OLA chairman and chief executive officer of Ola Group, Bhavish Aggarwal, revealed during a presentation that OLA Electric, the EV arm of the company, is planning to launch an electric car by 2024.
Highlights
Ola, a ride-hailing firm, now has an EV arm. That means Ola electric is on the way.Bhavish Aggarwal gave various details about Indian-origin vehicles through a video presentation.Aggarwal also revealed plans to build a “full-EV hub.”
What to expect from an Indian-origin EV
Through a video presentation, Bhavish Aggarwal gave various details about the Indian-built automobile. He said it would have 500 Kilometres per charge range, i.e. almost 310 miles. There will be an assisted driving capability, and the roof will be all glass. Ola EV would be ‘handle-less’ and keyless. The company is planning to launch the EV in 2024, he added. “Global automakers think that the Indian market is not ready for world-class technology and, hence, sell their hand-me-down tech in India,” Ola CEO said; this perspective needs change, he added. Aggarwal also announced the company’s plans to expand Ola’s ‘Futurefactory’ into a ‘full-EV’ hub in Tamil Nadu State, which is for now focusing on two-wheeler electric vehicles. This extended facility, at full scale, would produce 10 million two-wheelers, 100-gigawatt hours of cells and 1 million cars each year. “This … reimagined Ola Futurefactory is going to be the world’s largest EV ecosystem at a single site,” he added.
Ola ride-hailing firm and Ola EV arm origin
On August 15, 2021, Bhavish Aggarwal, OLA CEO, launched OLA electric scooter in Bangalore. He appeared on-screen during the presentation on OLA Campus. Ola Electric Mobility Pvt announced the price of the electric scooter as 99,999 rupees. They attempted to make it affordable for the average population of India. Ola ride-hailing firm, which was established back in 2022, Now it has an EV arm which is producing electric vehicles. Furthermore, Ola and Ola electric both have attracted funding from SoftBank Group. According to the Global EV Outlook notes from the International Energy Agency, “In Brazil, India and Indonesia, fewer than 0.5% of car sales are electric,” India, which may become the most populous country in the world by next year, has a lot of potential for the EV market. If this potential is tapped once, India will get the better of the European Union, the U.S. and China.
Future of EV market in India
According to data from IEA, the Nexon BEV SUV from Tata was India’s best-selling electric vehicle in 2021. After Ola’s experiment in India’s electric vehicle market, there will be competition between Ola Electric, Mahindra Electric Mobility and Tata Motors.
