Ola Electric says its first electric car is on track for launch next year

Ola Electric had offered a glimpse of the electric car, its first, during a presentation last year. It promises to offer 500 kms of range and hit 0-10
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Ola Electric said its first car will be the quickest battery-powered four-wheeler in the country when launched in 2024.
Ola Electric said its first car will be the quickest battery-powered four-wheeler in the country when launched in 2024.

Electric-scooter maker Ola Electric Mobility Pvt. is on track to deliver its first four-wheel vehicle in the second half of 2024, according to Chief Financial Officer GR Arun Kumar.

The manufacturer and ride-hailing company is focused on advanced stages of design and benefiting from the sharing of some technology deployed in its two-wheeler products, Kumar said in an interview in Bengaluru on Wednesday.

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“Software, safety systems, electronics, cells, the drive train — a lot of it is common," Kumar said on the sidelines of the India Energy Week forum. “We think we’re 30%-40% there."

Last year, Ola’s founder Bhavish Aggarwal said the company aimed to price its first car at less than $50,000, manufacturing components such as lithium-ion cells and batteries in-house to lower costs. Ola aims to compete with the likes of Tesla Inc., Hyundai Motor Co. and local rivals such as Tata Group in India’s electric-vehicle market, which consultancy RBSA Advisors forecasts to be worth more than $150 billion by 2030.

Also read: Ola Electric promises its first car to be quickest among all EVs in India and offer 500-km range

Kumar said Ola is also making progress on its target to deliver an eventual 100 gigawatt hours of battery-cell manufacturing capacity by adding local plants.

“We should get to about 10 gigawatt hours in 18 to 24 months and to 20 gigawatt hours in 36 months," he said.

Also read: Ola Electric sells over 18,000 units of S1 Pro and S1 electric scooters in January

In addition to its own consumption, Ola potentially could sell lithium-ion cells to other parties for use in vehicles, grid balancing or energy storage, according to Kumar.

“We’d be very open to selling outside," he said. “It’s all contingent on how the demand side shapes up."

First Published Date: 08 Feb 2023, 16:09 PM IST
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