Ola Electric to launch S1X on August 15: Reports
As per reports, the electric vehicle maker is planning to launch an electric scooter called S1X. It is expected to be an entry-level model at a starting price of less than Rs 1 lakh. Ola is expected to launch the S1X this independence day on August 15.
Though Ola has not shared any details about the S1X, it is said to offer a range of about 100 kms. Ola currently offers S1 Pro, S1, and S1 Air electric scooters. The S1 lineup features sleek and minimalist design, coupled with state-of-the-art technology and unparalleled performance.
The recently launched S1 Air comes with cutting-edge technology and design elements inherited from its predecessors, the S1 and S1 Pro. It offers a 3 kWh battery capacity, a certified range of 125 km, and a top speed of 90 km/hr. Meanwhile, Ola Electric has seen two more top-level exits, as it plans for an initial public offering (IPO) in early 2024, the media reported on Saturday.Ola Electric has registered an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly.
The company reported sales of over 1,50,000 electric scooters for FY23, media reports said, citing sources. In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end. Meanwhile, leading US asset manager Vanguard has further slashed its holding in ride-hailing major Ola by more than half, which takes Bhavish Aggarwal-run company’s valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021, according to an earlier TechCrunch report.
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