Ola Electric to enter EV car segment, eyes first model by 2024

Ola Electric on Monday said it plans to foray into the electric car segment, with plans to launch its first model by 2024, setting an ambitious target of selling 1 million such vehicles by 2026-2027. It also announced the launch of the Ola S1 electric two-wheeler, which was initially cancelled.

Ola founder and CEO Bhavish Aggarwal’s fresh announcement comes at a time when the company is under fire for its scooters catching fire, numerous customer complaints, and late deliveries. Aggarwal said Ola Electric aims to provide a range of electric two-wheelers and electric cars, priced in the range of Rs 1 lakh to Rs 50 lakh.

“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 and that comes out in 18 to 24 months,” he said when asked about the company’s plans for electric cars.

He further said, “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”. Aggarwal, however, did not elaborate on how many electric car models the company would have by 2026-2027.