Headquartered in Bangalore, Ola, India’s top ride-hailing startup, which subsequently moved into manufacturing electric scooters, is expanding business again with the formation of Ola Electric Mobility Pvt. Ltd.
The company will enter the electric-car market in competition with local giants such as the Tata Group, Mahindra Electric Mobility Ltd., and global automakers from Hyundai Motor Co. to Tesla Inc.
Founder, 36-year-old entrepreneur and CEO of Ola Bhavish Aggarwal, said that the company aims to launch its first electric car in the summer of 2024 with a 300 mile range. Ola plans to make or assemble its own lithium ion batteries, claiming that this will reduce its costs.
Aggarwal, whose backers include SoftBank Group Corp and Tiger Global Management, announced that the car will be priced at less than $25,000 compared to the global price tag of around $70,000. He added that the new EV will have a full panoramic glass roof and be extremely aerodynamic with a drag coefficient (Cd) value of under 0.21 (on a par with the Lucid Air electric sedan).
India is projected to become the world’s third-largest auto market by 2030, India Brand Equity Foundation said, and the government has set ambitious electrification goals for the period.
