Ola’s first electric car likely to be priced between Rs 40 to 50 lakh

Ola Electric plans to launch its first electric car for India in the summer of 2024, according to CEO Bhavish Aggarwal. Amid the myriad of challenges, Aggarwal has pushed his electric car dream ahead, saying India needs to become the global epicentre of the EV revolution and command 25 per cent of the world’s automotive market.   EV penetration in the two-wheeler and passenger vehicle categories in India was 3.7 per cent and 1.2 per cent, respectively, in the second quarter (Q2 2022). The first Ola electric car is likely to be a luxury crossover and the company will take a top-down approach into India’s electric car market. Bhavish Aggarwal, CEO, and Co-Founder of Ola Electric reportedly confirmed to PTI that the first electric car from the company would be priced between Rs. 40-50 lakh. During the virtual launch event of Ola S1 on August 15, Ola announced that it will introduce its first electric car in 2024. It is claimed to arrive as one of the fastest cars in India and is said to go from 0-100kmph within 4 seconds.   It will have a range of over 500km on a single charge. Further, the EV will feature a glass roof and will run on the company’s MoveOS software. It is also confirmed to include assisted driving capabilities, and keyless and handless doors. Bhavish Aggarwal highlighted the EV startup’s interest in approaching the EV car segment in a top-down fashion. The startup intends to launch premium products first, followed by more affordable models. “Ola’s product range will span Rs one lakh (entry two-wheelers) to Rs 40-50 lakh (premium electric car), and the company’s vision is to be a “global leader in mid-size, small and premium electric cars which are suitable for markets and consumers like India. The e-car will be the “fastest and sportiest” in India,” said Bhavish. “We definitely have a full roadmap in the works in the car space. We will definitely have cars at the entry price market. We’re starting with a premium car that comes out in 18 to 24 months. We are envisioning across all the products (that) we will launch, maybe by 2026 or 2027 we will target a million cars a year by volume,” he added.