Ola Electric planning to launch an Electric Car in India by 2023

Ola Electric to launch their first Electric Car in India to bring Electric Vehicles in car segment after two-wheeler

Electric Vehicles is one of the most lucrative segments around the world which has been always in the limelight in Auto space sector. It has opened many opportunities for new players in the market. The demand for EVs in India is quite high and many companies are in the race to bring the Electric Vehicles in two-wheeler and car segment.

Last year, Ola’s EV venture Ola Electric entered into EV space with the launch of two Electric Scooters, Ola S1 and Ola S1 Pro and now the company is all set for the development and preparation to bring its first Ola Electric Car in India which is expected to be launched by 2023. Ola CEO and Founder Bhavish Aggarwal have dropped hints of their prospective entry into the Electric Vehicles Car segment. Replying to a customer post on Twitter, Aggarwal wrote “Next car replacement should be the Ola electric car” and shared the design concept or teaser image of its upcoming electric car with the caption “Can you guys keep a secret?”.

At present, Ola Electric has not made any specific information regarding the electric car but according to the sources it can be a Hatchback or compact SUV segment car competing against Tata Tigor Electric and Tata Nexon EV. The teaser image shows that the car would be the most spectacular and Ola Electric is all set for the development process.

The concept image shared by Ola Electric CEO, suggest that it is quite futuristic swanky looking battery-electric Hatchback with a sleek attractive LED headlamps, sporty and funky alloy wheels and sloppy huge windshield giving the vibes of next generation futuristic cars. There is probability that the front grilles and door handles will not be seen in the Ola electric car as per the design concept shown. However the production model would come in different appearance and comfortable sporty seat with a compact cabin and 360-degree glass panel, offering a spacious vibe to the occupants.

Ola Electric has raised over $200 million from Alpine Opportunity Fund, Tekne Private Ventures, Edelweiss, and others. The latest round values the company at $5 billion. Aggarwal comments, “We have changed the entire scooter industry and are now looking forward to bringing our innovative products to more two wheeler categories including bikes as well as cars. I thank the investors for their support and look forward to partnering with them to take the EV revolution from India to the world”.

The new electric car is expected to be built in Ola’s Future Factory which is currently producing almost 1,000 units of its S1 and S1 Pro electric scooters per day. Ola is currently working on the design of the upcoming electric vehicle, competitive pricing, budget and features. With the growing popularity of Electric Vehicles in Indian EV market, Ola Electric will launch their EV cars in different segments of budget or mid-range electric cars. The battery range of the electric cars would not be much as it is meant to be for the daily usage but it will have the fast charging technology so that people can charge it with no time just in few minutes even at home. The price range of Ola electric car is expected to be between Rs 10 to 15 lakhs.