Ola To Enter The Indian Electric Vehicle Market By 2023
With the increasing demand of electric vehicles in India, a number of companies are planning to start on electric cars. Among which the largest ride-sharing enterprise Ola is also eyeing the electric car market.
Earlier it received nearly million reservations for its electric scooter which is considered to be a gigantic success for the company. Ola now wants to get into the electric car industry.
Backed by Japan’s Softbank Group and Singaporean Temasek Holdings Limited, Ola’s Chief Executive Officer Bhavish Aggarwal said, “Our ambitions in electrification are to make India the global electric vehicle hub”
The company is also looking to set up a manufacturing plant for battery cell production to avoid dependency. As of now, the company is focused on the delayed deliveries and ongoing test rides of its S1 and S1 Pro electric scooters. It has opened test rides in 9 cities so far.
The Ola S1 and S1 Pro are priced at Rs 99,999 and Rs 1.29 lakh ex-showroom respectively. The Ola S1 and S1 Pro are priced Rs 99,999 and Rs 1.29 lakh ex-showroom respectively. The S1 Pro has a top speed of 115 Kmph and the S1 has a 90 kmph top speed. The S1 has a battery range of 121 kms with a fully charged battery while S1 Pro is claimed to have a range of 180 kms. Both S1 and S1 Pro electric scooters can charge batteries up in 18 minutes for 75 kms range using a fast charger. The S1 takes 4 hours 48 minutes to fully charge using a home charger while the S1 Pro takes 6 hours 30 minutes to do the same.
The company is planning to go public in the first half of 2022, and they are expecting to raise around a billion dollars from their IPO. Ola is now valued at $3 billion, after raising more than 200 million through Falcon Edge Capital, SoftBank Group, including the other investors.
Currently, Ola is in the process of constructing the biggest and most advanced two-wheeler factory named Futurefactory. The building will be a 500-acre state-of-the-art facility located in the district of Krishnagiri of Tamil Nadu. Phase 1 of the Futurefactory is completed, and the building is right now going under production trials, said the CEO Aggarwal.
Ola Futurefactory will be the world’s largest factory that will be run by an all-female staff. This will open up massive job opportunities to more than 10,000 females.