Ola Electric Scooters | Business Upturn

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 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 to deliver its first car in 2024, says CFO

News Desk — Wed, 08 Feb 2023 11:51:28 +0000

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.

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 CEO, Bhavish Aggarwal gives update on S1 & S1 Pro scooter delivery

News Desk — Mon, 08 Nov 2021 05:42:42 +0000

Bhavish Aggarwal, CEO and co-founder of Ola, gave critical details about the electric scooter test rides and the much-anticipated delivery of the Ola e-scooter on Sunday. Bhavish also uploaded a video of experts performing feats on Ola’s electric scooter on Twitter.

“Having some fun with the scooter!” After uploading the video on Twitter, Ola CEO replied. Bhavish also gave an update on the test rides and delivery schedules, saying, “Test rides will commence next week, and first deliveries will follow shortly after.”

Having some fun with the scooter!

Test rides begin in the coming week and first deliveries begin soon after 👍🏼 pic.twitter.com/9YVFHpLwZw

— Bhavish Aggarwal (@bhash) November 7, 2021

Ola has yet to announce a particular start date for scooter delivery. In September, Ola Electric launched the sale of its S1 electric scooter. The electric scooter, which is available in two models – Ola S1 and S1 Pro – is now only available through the Ola App and not the Ola website.

On August 15, the business revealed the Ola S1 electric scooter, which comes in two versions: S1 and S1 Pro, with prices starting at ₹99,999 and ₹1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies). Ola Electric’s electric scooters went on pre-sale in July for ₹499, and the firm garnered 1 lakh orders in less than 24 hours. However, the corporation has not said how many orders it has received to date. In Tamil Nadu, Ola is constructing a 500-acre manufacturing facility.

In the first phase, the company indicated that it will start with a 10 lakh annual production capacity and subsequently expand up to a 20 lakh capacity based on market demand. Ola is claiming that once fully completed, the manufacturing unit will have a production capacity of one crore units per year or 15% of global two-wheeler production.

Ola Electric marks sales of more than ₹600 crores worth of Ola S1 scooters in a single day

News Desk — Thu, 16 Sep 2021 07:35:58 +0000

On Wednesday, Ola Electric reported that the company has sold Ola S1 scooters worth more than ₹600 crores, a sale has been opened by the electric scooter company for people who reserved it in advance.

In the first 24 hours, ola has run to sell 4 scooters every second, the price of the scooter is said to be more than what the entire 2W industry sells in a day. “India is committing to EVs and rejecting petrol! We sold 4 scooters/sec at peak & sold scooters worth 600Cr+ in a day! Today is the last day, the purchase will shut at midnight. So lock in this introductory price and buy on the Ola app before we sell out!” Ola CEO Bhavish Aggarwal while celebrating the milestone wrote on Twitter.

India is committing to EVs and rejecting petrol! We sold 4 scooters/sec at peak & sold scooters worth 600Cr+ in a day! Today is the last day, purchase will shut at midnight. So lock in this introductory price and buy on the Ola app before we sell out! https://t.co/TeNiMPEeWX pic.twitter.com/qZtIWgSvaN

— Bhavish Aggarwal (@bhash) September 16, 2021

The purchase window is going to be closed today, the customer can purchase their Ola S1 and S1 Pro scooters, until midnight tonight only if they have registered them already. At Rs. 2,999 EMIs for the Ola S1 starts and for EMIs for Ola, S1 Pro starts at Rs. 3,199, the delivery month is likely to communicate to you at the time of making the advance payment.

It has also been confirmed by Ola that the exact date of delivery on dispatch of the buyer’s Ola Scooter from the Ola Future factory will be told to the customer. The new scooter has a driving range of up to 181 km for the S1 Pro and a top speed of up to 115kmph.

Ola electric scooter LAUNCHED! Price starting at Rs 99,999

Vandana Nampoothiri — Sun, 15 Aug 2021 09:44:14 +0000

Ola on Sunday launched its much anticipated electric scooter coinciding with Independence day. Two models of the scooter were launched: the S1 model at starting price of Rs 99,999 and S1 Pro at Rs 1,29,999.

According to MoneyControl, for the S1 Pro model, the on-road prices after including FAME II and individual state subsidies are Rs 110,149 for Delhi, Rs 109, 999 for Gujarat, Rs 124,999 for Maharashtra, and Rs 119, 136 for Rajasthan.

The scooter will be available in 10 colours including black, blue, white, grey, and shades of red and yellow.

The bookings for the electric scooter were opened from July 15 for a refundable amount of Rs. 499. Within 24 hours, the company received more than one lakh bookings, the company had announced.

According to Bhavish Aggarwal, CEO of Ola, the electric scooter will be equipped with the biggest battery found on an electric scooter. The scooter will be powered by an electric scooter that will have a top speed of 115 kmph.

The scooter will also have other features like large under seat storage, digital instrument cluster, all-LED lighting, and mobile phone connectivity, and a segment-first app-based keyless experience, MoneyControl reported.

The electric scooters will be manufactured in Tamil Nadu. The manufacturing plant is claimed to become the world’s largest facility for electric scooters with an eventual capacity of belting out 10 million units per annum.

Ola’s first electric scooter set to launch today: Details here

Sneha Sengupta — Sun, 15 Aug 2021 07:40:13 +0000

On Sunday, Ola Electric CEO Bhavish Aggarwal proclaimed that the first-ever Ola Electric scooter has been unfurled from the Ola Future factory in Tamil Nadu. The Ola Electric scooter is all ready to be launched in India today at 2 pm.

Posting an image on Twitter, CEO Bhavish Aggarwal congratulated the team for this development, “Built the first scooter in our Futurefactory today! From barren land in Feb to this in under 6 months despite a pandemic!! The @OlaElectric team is just amazing.”

Built the first scooter in our Futurefactory today! From barren land in Feb to this in under 6 months despite a pandemic!! The @OlaElectric team is just amazing❤️👍🏼 pic.twitter.com/B0grjzWwVC

— Bhavish Aggarwal (@bhash) August 14, 2021

The e-scooter is most probable to be launched in its two variants – S1 and S1 Pro.

Ola has attested that the Ola Scooter is the top pre-booked scooter in the world. The bookings for Ola’s first electric scooter are still open wherein the company is charging ₹499 as a token amount for bookings. As per the company, the bookings crossed the set threshold of 1-lakh bookings in the initial 24 hours.

The Ola Scooter will arrive with some segment-first features like a keyless drive experience. Recently, the company also stated that the scooter will possess a reverse mode that will enable a smooth ride in tight spaces. Ola Electric has also assured that the scooter will arrive with the largest boot space in its attached segment.

Ola to come soon with Electric Scooter; CEO Bhavish Aggarwal shares ‘ground zero’ picture

Diya S. — Thu, 05 Aug 2021 12:58:33 +0000

The CEO and founder of Ola, Bhavish Aggarwal has been dropping hints on Twitter from his personal account about the company’s very first Electric Vehicle (EV).

In his most recent tweet, on August 4, he wrote: “Ground Zero” while using a hashtag that says “join the revolution” and revealed its fully-ready production facility in the state of Tamil Nadu.

Ground zero! ❤️ #jointherevolution https://t.co/lzUzbWbFl7 @OlaElectric pic.twitter.com/MUc2h02vPs

— Bhavish Aggarwal (@bhash) August 4, 2021

In the year 2020, Ola had announced an investment of ₹2,400 to establish the world’s largest scooter manufacturing facility. This year in June, Aggarwal had informed about the completion of Ola Futurefactory’s first phase. The factory is expected to offer around 10,000 jobs with an initial annual production capacity of 2 million units.

The plant, which is set up over 500 acres of land, is an integrated facility along with manufacturing, battery as well as supplier parks. Nevertheless, more than 90 per cent of such parks are localized and nearby.

Aggarwal created a poll on Twitter asking his followers if they would like their scooters to be purchased virtually or physically. The latter option was rejected by more than half of the voters.

How do you want to buy your scooter?

— Bhavish Aggarwal (@bhash) July 30, 2021

On Tuesday, the founder thanked consumers who had reserved the company’s EV. In addition, he said he was planning to conduct a launch event on August 15 and that he would share the further details soon.

Thanks to all who have reserved our scooter!

Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it! 😀

— Bhavish Aggarwal (@bhash) August 3, 2021

Ola electric scooters to be launched on August 15

Vandana Nampoothiri — Tue, 03 Aug 2021 05:49:49 +0000

Ola CEO and co-founder, Bhavesh Aggarwal announced Monday that Ola Electric Scooter will be launched on August 15. The CEO also said that further details regarding the scooter will be announced soon.

“Thanks to all who have reserved our scooter! Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it!” Aggarwal said in a tweet.

Thanks to all who have reserved our scooter!

Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it! 😀

— Bhavish Aggarwal (@bhash) August 3, 2021

The bookings for the electric scooter were opened from July 15 for a refundable amount of Rs. 499. Within 24 hours, the company received more than one lakh bookings, the company had announced.

Talking about the response, Aggarwal told Moneycontrol, “I am thrilled by the tremendous response from customers across India for our first electric vehicle. The unprecedented demand is a clear indicator of shifting consumer preferences to EVs.”

“This is a huge step forward in our mission to transition the world to sustainable mobility. I thank all the consumers who have booked the Ola Scooter and have joined the EV revolution. This is only the beginning!” he further added.

According to Hindustan Times Auto, it was already confirmed that the scooter will be offered in 10 different colors. The electric scooters will be manufactured in Tamil Nadu. The manufacturing plant is claimed to become the world’s largest facility for electric scooters with an eventual capacity of belting out 10 million units per annum.