Ola Electric, fresh from an impressive stock market debut, is set to celebrate the Independence Day in style, making its entry into the e-motorcycle segment.
The company has shared few details about the motorcycle — we don’t even know its name — which will be launched at its annual event “Sankalp 2024” at its Tamil Nadu-based FutureFactory on August 15.
The Softbank-backed startup has come to dominate the e-two-wheeler space after it delivered its first e-scooter in 2021, clocking the highest revenue among its peers in India, a Redseer report has said. The EV maker has four scooter offerings - Ola S1, S1 Pro, S1 Air and S1X, which is the mass-market model.
Also read: Ola Electric posts net loss of Rs 347 crore in Q1FY25
The e-motorcycle segment could prove to be a hard nut to crack as just these vehicles account for only a percent of the bikes sales in the country. With the launch of its first bike, Ola Electric is looking to disrupt the space.
Here are some of the likely features and launch details that we have managed to put together:
Expected features
The Bhavish Aggarwal-led startup has teased a few images on social media platform ahead of the launch. These images hint at a futuristic and sporty bike with LED headlamps, wide handlebars and with some curves, giving it a Japanese vibe.
You can never be ready enough for this. Want to witness the future of motorcycling? Stay tuned for the grand reveal.On 15th August, at #OlaSankalp2024
Sign Up https://t.co/WwDlUtTjfJ pic.twitter.com/SgrmfefEBs
— Ola Electric (@OlaElectric) August 8, 2024
Some of the features are also said to be inspired by its e-scooters.
Aggarwal, too, shared a blurred image in which indicators looked similar to those of KTM. The bike is likely to have a TFT display, Ola Maps and Bluetooth connectivity.
Took a test rideAnd then our marketing team did this to such a nice pic! @akhandelwal pic.twitter.com/OcHOfXSx86
— Bhavish Aggarwal (@bhash) August 8, 2024
The company has been working on the bike launch for some time now. A year ago, Ola had unveiled four concept e-motorcycle models —Diamondhead, Adventure, Roadster and Cruiser.
Last month, it was reported that the startup had shelved plans for a e-car to focus on bikes and scooters.
Launch details and price expectations
The company is yet to reveal the price of the bike but rumours are that the latest offering from the Ola stable could be priced between Rs 1.5 lakh and Rs 2 lakh.
The motorcycle is likely to be in direct competition with Tork Kratos R, Revolt RV400, Ultraviolette F77 Mach 2 and Matter Aera among others.
However, customers will have to wait until the first half of FY26, when the deliveries are likely to begin.
Meanwhile, Aggarwal is aiming to develop in-house capability to manufacture commercial EV cells by early 2025 and replace all external batteries, helping the company cut costs.
IPO and first board meeting
On August 14, the shares of the newly-listed startup plunged over 7 percent on profit booking in early trade before making a recovery. The stock closed 2.61 percent higher at Rs 110.99 on NSE.
The firm, which held its first board meeting on August 14 after listing, announced a net loss for the quarter ended June 30 at Rs 347 crore as against Rs 267 crore in the year-ago period. The revenue, however, rose 32 percent to Rs 1,644 crore compared to Rs 1,243 crore in the year-ago period.
The EV startup raised more than Rs 6,000 crore through the IPO and made a strong market debut on August 9, with the stock surging 20 percent to hit upper circuit on August 12.
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