SoftBank-backed Ola Electric wants to launch Indian-made EVs by 2024

Ola CEO Bhavish Aggarwal appears on screen during a presentation on August 15, 2021. The company’s EV arm, Ola Electric, plans to launch an electric car next year. 2024.

Samyukta Lakshmi | Bloomberg | beautiful pictures

Ola Electric’s CEO on Monday said his company will launch an all-electric vehicle that can go from 0 to 100 km/h (just over 62 mph) in 4 seconds, when The race for a foothold in India’s nascent electric vehicle sector is intensifying.

In an introductory video, Bhavish Aggarwal provided some details about the Indian-made car.

It will have a range of more than 500 kilometers per charge (about 310 miles), he says, an all-glass roof and assisted driving capabilities. The EV also won’t need a key and “no need for a handle”. The company plans to launch this car in 2024.

“Global automakers think the Indian market is not ready for world-class technology and, therefore, sell their traditional technology in India,” he said. This needs to be changed, he added.

Read more about electric vehicles from CNBC Pro

Monday also saw Aggarwal announce plans to develop what he calls a “full EV hub” by expanding the company’s “Futurefactory” in the state of Tamil Nadu, now focused on electric vehicle manufacturing. two wheels.

At full scale, he said the expanded facility will produce 1 million cars, 10 million two-wheelers and 100 gigawatt hours per year. “This… Ola Futurefactory reimagined will become the world’s largest EV ecosystem in a single location,” Aggarwal said.

Ola Electric is the EV arm of ride-hailing company Ola, founded in 2011. Both Ola and Ola Electric have attracted investment from SoftBank Group.

India, on track to become most populous country in the world next year, is an untapped market when it comes to electric cars, lagging behind China, the European Union and the US.

“In Brazil, India and Indonesia, less than 0.5% of car sales are electric,” notes the International Energy Agency’s Global EV Outlook.

Ola’s venture into India’s electric car market will see it compete with Tata Motors and Mahindra Electric Mobility, among others. According to the IEA, Tata’s Nexon BEV SUV is the best-selling electric vehicle in India in 2021.

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