Ola Electric Mobility a India based, leading electric-scooter manufacturer and ride-hailing company, is on track to deliver its first electric vehicle (EV) in the second half of 2024. According to CFO G.R. Arun Kumar, the company is focused on advanced stages of design and is leveraging the technology used in its two-wheeler products to produce its first EV. This includes software, safety systems, electronics, batteries, and drive trains, which are common between the two-wheeler and four-wheeler products. Kumar stated that the company is about 30% to 40% there in its EV development journey.
Ola Mobility aims to compete with well-established EV brands such as Tesla, Hyundai, and Tata Group in India’s EV market, which is expected to be worth over $150 billion by 2030. The company’s founder Bhavish Aggarwal has previously stated that Ola plans to price its first car at under $50,000, with a focus on manufacturing components such as lithium-ion cells and batteries in-house to lower costs.
In addition to its EV manufacturing efforts, Ola is making progress towards its goal of delivering 100 gigawatt hours of battery-cell manufacturing capacity by adding local plants. According to Kumar, the company should reach 10 gigawatt hours within 18 to 24 months and 20 gigawatt hours within 36 months. The company also has plans to sell lithium-ion cells to other parties for use in vehicles, grid balancing, or energy storage, as long as demand for such products exists.
It is very clear that Ola Electric Mobility is a company to watch in the coming years. With a focus on advanced technology, cost-effectiveness, and sustainable energy solutions, the company is poised to make a significant impact in the EV market in India and beyond. Whether the company will succeed in its ambitious goals remains to be seen, but its commitment to producing high-quality and affordable EVs is encouraging for both consumers and the environment.