Ola’s CEO, Bhavish Aggarwal, will be on screen during the August 15, 2021 presentation. The company’s EV division, Ola Electric, plans to launch an electric vehicle in 2024.
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The CEO of Ola Electric said Monday that his company will launch an all-electric vehicle that can go from 0 to 100 kilometers per hour (just over 62 mph) in four seconds.
In a video presentation, Bhavish Aggarwal provided many details about the Indian-made vehicle, which will be the first electric vehicle.
It has a cruising range of more than 500 kilometers (approximately 310 miles) on a single charge, and is equipped with an all-glass roof and driving assistance functions. The EV will also be keyless and “handleless”. The company plans to launch the vehicle in 2024.
“Global automakers believe the Indian market is not ready for world-class technology, so they are selling hand-me-down technology in India,” he said. He added that this needs to change.
Also on Monday, Aggarwal announced plans to develop what he calls a “complete EV hub” by expanding the company’s “Futurefactory” in Tamil Nadu.
At full scale, the expanded facility will produce 1 million passenger cars, 10 million motorcycles and 100 gigawatt hours of cells each year, he said. “This… reimagined Ola Futurefactory will be the world’s largest EV ecosystem on a single site,” Aggarwal said.
Ola Electric is the EV division of ride-hailing company Ola, founded in 2011. Both Ola and Ola Electric have attracted investment from SoftBank Group.
India becoming most populous country on earth Next year will be an untapped market when it comes to electric vehicles, lagging behind China, the European Union and the US
“In Brazil, India and Indonesia, less than 0.5% of vehicle sales are electric vehicles,” notes the International Energy Agency’s Global EV Outlook.
Ola’s foray into the Indian electric vehicle market will put it in competition with the likes of Tata Motors and Mahindra Electric Mobility. Tata’s Nexon BEV SUV was India’s best-selling electric vehicle in 2021, according to the IEA.