Ola Electric Mobility Pvt. announced its plans to launch a made-in-India electric car by 2024, expanding its portfolio from battery-powered scooters.
“Our car will be one of the fastest in India going from 0 to 100 Km/h in just 4 seconds,” Bhavish Aggarwal, founder and chief executive officer of Ola, said.
The car will have a range of 500 kilometres on a single charge, with all glass sunroof, assisted driving capability and keyless and handle-less doors.
“The price points we will play with are between Rs 1 lakh and Rs 50 lakh, including the two-wheelers at the lower end but we'll definitely have cars in the entry-price market as well the mid-price market,” Aggarwal said in a press conference. The first car, however, will be a premium model priced closer to the upper limit of the range
The company also re-launched the S1 scooter at the starting price of Rs 99,999. It was first launched exactly one year ago with S1 Pro, a costlier model. A few months after taking bookings for both, the company said it will deliver only the Pro and gave consumers the option to either cancel their bookings or pay Rs 30,000 to upgrade.
Ola Electric plans to manufacture one-crore electric scooters, 10-lakh cars and 100 gigawatt hours of cells annually to become a global player in the electric vehicle segment. It has already announced plans to invest $500 million on a battery innovation centre in Bengaluru for creating technology to domestically make cells and battery packs.
Aggarwal also unveiled plans to launch MoveOS 3 and install over 100 hyperchargers around Diwali.
The company's management last month met investors to lay out its road map.
“On the passenger car front, the company plans to launch premium SUV and premium sedan in calendar year 2024 followed by mass market variants for both of them,” Kotak Institutional Equities had said in a report after the investor meet.
In its interaction with investors, the management highlighted the significant scale advantage and element of commonality between two-wheelers and four-wheelers, Nomura had said in a report following the interaction. Ola expects 100% EV penetration in the two-wheeler segment by 2025, for which it needs to keep supplies at scale ready, the research firm said, adding that the in-house manufacturing of crucial components such as batteries and cells gives it a big advantage.
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