Ola Electric clarified its festive discount offer on the Ola S1 X 2KWh electric scooter, emphasizing it's a limited-time promotion and not a price change. The company confirmed a Rs. 5,000 discount for all customers and an additional discount of up to Rs. 25,000 for select customers, while supplies last.
Leading electric vehicle manufacturer Ola Electric has clarified its discount offer on the Ola S1 X 2KWh electric scooter. Media reports indicate Ola's stock dropped 3% following allegations regarding the announced discounts.
In response, Ola Electric explained that the announced discount is a limited-time festive offer and that the official price of the scooter remains unchanged.
In a letter to the Bombay Stock Exchange (BSE), Ola Electric detailed the discount. The company confirmed a Rs. 5,000 discount for all customers during the festive period. An additional discount of up to Rs. 25,000 is available for select customers, while supplies last.
"We have not changed the price of the Ola S1 X 2KWh; we are running a festive promotion for a short period. We are giving a general discount of Rs. 5,000 to every customer. A few customers are getting an additional discount of up to Rs. 25,000, but only on very limited stocks," Ola stated.
When questioned by the Automotive Research Association of India (ARAI) about the Ola S1 X 2KWh selling for Rs. 49,999, Ola responded that the scooter's price remained unchanged. The Rs. 25,000 discount significantly reduces the price, but it's a short-term offer for limited stock.
Ola provided an invoice dated October 6, 2024, as proof that the price was not revised and the advertised maximum discount was applied. Additional documentation was also submitted to ARAI.
In its response to the stock exchange, Ola assured there were no undisclosed reasons for the recent change in its share price and affirmed its commitment to transparency and compliance with SEBI regulations.