Indian ride-hailing company Ola Electric will start manufacturing electric cars in India by 2024, Chief Executive Bhavish Aggarwal stated. The range of the vehicles can reach up to 500 km, according to Bhavish Aggarwal.
“We definitely have a full roadmap in the works in the car space… We will definitely have cars at the entry price market. We’re starting with a premium car and that comes out in 18 to 24 months,” he said.
Ola, which Japan’s Softbank Group currently backs, didn’t give a production target or investment figure. The company manufactures presently electric scooters.
Aggarwal stated that, while Tesla is leading the charge in developing electric vehicles better suited for Western markets and companies like Tesla, India can be a leader in scooters, small cars, and motorbikes, for which there is a greater global demand.
He further said, “We are envisioning across all the products (that) we will launch, maybe by 2026 or 2027 we will target a million cars a year by volume.”
Ola said that the electric car with the most advanced features would travel from 0 to 100 kilometres per hour (62 miles per hour) in just four seconds.
He said that the company was creating an electric vehicle ecosystem. It aims to produce two-wheelers, cars and batteries at one plant in Tamil Nadu.
Aggarwal stated that the company had sold more than 70,000 electric two-wheelers over the past seven months and was currently setting up 100 hyper charging electric stations in big Indian cities.
Ola originally planned to go public in 2022’s first half. However, due to volatility in the market and the lacklustre listing of start-ups from India this year, the initial public offering was postponed.