Ola Electric’s shares rose by 14.43% to 76.50 rupees (US$0.88) per share on the Bombay Stock Exchange (BSE) after launching its Gen 3 electric scooter series on Jan. 31.

The company introduced eight models designed for both mass-market and premium customers. Deliveries are anticipated to begin in mid-February.

The new Gen 3 scooters feature a 20% increase in peak power, a 20% improvement in range, and an 11% reduction in production costs.

The lineup includes the flagship S1 Pro+ with a 5.3 kWh battery, priced at 1,69,999 rupees (US$1960.83), and the entry-level S1 X with a 2 kWh battery, priced at 79,999 (US$922.74).

New features include dual anti-lock braking systems (ABS) and brake-by-wire technology.

This launch occurs amidst heightened competition in the EV market, as Ola Electric currently trails Bajaj Auto and TVS Motor in December sales figures.

Recent Ola Electric developments