Six days ago, Ola Electric announced sharp price cuts to its EV range till March 31, 2026. The Bhavish Aggarwal-led EV maker, once the market leader in the two-wheeler electric vehicle market in India, offered its Gen 3 S1 X (2kWh) and Roadster X (2.5kWh) at ₹49,999 under its "#EndICEAge Campaign".
The offer ends today. And Aggarwal has positioned it as a move to bring energy security to India in the midst of the recent oil and fossil fuel disruptions due to the ongoing Middle East conflict. But is this enough to win people over?
"The oil shock has brought energy security back into sharp focus for every Indian, and rising fuel prices are a clear reminder of why we must accelerate our journey towards energy independence," the MD and Chairman of Ola Electric said.
With the latest campaign, Ola Electric has six models under ₹1 lakh. Till March 31, the company’s mass market offerings are priced at:
Gen 3 S1 X (2kWh): ₹49,999
Gen 3 S1 X (3kWh): ₹81,499
Gen 3 S1 X (4kWh): ₹97,499
Till March 31, their Roadster X series is being offered at:
Roadster X (2.5kWh): ₹49,999
Roadster X (3.5kWh): ₹92,999
Roadster X (4.5kWh): ₹99,999
The question, however, is whether Ola Electric can improve its service game? Aggarwal admitted on the earnings call last month that there was a "service challenge". "We are fixing it. We are fixing it, and it’s meaningfully improving. We do have some journey to cover, and brand trust will take its time to recover," he admitted.
Even the Ola C-suite knows that improving their service could put them back faster on track to profitability. "We are seeing that goodness in regional sales metrics where we have solved service challenges more deeply. Like, for example, in the South, etc., maybe in some markets in the North, we see volumes have improved almost 2X-3X in some markets, wherever we have more meaningfully solved service challenges. So, we expect that to play out across the country as over the next few months we more meaningfully solve some of these challenges," Aggarwal had then said.
As the month (the quarter and the fiscal year) comes to a close today, we will soon get to know if Ola Electric was successful in pulling this off, and if the last six days of steep discounts helped matters.