Bhavish Aggarwal, co-founder of electric vehicle manufacturer Ola Electric, announced that the company will soon expand their portfolio to include two-wheelers, cars and commercial vehicles.
At a press conference on Thursday, Aggarwal delivered an announcement that stunned the audience-
“…motorbikes, scooters, small and light vehicles have all been of interest to us and over the next 12 months you will hear a lot more announcements on these products.”
Since the company has solidified its foundational technology, he proclaimed that products would be released more frequently. He also said-
“There are teams working on cars, two-wheelers, there are teams working on commercial vehicles… same software, same cells, electronics is used across products. We had a clear vision from Day One; we use our technology as our platform and in the next few months you will appreciate the power of the technology platform as products get announced in much more quick succession.”
Aggarwal revealed that the company is on track to achieve profitability in its two-wheeler business, and will reinvest this income into more innovative products. As a result of not following a dealership model, they are one of the most capital efficient competitors available.
He further stated-
“We don’t do much advertising spending, you won’t see us sponsoring the Indian cricket team. We would be the highest investor in R&D as a percentage of revenue. Soon our investment into R&D will cross all our competitors combined, and the investment into R&D will only compound year on year.”
Aggarwal assured that the company was progressing towards their goal of starting battery cell manufacturing by 2023’s close.
Ola Electric has recently been identified as the country’s largest consumer of lithium-ion battery cells. As such, there is significant in-house need to be met first before they consider selling their products to other Original Equipment Manufacturers (OEMs).
Aggarwal announced that the company plans to extend its reach into foreign markets like Europe and Latin America in the year ahead. He mentioned they are currently in the process of installing distribution networks throughout these countries, yet did not share any additional specifics on this endeavor.
Aggarwal declared that the company’s aspiration is to become the biggest producer of electric vehicles worldwide. He also said-
“Traditionally, these segments were dominated by the Japanese in the ICE era. We had Toyota, Yamaha, Hyundai, Honda, Kawasaki, Nissan…the Japanese have not aggressively adopted EVs, and the world is moving towards EVs. In today’s era, when India’s economy is growing, it should be an Indian company that should be the leader of the world in the EV segments.”
After experiencing a dip in sales following a fire incident involving one of its scooters in March, Ola Electric has managed to bounce back and is now leading the market share for four months straight. Its success looks to continue into December, making it the top seller once again.
Aggarwal predicts that the S1 line – ranging from the budget-friendly S1 Air to flagship model, the S1 Pro – will be India’s best-selling scooter in 2021, surpassing Honda’s Activa.
With a more efficient and effective version of MoveOS 3.0, the company is now rolling out this revolutionary software to all customers!
At the unveiling of this scooter in August 2021, consumers were promised a variety of features including proximity unlock, hill hold, custom themes for the odometer and profiles – all of which will be included.
With Ola Electric’s ambitious plans for the future, it looks like we can expect a lot more exciting news from them in 2023. It’s no wonder why they are on track to become one of India’s leading electric vehicle manufacturers!
With their unbeatable commitment to efficient technology and innovation, there is no doubt that they will make good on their promise to become the biggest producer of electric vehicles in the world. We can’t wait to see what they have in store!
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.