Ola Electric's Bold Claims vs. Reality

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On 15 August 2022, Ola Electric CEO Bhavish Aggarwal made bold claims during the Ola Sankalp event.

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Many lacked evidence or were exaggerated. Let’s examine some of these cherry-picked assertions.

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Claim: Ola Electric is the 5th largest EV company by market cap. Fact: Ola is valued at $7 billion, but Tata and Mahindra's EV divisions surpass it with $10 billion valuations.

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Claim: Ola is the 4th largest EV company by revenue. Fact: Ola’s revenue of $600 million is lower than Lucid Motors' $618 million and Polestar’s $890 million.

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Claim: Ola aims to build a 100 GWh Gigafactory. Fact: Current regulatory plans only confirm a 20 GWh facility by 2026, making the 100 GWh claim speculative.

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Claim: Ola Electric is the largest EV company globally (excluding China). Fact: Excluding China, which leads the market, is misleading. Chinese firm Yadea sold over 16.5 million units vs. Ola's 300,000.

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Claim: Ola built India's first Lithium-ion cell manufacturing facility. Fact: Log9 Materials launched India's first Lithium-ion cells in 2023, ahead of Ola, which followed in 2024.

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Fact-Checking Ola’s Sankalp: Do Bhavish Aggarwal’s Claims Hold Up?

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