IPO-bound Ola Electric, which is working on a portfolio of four electric motorcycles, will further expand its portfolio to the mass-market motorcycle segment in the long run.
18 Jun 2024 | 5337 Views | By Kiran Murali
Ola Electric Mobility Ltd, which is working on a portfolio of four electric motorcycles, is set to launch its first electric motorcycle in the first half of the financial year 2026. The company also has plans to expand its portfolio to the mass-market motorcycle segment in the long run.
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Ola Electric Mobility Ltd, which is working on a portfolio of four electric motorcycles, is set to launch its first electric motorcycle in the first half of the financial year 2026. The company also has plans to expand its portfolio to the mass-market motorcycle segment in the long run.
“We expect to begin delivery of the motorcycles in the first half of fiscal 2026,” the company had said in its DRHP for IPO. Last year, Ola Electric showcased four concept electric motorcycles - Diamondhead, Adventure, Roadster and Cruiser.
“We plan to further expand our product portfolio to also cover mass market motorcycles to capture a broader base of consumers across different product types and price points in the long run,” the company noted. Ola Electric recently patented three electric motorcycle designs as well as a removable electric battery.
Electric vehicle adoption in the scooter segment is picking up pace with several startups and traditional OEMs offering their models. However, the electric motorcycle segment is still nascent with a limited offering from a few start-ups such as Revolt and Ultraviolette.
“Limited options have restricted EV penetration in the motorcycle segment to less than 1%, with major EV play in the more than Rs 1 lakh price segment. With the strengthening of supply in popular price segments through R&D and technological advancements, penetration in the electric motorcycle segment is also expected to see an uptick,” the company said.
Autocar Professional had earlier reported that India’s largest two-wheeler maker Hero MotoCorp is also planning a portfolio of electric motorcycles, with six models under the Vida range and four models under its alliance with Zero Motors, starting from 2025-26. The first model is likely to be a premium model, priced in the range of Rs 4-5 lakh.
Meanwhile, Ola Electric is the market leader in the electric two-wheeler segment with over 30 percent market share, competing with Bajaj Auto, TVS Motor and Ather. The automaker offers three electric scooters - S1 Pro, S1 Air and S1 X. The S1 X has three variants with battery capacities ranging from 2 kWh to 4 kWh.
Last year, the company introduced its second-generation platform, on which its models are being built now. Compared to the first-generation platform, the latest platform offers enhanced features and lower material costs.
The automaker manufactures its products at its facility in Krishnagiri, Tamil Nadu, which it calls Ola Futurefatory. The plant has an installed capacity of one million units per year and the capacity utilisation at the facility was at 36 percent in 2022-2023.
For cell manufacturing, Ola Electric is setting up a “Giga Factory” in Krishnagiri, close to its vehicle manufacturing facility. In-house cell manufacturing is expected to help the company reduce its vehicle cost in a market that is very sensitive to prices.