OLA's amazing electric car is not coming, know why the project was closed
OLA EV Car: According to the information, Ola's entire focus is on the two-wheeler market, which also includes bikes, and large-scale electrification is still some time away - for this, you need (charging) basic infrastructure.
Ola Electric Car: Ola founder Bhavish Aggarwal plans to launch an electric sports car with an all-glass roof that can accelerate to 100 mph in under four seconds within two years in 2022. Aggarwal reiterated those plans for September 2023 in a recent interview with Forbes, but sources have said the project has now been suspended ahead of its planned August IPO.
According to the information, Ola's entire focus is on the two-wheeler market, which also includes bikes, and large-scale electrification is still some time away - for this, you need (charging) basic infrastructure.
E-scooters become popular
The demand for e-scooters has increased significantly in the country in recent years. Due to this, the construction of basic infrastructure has increased rapidly. About 483,000 e-scooters were sold till June this year, but only 45,000 electric cars were sold in the world's third-largest auto market in that period. One of the sources said that Ola's car project has been postponed for at least two years as the focus is on two-wheeler sales and battery production.
Ola, though still loss-making, has gained 46% market share in e-scooters in the three years since its inception, even though it lowered its sales targets last year after Prime Minister Narendra Modi's government slashed some industry incentives.
Aggarwal already has an e-scooter factory in Tamil Nadu. In 2022, he said he would build a new plant on the same premises with a capacity to manufacture 1 million electric cars per year. The cars would be designed to break the national trend of sluggish, small or mid-sized vehicles, he said.