Companies

Ola to launch its first electric car in 2023

ReutersOur Bureau | | | Updated on: Dec 02, 2021
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Ola plans to go public in the first half of 2022

Ride-hailing company Ola has received 1 million reservations for its electric scooter, Chief Executive Officer Bhavish Aggarwal said on Thursday, with first deliveries on track for December 15.

Aggarwal also said Ola's first electric car will be out in 2023 as the company, backed by Japan's Softbank Group, aims to make India a global electric vehicle hub.

"Our ambitions in electrification are to make India the global electric vehicle hub," Aggarwal told the Reuters Next conference.

Ola, which has a majority share of India's ride-hailing market, where it competes with Uber Technologies, has a growing presence in several global markets such as Australia and Britain.

Electric cars

Ola, which also sells electric scooters, is all set to launch its electric car by 2023, according to Bhavish Aggarwal, the CEO of the company.

While speaking at the Reuters Next conference , Ola which has funding from the likes of Temasek and Softbank, Aggarwal had made this claim.

Stating that his ambition was to make India, a global electric vehicle hub, Aggarwal also said that the EV scooters were on track to be delivered from 15 December.

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IPO plans

Ola plans to go public in the first half of 2022, Chief Executive Officer Bhavish Aggarwal said on Thursday, undeterred by the recent volatility and lackluster listing of some start-ups in the country.

Ola, backed by Japan's SoftBank Group, is also gearing up to create something of a "super app" with plans to broaden its services beyond mobility to include personal finance and micro insurance, Aggarwal told the Reuters Next conference.

"We are not a company that takes a short-term view on anything. Short-term, there might be volatilities in the market but that has never informed our decisions," said Aggarwal, who founded the company in 2010.

The company claims to have received a booking of more than a million orders. Ola is also likely to raise money of nearly $1 billion through an IPO in the near future.

BusinessLine has reached out to Ola for comments on their plans to manufacture electric cars and the story would be updated when the company responds.

 

Published on December 02, 2021

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