- Ola is expected to release its first EV in 2024
- The company is also developing lithium-ion batteries for EVs
- Despite its ambitious plan, the road won’t be easy for Ola Electric considering the competition
Ola Electric is on course to launch its first-ever electric car in 2024. Additionally, the company is also working on emerging battery cell technologies, complementing the flourishing electric scooter business. The automaker’s focus will remain on these segments heading into 2023, with the aim to be “India’s first and largest lithium cell manufacturer,” as per Ola Electric CEO Bhavish Aggarwal.
The executive said that Ola would release new hardware and tech in the coming year. “We have been working on some of these things behind the scenes and over the next 12 months you see us announcing many of these products,” Aggarwal said.
Contrasting Ola Electric’s business model with fellow EV maker Tesla, Aggarwal said that the company’s goal is to become the global leader in the electric vehicle segment, particularly in markets like Africa, Latin America, and Southeast Asia. He went on to say that the automobiles that do well in India tend to replicate their success in the aforementioned markets.
Getting to the top of the EV business won’t be easy
Although Ola has lofty ambitions for the EV business, it wouldn’t be a walk in the park for the manufacturer. Its e-scooter business has undoubtedly gotten off to a good start, but the company’s electric car is still some distance away, whereas other automakers have picked up the pace of their EV launches.
As we’ve mentioned on numerous occasions, the first of Mahindra’s array of electric cars is just a month away, with the company launching more EVs in 2024 and beyond. Meanwhile, Tata Motors currently enjoys the top spot in the Indian EV market thanks to multiple options, including the recently unveiled Tiago EV.
What gives Ola an edge over the competition is its investment in lithium-ion cells. This also opens up an additional revenue stream, provided the company can deliver at a scale suitable for EV makers.
Via: Business Standard