Ola Cabs founder Bhavish Agarwal on Tuesday said that his company’s electric arm Ola Electric is planning to launch a car in 2023.
Agarwal’s announcement came two days after the launch of the Ola Electric scooter on the eve of 75th Independence Day.
The CEO of Ola Electric said that the manufacturers need to make investments to leverage the ecosystem and turn India into an Electric Vehicle hub in the future.
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Furthermore, Agarwal said that his goal is to design a car with 90% of locally-sourced components. This will help small businesses in India as well as bolster Prime Minister Narendra Modi’s Make in India initiative.
Agarwal also said that Ola is planning to develop the Krishnagiri plant in Tamil Nadu and make it a hub for electric vehicles in the future.
Ola Electric launched its much-awaited electric scooter on 15 August with a price tag of Rs 99,999. The pre-booking of the S1 scooter received an overwhelming response after Ola received 1 lakh booking orders within 24 hours.
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Ola will start the deliveries of the scooters from October and depending on the states, the on-road price can be lower as per the state subsidiaries.
“Anyone who wants to import vehicles into India should invest in the country," Ola CEO Bhavish Aggarwal said while launching the scooter.
Bhavish Agarwal’s call for an EV future has come at a time when American Electric carmaker Tesla is struggling to find its feet in Inda. Despite announcing plans to make its debut in the Indian car market, it is struggling with tax regiments and structure.
Tesla has been calling for lower import tax cuts but finds no solution in the country. However, despite Tesla’s struggle, EVs have been picking up pace gradually in the Indian car market.
