Ola Electric Mobility | Business Upturn

Top losers in morning trade: ola electric at ₹33.93 down 6.81%, aarti industries at ₹481.85 slips 6.09%, aether industries at ₹1,194.20 falls 4.62%

Arunika Jain — Tue, 05 May 2026 06:00:18 +0000

Indian equity markets witnessed a sharp decline in morning trade, with the Sensex falling over 300 points and the Nifty slipping below 24,050. The market sentiment was dampened by rising geopolitical tensions, particularly after Iran intensified attacks involving the United Arab Emirates, which pushed Brent crude prices higher. Among the top losers, Ola Electric Mobility, Aarti Industries, and Aether Industries led the decline, reflecting the broader market’s cautious positioning.

Biggest decliners today

Ola Electric Mobility emerged as the biggest loser, with its stock price falling by 6.81% from its opening level to ₹33.93. The company’s shares opened at ₹36.49 and hit a low of ₹33.55 during the session. Aarti Industries followed closely, slipping 6.09% to ₹481.85. The stock opened at ₹513.05 and reached a low of ₹475.55. Aether Industries also faced significant losses, with a decline of 4.62% to ₹1,194.20, after opening at ₹1,256.00.

Jaiprakash Power Ventures saw its stock decrease by 4.51% to ₹18.20. The company opened at ₹18.56 and reached a low of ₹18.13. Syngene International’s shares dropped 4.47% to ₹456.00, with an opening price of ₹480.85.

Sectoral patterns

Among the other notable decliners, Godrej Properties fell 4.46% to ₹1,815.00, while CESC’s shares decreased by 4.38% to ₹190.01. In the consumer goods sector, Voltas saw a decline of 4.13% to ₹1,394.10. IIFL Finance and Sapphire Foods India also faced losses, with their stocks down 3.67% and 3.20% respectively.

Stock	Open	High	Low	Current	Change %
Ola Electric	36.49	36.71	33.55	33.93	-6.81%
Aarti Industries	513.05	513.10	475.55	481.85	-6.09%
Aether Industries	1,256.00	1,273.60	1,185.10	1,194.20	-4.62%
Jaiprakash Power Ventures	18.56	18.90	18.13	18.20	-4.51%
Syngene International	480.85	480.85	455.30	456.00	-4.47%
Godrej Properties	1,920.00	1,920.00	1,811.00	1,815.00	-4.46%
CESC	199.00	199.89	189.50	190.01	-4.38%
Voltas	1,452.00	1,453.00	1,386.00	1,394.10	-4.13%
IIFL Finance	462.05	462.05	439.20	441.85	-3.67%
Sapphire Foods India	191.91	193.12	186.53	187.56	-3.20%

What this means for the market

The current market downturn highlights the impact of geopolitical tensions on investor sentiment, particularly with the rise in energy prices. As the session progresses, market participants will be closely monitoring developments in the geopolitical landscape and energy markets, which could further influence trading behaviour and market direction.

Data as on May 5, 2026, 11:30 AM IST.

Disclaimer: This article is generated for informational purposes only and does not constitute financial, investment, or trading advice. The data and analysis presented are based on publicly available market information at the time of writing. Markets are subject to risk. Please consult a qualified financial advisor before making any investment or trading decisions. Business Upturn does not accept responsibility for any losses arising from reliance on this content.

Ola Electric announces Navratri Mahotsav with benefits over ₹30,000

Business Desk — Thu, 19 Mar 2026 06:05:32 +0000

Ola Electric has launched its Navratri Mahotsav, a festive campaign offering benefits exceeding ₹30,000 across its S1 scooter and Roadster motorcycle range. The nine-day celebration includes cash discounts, extended warranties, and instant cashback options, aiming to make electric mobility more accessible during this auspicious period.

The Navratri Mahotsav features several attractive offers for customers. The S1 range comes with a ₹9,999 cash discount and an 8-Year Extended Warranty. The Roadster motorcycles are available at revised prices, also with an 8-Year Extended Warranty. Additionally, Ola Electric is hosting daily 90-minute Muhurat windows, offering limited units of the S1 Pro+ 4 kWh at ₹99,999 and the Roadster X+ 4.5 kWh at ₹79,999. Customers can also enjoy up to ₹10,000 instant cashback on EMIs with select credit cards.

In response to strong customer interest, Ola Electric is expanding its Ola Insider Upgrade Program to 60% of its customer base across India. Initially launched as a pilot in select cities, the program allows Gen 1 and Gen 2 customers to upgrade to the latest Gen 3 products seamlessly.

Ola Electric’s spokesperson stated, “Navratri Mahotsav is our way of celebrating the spirit of new beginnings and prosperity with our customers. This festive period is deeply significant across India, and we wanted to make electric mobility more accessible and rewarding during these auspicious nine days.”

Ola Electric’s current portfolio includes the premium S1 Gen 3 range with various configurations and the mass-market S1 X lineup. The Roadster motorcycle portfolio also offers multiple configurations, catering to different customer needs.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Ola Electric Mobility revises IPO proceeds allocation with Rs 575 crore reallocated

Yash Agarwal — Wed, 18 Mar 2026 13:03:39 +0000

Ola Electric Mobility has announced a proposed variation in the allocation of its Initial Public Offering (IPO) proceeds, subject to shareholder approval. The board of directors approved the changes during a meeting held on 18 March 2026.

The company plans to reallocate ₹575 crore from its original Object 3, which was intended for investment into research and product development. This amount will be distributed as ₹100 crore to Object 4, which focuses on expenditure for organic growth initiatives, and ₹475 crore to Object 6, aimed at repayment or prepayment of indebtedness incurred by the company and its subsidiaries.

The original allocation for Object 3 was ₹1,505 crore, with ₹695.10 crore remaining unutilised as of 11 March 2026. Following the proposed variation, the revised allocation for Object 3 will be ₹930 crore, with a balance of ₹120.10 crore remaining.

Object 4’s revised allocation will increase to ₹1,300.64 crore, with a balance of ₹372.46 crore, while Object 6’s allocation will rise to ₹870 crore, with a balance of ₹568.06 crore. The timeline for the utilisation of funds for Objects 4, 5, and 6 remains set for the fiscal year 2026-27.

The total amount raised from the IPO, excluding issue-related expenses, remains at ₹5,275.06 crore, with ₹1,292.86 crore unutilised. Including issue-related expenses, the total IPO proceeds amount to ₹5,500 crore, with ₹1,295.63 crore still unutilised.

Ola Electric Mobility will issue a notice to obtain shareholder approval for the proposed variations, and further details will be provided in the explanatory statement attached to the notice. The board meeting commenced at 5:00 PM IST and concluded at 5:30 PM IST.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Ola Electric deliveries drop 14.8% in Q3 FY25 to 84,029 units from 98,619 in Q2 FY25

Aditya Bhagchandani — Mon, 10 Feb 2025 07:35:16 +0000

Ola Electric Mobility Limited reported a decline in vehicle deliveries for Q3 FY25 to 84,029 units, down 14.8% from 98,619 units in Q2 FY25. This marks a slowdown despite the company’s aggressive push in the premium and mass electric scooter segments.

Key Highlights:

Vehicle Deliveries: Dropped from 98,619 in Q2 FY25 to 84,029 in Q3 FY25, with the premium segment witnessing a sharper decline from 42,074 units to 29,283 units. Deliveries in the mass segment slightly dipped from 56,545 units to 54,746 units.
Revenue: ₹1,069 crore, a decline from ₹1,240 crore in Q2 FY25, reflecting reduced sales volumes.
Gross Margin: Improved marginally to 20.4% from 20.3% in the previous quarter, indicating consistent cost control.
EBITDA: Negative ₹436 crore, compared to negative ₹353 crore in Q2 FY25, driven by higher operating expenses.
Net Loss: Widened to ₹564 crore from ₹495 crore in Q2 FY25.

The company attributed the decline in premium segment deliveries to heightened competition and supply chain disruptions. However, Ola Electric remains optimistic about recovering growth through upcoming product launches and expanding its manufacturing footprint.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Ola Electric to unveil new range of electric motorcycles on February 5, 2025

Matrika Shukla — Sat, 01 Feb 2025 12:56:07 +0000

Ola Electric Mobility Limited is set to unveil its latest range of electric motorcycles on February 5, 2025, at 10:30 a.m. The announcement was made by the company’s Founder and Chief Managing Director, who emphasized that this marks the beginning of a significant new phase in India’s electric vehicle (EV) revolution.

The upcoming launch is anticipated to feature models such as the Ola Cruiser, Ola Adventure, and Ola Diamondhead, which are expected to be introduced in 2025-2026. These models are projected to be priced at approximately ₹2.70 lakh, ₹3.00 lakh, and ₹3.50 lakh, respectively.

Ola Electric has been a prominent player in India’s EV market, particularly in the electric scooter segment. The company has previously showcased concept models like the Roadster, Diamondhead, Adventure, and Cruiser, indicating a strategic move to diversify its product lineup.

The forthcoming launch event will be accessible through Ola Electric’s official channels, including their website and social media platforms. The company aims to provide detailed insights into the features, specifications, and availability of the new motorcycle models during the event.

Ola S1 Gen 3 Scooters:

The company has also announced the launch of its third-generation S1 scooter lineup.

The newly introduced Gen 3 platform offers significant improvements in performance, safety, and efficiency. The lineup includes:

Ola S1 Pro+ (Flagship Model)

Battery: 5.3kWh (₹1,69,999) & 4kWh (₹1,54,999)
Top Speed: 141 km/h (5.3kWh) & 128 km/h (4kWh)
Acceleration (0-40 km/h): 2.1 sec
IDC Range: 320 km (5.3kWh) & 242 km (4kWh)
New Features: Dual ABS, brake-by-wire tech, aluminum grab handle, body-colored mirrors

Ola S1 Pro (Mid-Range)

Battery: 4kWh (₹1,34,999) & 3kWh (₹1,14,999)
Top Speed: 125 km/h (4kWh) & 117 km/h (3kWh)
Range: 242 km (4kWh) & 176 km (3kWh)
Single ABS, four ride modes

Ola S1 X+ (Performance & Affordability)

Battery: 4kWh (₹1,07,999)
Top Speed: 125 km/h
IDC Range: 242 km
Features: 4.3-inch color display, single ABS, sporty body decals

Ola S1 X (Entry-Level Scooters)

Battery Options: 2kWh (₹79,999), 3kWh (₹89,999), 4kWh (₹99,999)
Top Speed: 101 km/h (2kWh) to 123 km/h (4kWh)
Range: 108 km (2kWh) to 242 km (4kWh)
7kW Motor, 4.3-inch display, four riding modes

Ola Electric will roll out MoveOS 5 beta from mid-February, introducing features like Smartwatch App, Smart Park, Road Trip Mode, Live Location Sharing, and Emergency SOS. Customers will also get an extended battery warranty of up to 8 years or 1,25,000 km for ₹14,999.

Ola Electric Mobility shares fall 2% as company gets fresh CCPA showcause notice

Aman Shukla — Fri, 06 Dec 2024 05:11:54 +0000

Ola Electric Mobility’s shares dropped 2% on December 4, 2024, following a fresh communication from the Central Consumer Protection Authority (CCPA).

This marks the latest development in an ongoing regulatory matter, as the CCPA previously issued a Show Cause Notice to the company. The new notice requests additional documents and information related to Ola Electric’s earlier response.

Ola Electric is committed to complying with the CCPA’s requirements and has been given a 15-day deadline to submit the requested details.

Ola shares opened at ₹96.90, reaching a high of ₹98.30 and a low of ₹96.25 today. With a 52-week high of ₹157.40 and a low of ₹66.66, Ola’s stock shows significant volatility.

As of 10:43 am, Ola Electric shares were trading 2.00% lower at Rs 96.55 on the NSE.

Ola Electric Mobility shares surge 3% during morning trade

Aman Shukla — Wed, 18 Sep 2024 04:08:13 +0000

Ola Electric Mobility’s share witnessed a significant surge on the National Stock Exchange (NSE) today, jumping more than 3% in the morning trade.

Ola Electric Mobility’s stock opened at ₹118.00, slightly up from the previous close of ₹117.96. The shares experienced a high of ₹123.90 and a low of ₹116.31 during trading, reflecting volatility in the market.

Investors are closely watching the company’s performance amid growing interest in electric vehicles and sustainability initiatives. With a strong focus on innovation and expansion, Ola Electric aims to capitalize on the increasing demand for eco-friendly transportation solutions.

As of 9:36 am, Ola Electric Mobility shares were trading 1.63% higher at Rs 119.88 on the NSE.

Ola Electric Mobility IPO price set at Rs 72-76 per share, Rs 7 discount for eligible employees

Markets Desk — Sun, 28 Jul 2024 22:58:28 +0000

The much-waited initial public offering (IPO) of Bhavesh Aggarwal’s Ola Electric Mobility is set to open for subscription on August 1 and will close for subscription on August 6. Ola Electric Mobility IPO price band is set at Rs 72-76 per share. The IPO will also have a discount of Rs 7 for eligible employees bidding in the portion reserved for employees.

75% of the Ola Electric will be reserved for Qualified Institutional Buyers (QIBs), 15% for Non-institutional investors (NIIs), 10% for retail investors and shares worth $55 million for eligible employees.

Ola Electric will use the proceeds from the IPO for capital expenditures, debt repayment, and research and development. The company competes with major players like TVS Motors, Bajaj Auto, and Ather Energy.

The draft red herring prospectus was filed with the Securities and Exchange Board of India (SEBI) on December 22, 2023. Key investment banks on the deal include Kotak Mahindra Capital, Goldman Sachs, and ICICI Securities. The law firm Cyril Amarchand Mangaldas is advising on legal matters.

Ola registers strong revenue growth of 510% in FY 23

United News of India (UNI) — Mon, 11 Dec 2023 13:41:58 +0000

Hyderabad, Dec 11 : Ola Electric Mobility Business on Monday announced that it has registered strong revenue growth of 510 per cent in FY’23.

The total revenue has gone up to INR 2,782 crore in FY 2023 from INR 456 crore in FY 2022, the company said in a release.

Total revenue includes revenue from operations and other income.

The Company’s’ EBITDA profit/(loss) for FY 23 has improved from (157%) in FY 22 to (43%) in FY 23.

Ola Electric turns into public ltd. co. in run-up to IPO filing this month

Vanshika Lodhi — Fri, 17 Nov 2023 20:05:42 +0000

Ola Electric, a leading player in India’s electric vehicle (EV) sector, has transitioned from a private limited entity to a public limited one. This transformation is a critical step for any firm aiming for a stock exchange listing.

Previously it was known as, Ola Electric Mobility Private Limited, the company has now officially rebranded itself as Ola Electric Mobility Limited. With a commanding market share of nearly 35%, Ola Electric is a key player in India’s EV industry.

Ola Electric’s commitment to sustainable mobility is reflected in its relentless innovation and the production of state-of-the-art electric vehicles at its Future factory. This facility, based in India, is recognized as the country’s largest, most advanced, and most sustainable two-wheeler EV factory.

The firm recently raised funding of ₹3,200 crore in equity and debt rounds from prominent investors led by Temasek, along with project debt from the State Bank of India. These funds will be utilized to expand Ola’s EV business and to establish India’s premier lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola Electric was the only Indian EV firm selected under the government’s ambitious cell PLI scheme, receiving a maximum capacity of 20 GWh. This scheme aims to promote self-reliance and localize the most crucial aspects of the EV value chain. Ola’s Futurefactory in Krishnagiri, Tamil Nadu, will host India’s first lithium-ion cell manufacturing facility. The initial capacity of 5 GWh in phase 1 will be progressively increased to 100 GWh at full capacity.

Ola Electric has also expanded its scooter portfolio to include five products, with prices ranging from ₹89,999 to ₹1,47,499. These scooters, unveiled at Ola’s annual flagship event, are built on an advanced Gen-2 platform, positioning them as one of the most attractive EV options across various price points in the current market.”

Ola Electric announces launch of new scooter, CEO confirms launch via tweet

Dixita Hazarika — Mon, 19 Jun 2023 14:24:37 +0000

Ola Electric just recently announced the launch of a new scooter in the country. Bhavish Aggarwal, the CEO of the company confirmed about the launch via a tweet. He tweeted, “Announcing our next product event in July. Calling it the #endICEAge show, Part 1! Part 1 of the show would end ICE age in scooters! With S1 Pro, S1 Air and … XXXX .. And maybe one more thing!”

A teaser image of the scooter showing its headlamp was also shared by him. The company currently offers three electric scooters in the country- Ola S1, Ola S1 Air and Ola S1 Pro. Deliveries of Ola S1 Air will begin in July this year.

Ola Electric is also working towards a new helmet detection system. According to an Autocar India report, the feature will use a camera to detect whether the rider is wearing a helmet or not. This information will be then shared with the Vehicle Control Unit (VCU) which will be relayed to the Motor Control Unit (MCU). The MCU unit will further decide whether the vehicle will switch to Ride mode or not.

Explaining about the feature, the report says that if the vehicle is in Ride mode and the system detects that the rider is not wearing a helmet, the e-scooter will automatically switch to Park mode. Further, a notification will be sent on the dashboard reminding the user to wear a helmet.

The reports stated, “Only if the system is able to detect that the rider is wearing a helmet, will the VCU allow the electric scooter/bike to switch to Ride mode, and it will then continue monitoring the rider.”

Ola Electric will be beginning the deliveries of Ola S1 Air in July this year. Ola S1 Air was launched last year. The electric scooter is the company’s most affordable e-scooter yet. It offers three different variants and comes with a starting price of ₹84,999 for the base model.

Ola Electric suspends production at Tamil Nadu plant

Pranay Maniar — Fri, 29 Jul 2022 07:36:00 +0000

Ola Electric, the brand new Indian electric two-wheeler company has temporarily shut production at its Krishnagiri plant in Tamil Nadu for almost a week. This Kirshnagiri plant is also called as “Future Factory”.

Ola Electric has stated that the plant has been shut due to annual maintenance and installation of new machines.

However, some sources with the information stated that there has been an inventory pile-up. Which has caused downing tools.

There are around 4000 units of scooters piled up at the plant. And other thousands of units that have been pre-ordered by customers and are ready to be shipped.

According to a source, Ola Electric ceased the production line on 21^st July. And has cut down their daily production to 100 against the daily capacity of 600.

“Like most auto companies that go through annual maintenance at their factories, we did too. At no point can this be considered as shutting down production. Hence, clarifying that (information) is untrue,” an Ola spokesperson

The company did clarify booking numbers, production of the vehicles or even the duration of suspension of their production in the Future Factory.

Earlier in April, Ola Scooters recalled 1441 scooters as a pre-emptive measure after an Ola S1 Pro scooter was set ablaze in Pune due to a defect in manufacturing.

This incident received Union Minister of Road Transport, Nitin Gadkari. As he took on Twitter to address this issue, where he mentioned that these types of incidents will be investigated and urged companies to recall their defective batches.

Ola Electric is all set to launch its latest Ola S1 scooters tomorrow on the eve of World EV Day: Check details here

Sneha Sengupta — Tue, 07 Sep 2021 13:42:40 +0000

The two-wheeler EV manufacturer, Ola Electric Mobility, a subsidiary to the cab conglomerate, Ola, announced that it will commence the sales of its electric Ola S1 scooters with effect from September 8. Interestingly, the electric scooter is launching on the eve of World EV Day, which is celebrated to curb the use of fossil fuels and substitute it with electric vehicles for a sustainable tomorrow.

On September 7, Ola said in a statement that, The equated monthly instalments(EMIs) for S1 scooters will start from Rs 2,999 per month. If you need financing, OFS (Ola Financial Services) has tied up with leading banks including IDFC First Bank, HDFC, and TATA Capital to help finance your Ola S1. For Ola S1 Pro, which is the advanced version of the electric scooter, the EMIs will begin from Rs 3,199, it added.

The company released a statement saying that HDFC Bank will provide pre-approved loans to eligible customers in minutes on the Ola and Ola Electric apps. “In case you don’t need financing you can simply pay an advance of Rs 20,000 for Ola S1 or Rs 25,000 for Ola S1 Pro, and the rest when we invoice your scooter to you.”

The company’s insurance partner is ICICI Lombard will be the insurance partner for the company. The shipping order is expected to begin from October 2021.

Based on the insurance policy and damage facilities, the company will offer add-ons like Personal Accident Cover, Zero Depreciation, and Roadside Assistance. The latest model will arrive with a three years battery life or will last up to 40,000 km of distance covered.

Ola Cabs’ co-founder Bhavesh Aggarwal tweeted to proclaim that the company’s exceptionally well mobility status reflected a sturdy resurgence.

Ola Electric and Bank of Baroda sign $100 million long term loan agreement

Bhaswati Sengupta — Mon, 12 Jul 2021 08:37:16 +0000

According to reports, Ola Electric Mobility Pvt Ltd has signed a long-term debt finance agreement with the Bank of Baroda on Monday. The agreement is signed to obtain $100 million for the funding and financial closure of Phase 1 of its electric two-wheeler factory in Hosur, Tamil Nadu.

In December 2020, Ola disclosed that it plans to gain Rs 2400 crore to establish the first phase of its ‘future factory’.

Bhavish Aggarwal, Chairman and Group CEO of Ola expressed, “Today’s agreement for long term debt financing between Ola and Bank of Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world’s largest two-wheeler factory in record time.”

He further stated that they are committed to accelerating the transition to sustainable mobility and thereby manufacture made-in-India EVs for the world. “We are happy that Bank of Baroda has joined us in our journey,” he added.

As per reports, the Ola EV factory is being constructed on a 500-acre site. The factory in its full strength is expected to produce nearly 10 million vehicles annually. It aims to be the world’s largest two-wheeler factory.

Ola informed that the first phase of the factory is near completion after that production trials of Ola Scooter will begin.

Sanjiv Chadha, MD and CEO of Bank of Baroda said, “The government has brought in several policies to incentivize make-in-India and to enable India to become a global EV leader.” He stated that Ola is leading from the front and they are delighted to partner with Ola for their EV business. The Ola Future factory will put India on the global EV map and we are proud to be associated with them, he added.

In the past week, Ola affirmed that it has obtained $500 million headed by private equity firm Temasek and Warburg Pincus, leading it up to its public offering.

Ola Electric Scooter to be launched soon; Chairman asks on Twitter for colour options

Aayushi Singh — Fri, 25 Jun 2021 12:07:51 +0000

Bhavish Aggarwal, Chairman and Group CEO of Ola, shared a tweet of the Ola electric scooter and asked his followers for what colour options would they like on the scooter, hinting for a launch. The prices of the scooter might be announced soon in the upcoming weeks. The Ola Electric Scooter is likely to have a range of 100-150 kms and have features like removable Lithium-ion battery, digital instrument console, cloud connectivity, allow wheels, telescopic suspension up front, etc.

Time to order some paint! What color would you like on the Ola Scooter? Already got you covered for Black! What else? @OlaElectric pic.twitter.com/NXMftKJrrq

— Bhavish Aggarwal (@bhash) June 24, 2021

The Ola future factory is being built with an investment of Rs 2400 crore. The manufactures have announced that it would be ready to begin with the first phase of operations at the plant in the upcoming months. The facility would be able to generate employment for more than 2000 people in the beginning, and when fully operational it would go up to 10,000 people. In the construction of the facility, over 10 million man hours had been planned.

When fully operational, the plant would meet Industry 4.0 standards and would have an installed capacity of 10 million scooter per annum. The total capacity would be 2 million units per year in the Phase 1. The plant would have 10 general assembly lines and would be able to roll out a scooter in every two seconds, also 25,000 batteries per day. Apart from being sold in India the “Made-in-India” scooters would be exported to Europe, UK, Latin America, New Zealand, Australia, and Asia Pacific.

It promises of competitive pricing on the Ola electric scooter that would take on the Bajaj Chetak, Ather 450X, TVS iQube and the like in the segment.

After the announcement of the construction of world’s largest electric two-wheeler factory in Tamil Nadu, the company has planned on to unveiling its Hypercharger Network, which was billed to be the world’s largest, densest EV charging network. The network would cater to Ola’s upcoming two-wheeler models starting with the first product Ola Scooter. The Hypercharger Network would offer a comprehensive set of charging options to the Ola’s EV customers which would include high-speed Ola hyperchargers and home-chargers, which would be offered as standard with an Ola Electric Scooter purchase.

Ola Electric Mobility to introduce electric two-wheeler, plans to hire 2,000 people globally

Nivedya P T — Tue, 25 Aug 2020 14:33:46 +0000

Ola Electric Mobility (OEM), in an effort to scale up its operations and launch electric vehicles, has decided to launch a hiring process to hire 2,000 people globally, including 1,000 engineers and 1,000 people across other functions over the next quarter.

In a note, Bhavish Aggarwal, co-founder of Ola said that they are planning to introduce an electric two-wheeler soon. He also said that the automotive industry has evolved significantly over the last few months, and the future belongs to electric and connected mobility in an email sent to the employees on Tuesday. He noted that the company, in order “to be more productive and effective” would be undertaking an organisational restructuring.

Three months ago, amidst declining revenues due to COVID-19 pandemic, Ola had announced laying off 1,400 employees from rides, financial services and food business. It had also announced the acquisition of Amsterdam based Etergo BV at the time.

With this acquisition, the launch of electric two-wheeler has been initiated at a faster pace and are expecting to build electric vehicle products and the required BaaS (Battery as a Service) systems for a global market and across all product segments, according to the mail by Aggarwal.

It also has plans of setting up extensive charging and swapping networks around India, with several pilots currently running to deploy electric vehicles and charging setups across cities.

The Company which established in 2018 as a separate entity is backed by Tata Sons Chairman Emeritus Ratan Tata. two-wheelers