Ola Electric plans to make a big foray into electric cars
Like Steve Jobs, the founder and CEO of Ola, Bhavish Aggarwal also has a sense of drama at the big occasion. On Monday, Bhavish announced that Ola Electric planned to launch its own brand of electrical cars. Giving specifics of the proposed car launch, Ola Electric will accelerate from a speed of 0 KM per hour to 100 KM per hour in a span of just 4 seconds. Ola Electric believes that this model should help them gain a foothold in the electric car market, with the most imposing market share. The race for foothold is truly on.
There are more videos on the proposed electric car of Ola. It would be totally built indigenously and will mark the first foray of Ola Electric into the electric car segment. Currently, Ola Electric manufactures electric scooters. With a single charge, the proposed Ola Electric cars will have a range of 500 KM before the next charge is needed. So, officially, one can drive from Mumbai to Pune and also return back with a single charge. In addition, Ola has confirmed that The EV would be keyless and handle-less making it easier to handle.
Ola Electric plans to launch its first electric car in India by the year 2024 and it also has aggressive plans to cross the 10 million units in electric car sales by March 2027. One of the standard justifications offered by Ola Electric for this launch is that most of the current makers may not be using the most modern and world-class technology. Most global automakers sell their hand-me-down technology to India and that can change only if Indian car markers are able to manufacture indigenously on global specifications.
Currently, Ola Electric makes its two-wheeler vehicles at the FutureFactory based out of Chennai. Once the business totally scaled up it can produce between 1 million cars and 10 million two-wheelers, apart from 100-gigawatt hours of cells each year. This FutureFactory is expected to be the largest EV ecosystem at a single place. Ola Electric is the electrical vehicles (EV) arm of Ola, which was established in 2011 as a ride hailing service. Both Ola and Ola Electric have got private equity an venture investments from SoftBank Group.
India is already on track to become the planet’s most populous country in 2023. Hence, the market for electric cars is naturally huge. The Indian EV market is largely untapped and in terms of EV penetration, India is still way below markets like China, the European Union and the U.S. For instance, emerging markets like Brazil, India and Indonesia, have less than 0.5% of car sales as electric cars. In India, Ola Electric will compete with formidable names like Tata Motors and Mahindra Electric Mobility, among others.
Start Investing in 5 mins*
Rs. 20 Flat Per Order | 0% Brokerage
About the Author
DisclaimerInvestment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.
Open Free Demat Account
By proceeding, you agree to the T&C.
Fill in your details below: