As the competition to establish a presence in India's emerging EV market heats up, the CEO of Ola Electric announced that his company would introduce an all-electric car that can accelerate from 0 to 100 kilometres per hour (just over 62 mph) in four seconds.
Bhavish Aggarwal CEO of Ola provided a variety of details about the first electric car to be made in India in a video presentation. He claimed that it will have an all-glass roof, a range of more than 500 kilometres on a single charge, and the potential to provide assisted driving. The electric vehicle would also lack a handle and a key. In 2024, the business intends to introduce the car.
He claimed that foreign automakers offer their second-rate technology in India because they believe the Indian consumer is not ready for cutting-edge technology. He continued that this needs to be changed. Aggarwal also disclosed plans to expand the company's "Future Factory" in Tamil Nadu state, which already specialises in the production of two-wheel electric vehicles, in order to create what he dubbed a "full-EV hub."
He said the expanded factory could generate 1 million automobiles, 10 million two-wheelers, and 100-gigawatt hours of cells annually when operating at full capacity. According to Aggarwal, the rebuilt Ola Futurefactory would house the largest EV ecosystem in the world on a single property.
The EV division of ride-hailing company Ola, which was founded in 2011, is called Ola Electric. SoftBank Group has made investments in Ola and Ola Electric. India is somewhat of an untouched market when it comes to electric automobiles, trailing behind China, the European Union, and the United States while being on track to overtake China as the world's most populous nation next year. Less than 0.5% of cars sold in Brazil, India, and Indonesia are electric, according to the International Energy Agency's Global EV Outlook.
With its entry into the Indian market for electric vehicles, Ola will face competition from companies like Mahindra Electric Mobility and Tata Motors. The Tata Nexon BEV SUV was India's best-selling electric vehicle in 2021, according to the IEA.