Shares of Ola Electric have witnessed a sharp spike following government approval for the launch of its latest model, the S1 X+ 5.2 kWh, powered by its indigenously developed 4680 Bharat Cell battery pack.
The stock is trading at Rs 36.10, accounting for gains of almost 3% compared to Thursday's closing price of Rs 35.09. This marks a welcome rally for a stock that has fallen 25% in the past 12 months and is trading almost of its listing price.
The S1 X+ 5.2 kWh has received certification under the Central Motor Vehicle Rules (CMVR), 1989, from the International Centre for Automotive Technology (ICAT), Manesar — a government-certified testing agencym the company confirmed in an exchange filing on Friday.
The approval is quite significant for Ola Electric, as the scooter becomes the longest range product in its mass market portfolio, promising to deliver 320 km IDC range and a top speed of 125 km/h. The model is powered by an 11 kW mid-drive motor with an integrated house developed 4680 Bharat Cell.
"The government certification of the S1 X+ 5.2 kWh is a significant milestone as we bring our in-house developed 4680 Bharat Cell technology to the mass market at scale," the company said in the exchange filing.
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