Ola Electric also launched a sub-Rs 1 lakh version of its maiden electric scooter on Monday.
Ola CEO and founder Bhavish Aggarwal said the car project is the biggest the country has ever seen and the company will build a separate facility next to its two-wheeler factory in Tamil Nadu to manufacture it. Ola’s electric car will have a range of about 500 kilometres.
Happy Independence Day India! 🇮🇳 Excited to reveal everything we’ve been working on, do tune in at 2 pm here… https://t.co/157HwY43ts
— Bhavish Aggarwal (@bhash) 1660544764000
The expanded 1,000 acre facility will also house the company’s cell manufacturing facility. Aggarwal said the company will start deploying its own cells in its vehicles by the end of next year.
With a claimed range of 141 km, Ola S1 will be available at an introductory price of Rs 99,999. The launch of the cheaper variant comes at a time when Ola is struggling to sell its S1 Pro scooter, as
ET reported on June 24.
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Aggarwal said, “Currently, less than 15% of Indians own a two-wheeler or a four-wheeler and with India poised for strong economic growth, the Indian automotive industry will witness demand for 20 million four-wheelers and 50 million two-wheelers each year.” Aggarwal believes India needs to become the global epicentre of the EV revolution and command 25% of the global automotive market.
“We are taking Mission Electric to the next level by ensuring we have a roadmap to invest in technology, build scale and bring quality products that India deserves. As we build for India, we will also be creating the EV paradigm for the rest of the world,” he added.
Reservations for early access to the Ola S1 began on August 15 for Rs 499. Customers who avail of early access will be able to make the final payment on September 1. For others, the payment window will open on September 2. Ola also plans to release MoveOS 3 this Diwali, according to the press statement.
Ola plans to debut its four-wheeler EV by the summer of 2024. The company claims its car will be one of the fastest in India, with the ability to go from 0-100 km/h in four seconds, and a range of more than 500 km per charge.
ET reported on August 13 that the company was looking to hire about 3,000 people for its upcoming car project.
Ola also said on July 18 that
it was investing about $500 million in its cell battery cell research and development facility in Bengaluru, which will start functioning this month, and would employ over 500 engineers and PhD holders.
