News Brief
Ola Electric Set To Launch E-Auto-Rickshaw 'Raahi', Expanding Commercial Vehicle Portfolio; Here's All About It
Ola Electric venturing into commercial vehicle space.
Ola Electric is set to launch an electric auto-rickshaw, named Raahi, later this month, marking its entry into the commercial vehicle segment.
The company has reportedly been developing the product for a couple of years as part of its broader strategy to expand its offerings, as per a report by The Hindu Businessline.
The electric auto-rickshaw is expected to rival popular brands like the Piaggio Ape e-city, Bajaj RE, and Mahindra Treo.
The launch of the e-auto-rickshaw is one of several announcements expected from Ola Electric in the coming months, including updates on its gigafactory, as the company prepares for its initial public offering (IPO).
Ola filed a draft red herring prospectus in December, aiming to raise up to Rs 5,000 crore through a fresh issue and offering 95.2 million shares for sale.
In a bid to make its electric scooters more competitive, Ola also announced price cuts for its S1 X+, S1 Air, and S1 Pro models in February.
The flagship S1 Pro model saw a reduction of Rs 17,500, bringing its price down to Rs 130,000. Similarly, the S1 Air model became Rs 15,000 cheaper, priced at Rs 1.05 lakh, while the S1 X+ saw a significant cut of Rs 25,000, now priced at Rs 85,000.
In February, Ola achieved record-breaking sales with approximately 35,000 units registered, leading the EV segment's sales chart. This milestone represented nearly 100 per cent year-on-year growth compared to the same period last year.
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