch touchscreen display, a reverse parking assist system, and a voice assistant.
The price hike of the Ola S1 and S1 Pro is likely to impact the sales of the scooters. The scooters are already facing stiff competition from other electric scooters, such as the Ather 450X and the TVS iQube. The price hike is likely to make the Ola S1 and S1 Pro less competitive.
It remains to be seen how the price hike will impact the sales of the Ola S1 and S1 Pro. But it is clear that the price hike is a setback for Ola Electric. The company had hoped to sell a million electric scooters in the next two years. The price hike is likely to make it difficult for Ola Electric to achieve this target.