Speaking at the launch of Move OS 3, Ola Electric CEO Bhavish Aggarwalsaid the company expects its two-wheeler EV business to turn profitable by sometime next year (2023).
“Our mobility business (ride-hailing) is cash positive. It is not our ethos at Ola to build unsustainable business models. Even in Ola Electric, I have been very consistent in saying that we will turn this business profitable in 2023 and that’s what our current plans are. By sometime next year, our two-wheeler EV business will be profitable,” Aggarwal said.
To launch more EVs
Once Ola’s two-wheeler EV business starts generating cash, the company plans to invest into launching other EVs they have been talking about. “We are very keen to expand quickly into motorcycles and commercial vehicles. India needs to be a global leader in electrification and the way to do that is that product has to be world class, and thats our mission” Aggarwal added.
In July, Ola unveiled its indigenously developed lithium-ion cell and is now setting up a cell manufacturing facility in India to localise the business. Aggarwal expects mass production of cells to start by the end of next year at its gigafactory.
“In our battery innovation centre, we have been building our own technolog. We are also on track to start manufacturing by the end of next year. We will be putting up a large factory for that and it will be India largest factory when it is completed,” he added.
Software MoveOS 3
Further, Ola Electric has also announced the public rollout of its latest software update Move OS 3. The countrywide rollout will see more than 1 lakh Ola customers receive over-the-air (OTA) updates.
With the MoveOS 3 upgrade, the Ola S1 Pro and the Ola S1 are set to receive more than 50 features and improvements that can be broadly categorised under performance, access and convenience.
First bucket of performance will include hypercharging (a range of 50 kms with just 15 minutes of fast charging), vacation mode and hill hold (feature in beta stage with final versions to be rolled out later). Under ’access’, profiles are proximity lock/unlock and wifi and convenience-related features like bluetooth calling, party mode, documents on scooter and safety lights.
As of now, Ola has opened over 50 experience centres spanning the country and is on track to open 100 outlets by month end and 200 more by March 2023.