According to Chief Financial Officer G.R. Arun Kumar, Ola Electric Mobility Pvt, a manufacturer of electric scooters, is on schedule to produce its first four-wheel vehicle in the second half of 2024.
According to Kumar in an interview given on Wednesday in Bengaluru, the manufacturer and ride-hailing firm is concentrating on advanced design phases and profiting from the sharing of some technologies utilised in its two-wheeler products.
“A lot of it is common, including software, safety systems, electronics, cells, and the propulsion train. At the India Energy Week conference, Kumar stated, “We believe we are 30% to 40% there.
Bhavish Aggarwal, the founder of Ola, stated last year that the business planned to keep the cost of its first car under $50,000 by producing batteries and lithium-ion cells internally. In India’s electric car market, which consulting firm RBSA Advisors predicts will be worth more than $150 billion by 2030, Ola intends to compete with companies like Tesla Inc., Hyundai Motor Co., and local rivals like Tata Group. According to Kumar, Ola is advancing towards its goal of eventually producing 100 gigawatt hours of battery cells by bringing in more local plants. He estimated that” In between 18 and 24 months, we should reach 10 gigawatt hours, and in between 36 and 48 months.”
According to Kumar, Ola might sell lithium-ion cells to other parties in addition to using them internally for energy storage, grid balancing, and vehicle applications.
“Selling outside is something we’d be quite open to. The demand side’s performance will determine everything, Kumar continued.
