Ola Electric Prices E-Scooter Near Traditional Bikes

The SoftBank Group Corp.- and Tiger Global Management-backed electric vehicle unicorn unveiled the price of the Ola S1 during an official launch timed to coincide with India's Independence Day on Sunday.

Ola Electric Mobility Pvt priced its electric scooter at 99,999 rupees ($1,348) in an attempt to crack the affordability barrier for electric two-wheelers in value-conscious India. The SoftBank Group Corp.- and Tiger Global Management-backed electric vehicle unicorn unveiled the price of the Ola S1 during an official launch timed to coincide with India's Independence Day on Sunday. The basic version of the electric scooter will have a range of 121 kilometers (75 miles) on a complete charge. The final price will vary according to subsidies offered by each state government, the company said. Deliveries will commence in October in over 1,000 cities, and exports to countries in Asia, Latin America and Europe will begin in the coming months. "By 2025, all two-wheelers sold in India should be electric, that's my mission," said Bhavish Aggarwal, chairman and group chief executive officer of Ola Group, which also includes the Ola ride-hailing service. The plan is to begin an initial production run of one million scooters in coming months, which will be ramped up as demand builds, he said.