Ola Launches Electric Scooter, Rumored to Be Working on Electric Car

- Advertisement -

The company might be looking to gain on early mover advantage in the electric passenger vehicle segment just like Tesla did in the United States

Ola Electric has announced the launched of S1 and S1 Pro electric scooters in India. The company has priced the S1 at Rs 99,999 (ex-showroom), and the S1 Pro at Rs 1,29,999 (ex-showroom). The company is rumored to be working on an electric car as well.

The company is looking to gain on early mover advantage in the electric passenger vehicle segment just like Tesla did in the United States. There are only a handful of players operating in the passenger EV segment in the country at the moment.

- Advertisement -

A report by AutoCar noted that the Ola’s first passenger EV will be based on the born-electric skateboard platform. The company plans to launch the car keeping city travel in consideration. Hence the prices of the EV might be more of the economical side.

Ola is working on setting up a global design center in the city of Bengaluru at the moment, and has already started approaching designers from care brands such as Tata for the same.

The company’s CEO and chairman, Bhavish Aggarwal, had earlier noted while the company was launching e-two-wheelers first, it was also working on entering the electric car market at some point.

Ola Electric and Bank of Baroda had recently signed the largest long-term debt financing agreement in Indian EV industry. This 10-year debt of US$100 million is towards the funding and financial closure of the Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers.

The first phase of Ola Futurefactory is nearing completion shortly, following which production trials of the much awaited Ola Scooter will commence. The company has recently announced that it is allocating an additional Rs 400 crores worth of stocks to employees in the run up to its IPO.

Our expanded ESOP programme, along with the fresh stock allocation of ₹400Cr, enables our key talent to participate in the long term wealth creation opportunities generated by their innovations and the impact they create. It will also reinforce their sense of ownership and align their growth with that of the company as we continue to accelerate the world’s transition to sustainable mobility” said Bhavish Aggarwal, Ola’s Founder.

- Advertisement -

Most Popular Articles

Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Q1 2024: Memory Demand, China Shipments Lift Wafer Makers

0
The Counterpoint report concluded that despite the overall revenue decline, few factors benefited wafer fab equipment manufacturers in the first quarter of the year,...

Indian Automobile Industry Value Surges 19% In FY 2023-24

0
India's vehicle production grew by 10%, with a 19% increase in value.  The UV + SUV segment saw the highest growth, with a 23% rise...

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Buzz

Karnataka Allocates 234 Acres For Electronic Manufacturing

0
Karnataka government allocates 234 acres for electronic manufacturing cluster and semiconductor units, aiming for Rs 1000 crore investment and creating 4000 to 5000 jobs. Karnataka...

GPS Renewables Partners With IndianOil Corporation

0
The 50:50 joint venture aims to advance sustainable energy and biofuel adoption in the country. On Wednesday, government enterprise IndianOil Corporation (IOC) revealed its collaboration...

Renesas Acquires Transphorm For GAN Technology

0
Renesas acquired Transphorm Inc. for its GaN technology, expanding into markets like EVs, data centres, AI, and renewable energy. Upon completion of its acquisition,...

Important Sectors

Karnataka Allocates 234 Acres For Electronic Manufacturing

0
Karnataka government allocates 234 acres for electronic manufacturing cluster and semiconductor units, aiming for Rs 1000 crore investment and creating 4000 to 5000 jobs. Karnataka...

GPS Renewables Partners With IndianOil Corporation

0
The 50:50 joint venture aims to advance sustainable energy and biofuel adoption in the country. On Wednesday, government enterprise IndianOil Corporation (IOC) revealed its collaboration...

Renesas Acquires Transphorm For GAN Technology

0
Renesas acquired Transphorm Inc. for its GaN technology, expanding into markets like EVs, data centres, AI, and renewable energy. Upon completion of its acquisition,...

India Aims For $100 Billion Semiconductor Market

0
India embarks on a chip manufacturing journey aiming for a $100 billion semiconductor market by 2030; the IESA advocates using 28 nm chips for...

Hyundai Flags Government Policies Before $325M IPO 

0
The Korean tech manufacturer raised concerns about localisation rules like PLI for automotive technology ahead of its million-dollar initial public offering.  Before its million-dollar IPO,...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...