Ola Electric plans to build 10-12 models of two-wheeler electric vehicles in the next few years
“We will have electric vehicles from INR 1 Lakh to INR 40 Lakh, covering every range and form,” Ola’s executive said
The startup has decided to expand its manufacturing plant’s capacity by 4x thereby, increasing the production of two-wheelers from 1 Mn to 4 Mn per year, as per the company spokesperson
Ola Electric plans to build 10-12 models of two-wheeler electric vehicles and a minimum of 4-5 models of four-wheeler EVs in the next few years. It will also decide different price points for EV motorcycles.
Business Standard quoted Ola Electric’s top executive saying that Ola’s first EV Car at the top end will be priced at INR 40 Lakh and further looks to have EV products at a price of about INR 5 Lakh.
“We will have electric vehicles from INR 1 Lakh to INR 40 Lakh, covering every range and form,” Ola’s executive said.
The update came a few days after Ola launched its EV scooters– S1 and S1 Pro scooters at Milan Motorcycle Show.
Prior to that, the EV startup entered Nepal and shared plans to launch Ola S1 and S1 Pro scooters in the next quarter.
Ola’s senior executive said that the startup has decided to expand its manufacturing plant’s capacity by 4x thereby, increasing the production of two-wheelers from 1 Mn to 4 Mn per year. Also, it has increased the production capacity of motorcycles.
He further informed that Ola will also build a manufacturing plant along with a 5 Gwh (gigawatt hours) of advanced chemistry cell battery storage capacity. This plant will be set up within Ola Electric’s super factory in Bengaluru.
The investment required for plants’ expansion will be a mix of equity and debt fundraising, project financing and internal accruals.
Besides, Ola Electric is looking to begin the initial phase of its passenger car manufacturing capacity that is set to roll out in 2024.
Ola’s executive shared that the startup aims to expand the plant in four more phases in the coming six-seven years. It will also manage to develop a production capacity to build 10 Mn two-wheelers, 1 Mn passenger cars and gradually, build 100 Gwh of advanced chemistry-based battery storage capacity.
Focusing on advanced chemistry-based battery storage capacity, the executive stated the startup will produce the said batteries as per its own captive requirements. However, it will likely sell the surplus to other companies.
Sharing the sales numbers, the executive said that 70% of electric vehicles have been sold by Ola Electric through financing, meanwhile it receives 60% of the volume from its flagship model priced at INR 1.5 Lakh.