POCHAMPALLI (Tamil Nadu, India): Indian electric vehicle maker Ola Electric Mobility launched a new series of motorcycles on Thursday, days after it went public, expanding into an untapped segment in the world's largest two-wheeler market.
India's electric two-wheelers are almost entirely scooters, with more expensive motorcycles accounting for barely 1% of overall two-wheeler EV sales.
Smaller EV motorcycle makers such as Revolt and Ultraviolette Automotive - backed by Indian two-wheeler maker TVS and chip company Qualcomm - have struggled with low volumes in the price-sensitive market.
Ola Electric, which raised US$734 million in its initial public offering last week, launched three motorcycle variants and claimed that the entry-level Roadster X had a range of 200km on a single charge.
The mid-range Roadster has a rated range of 248km, and is equipped with ABS, four riding modes and cruise control.
The Roadster Pro variant with 579km range has features such as advanced rider assistance systems and Internet-enabled AI technologies, the company said at the launch event.
Prices vary from 74,999 rupees (RM3,985) to 249,999 rupees (RM13,282).
The three Roadster variants are backed by an eight-year warranty.
Electric motorcycles have had greater success in China and Taiwan, helped by government subsidies and a vast EV charging network.
However, high upfront costs and range anxiety have been hurdles for growth in other markets.
Ola Electric accounted for 39% of two-wheeler EV sales in the country in July, per government data. Revenue surged 90% in the year March 2024, but it is yet to turn a profit.
In April, it slashed prices of the cheapest of its three scooter models to boost demand after the government reduced EV subsidies, and hopes to cut costs by using its own batteries, opens new tab next year.
The company also plans to refine metals used in its cells in house in the next three to four years, chairman Bhavish Aggarwal said on the sidelines of the event, as part of its profitability targets. — Reuters/Other sources
