If the smell is a burning smell, be very careful, a fire could start. If the smell is chemical, but very careful, a battery could explode.
That said, check your electrical connections and your voltage. If you don't know how to do this, call a friend or take it to a shop. The speed control, the wiring and the batteries can all cause what you describe.
One more thought, a dragging brake could also cause this problem.
Things to consider: When did the problem start? What happened or changed at that time? When was the last time it ran right?
Here's a link to brake adjustment info:
Dragging brakes
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