In a post on X, the EV startup hinted at the launch of an electric bike during its annual event on August 15
Accompanying the post was a video, which teased the rough sketch of the bike model and silhouette of the company’s upcoming ebike
On Friday, shares of Ola Electric listed on the exchanges and jumped 20% to hit the upper circuit after a tepid debut
Fresh off its public market debut, electric vehicle (EV) major Ola Electric
is now gearing up for the launch of its electric bike on Independence Day (August 15).
“Ready to witness the future of motorcycling? It’s coming sooner than you think. Be there on 15th August at Sankalp 2024 for the grand reveal,” said the company’s official handle in a post on X.
Accompanying the post was a video, which teased the rough sketch of a bike model and silhouette of the company’s upcoming ebike. In the past too, the EV juggernaut has teased images of what appears to be a bike with LED headlamps and wide handlebars.
However, there has been no official announcement on the launch yet. The electric bike is slated to be launched at the EV major’s flagship event, Sankalp, on August 15.
As per its website, the event will showcase “tech exhibits”, a tour of the Ola Gigafactory and “announcements on revolutionary advances in electric mobility, consumer tech and AI”.
Ola Electric has been working on a prototype of an electric bike for some time now. In August last year, it showcased concept electric motorcycles for four models – Diamondhead, Adventure, Roadster and Cruiser.
As per reports, Ola Electric plans to kickstart the delivery of these ebikes as soon as the first half of the financial year 2025-26 (FY26).
Ola Electric’s move to foray into the segment comes at a time when a slew of new-age mobility players have emerged in the electric bike segment, including the likes of Ultraviolette, EMotorad, Motovolt, Toutche Electric, among others.
Legacy brands such as Hero, TVS Motor, and Bajaj Auto have also ramped up their focus on the segment as they warm up towards the idea of electric bikes.
Venturing into the space is expected to offer Ola Electric higher margins as these auto products largely cater to the premium segment. Additionally, the move will help the EV major diversify its product portfolio and effectively utilise the production at its mega Gigafactory in Tamil Nadu.
On top of that, Ola Electric will also bank on its in-house ability to commercially produce cells by early 2025 and leverage economies of scale to effectively compete with other players in the segment.
While the ebike market is still in its infancy, the space is expected to pick up as EV penetration grows in the country.
Earlier on Friday (August 9), Ola Electric listed on the bourses. The stock made a muted debut and listed at INR 75.99 apiece on the BSE as against the issue price of INR 76.
However, it soon picked up pace and hit the upper circuit of 20%, closing its first trading session at INR 91.18 on the BSE. At the end of the day, the company’s market cap stood at $4.72 Bn (INR 39,675.41 Cr).
It is pertinent to note that Ola Electric closed its financial year 2023-24 (FY24) with a net loss of INR 1,584.4 Cr, widening 7.6% from INR 1,472.1 Cr in the previous year. However, operating revenue soared 90% year-on-year (YoY) to INR 5,009.8 Cr during the year under review.
