In a recent blog post, Ola Electric CEO Bhavish Aggarwal announced that the EV startup is set to deliver multiple electric two-wheelers within two years, including high-end motorcycles.
Currently offering three models – S1, S1 Pro and S1 Air – these vehicles are already becoming synonymous with quality and performance in the market. As we move closer toward an electrically powered future of transportation, it’s exciting to see what innovative products will be unveiled by this leading player in the industry!
Aggarwal in the blog post said-
“In 2023 and 2024, we will launch many more 2W EV products – a mass market scooter, a mass market motorcycle, and multiple premium motorcycles (sports, cruisers, adventure and road bikes),”
Additionally, Aggarwal reconfirmed that Ola Electric’s electric car launch is still scheduled for 2024. In August of this year, the startup had released their intent to manufacture these cars.
Acclaimed CEO announced that their first car will launch in 2024 and they anticipate to have six diverse products available by 2027 due to the vast production capacity of two-wheelers which allows them to create four-wheeler models at incredibly competitive prices.
Ola Electric stands out from the rest as it has been leading the race in India for sales of electric two-wheelers. The startup’s registration numbers have crossed an impressive 1 Lakh this year, according to Vahan data – indicating just how far ahead they are!
Although Ola Electric experienced a dip in vehicle sales during the middle of 2022, their fortunes quickly changed when they released an affordable variation on their S1 Pro scooter and opened Experience Centers throughout India.
Aggarwal noted that the EV sales in India have skyrocketed from a mere 4,000 units per month in June to an impressive 80,000 by 2022. He argued that this monumental increase will be remembered as the year when the EV revolution began and took off with full force.
The blog post also stated-
“From less than 1% penetration in 2021, to almost 6% in just a year, the EV revolution in India has not been just restricted to the urban centres, but is proving to be a pan-India phenomenon! In fact, many cities like Bengaluru, Pune, Surat, etc., already have an EV penetration of almost 20%.”
Aggarwal proudly proclaimed that Ola Electric has become India’s most successful EV business within only 15 months, having sold 1.5 Lakh EVs this year alone! But he doesn’t see these achievements as the peak of what is possible; rather, a much bigger opportunity exists in supplying budget-friendly electric vehicles to meet customer needs and demands.
Although the electric vehicle revolution began in western countries such as Tesla and Rivian, producing luxury sedans and big pickup trucks fit for a western audience, these products do not resonate with most of the world’s population. Rather than seeking extravagance when it comes to transportation, people are more interested in practicality and affordability.
Aggarwal reported that in India, South East Asia, Latin America, Africa, Europe and Japan alike over 99% of products sold cost between INR 1 Lakh to 50 Lakh. This pricing range comprises two-wheelers such as scooters and motorbikes along with a selection of SUVs and cars ranging from small to medium sizes.
He further added-
“Today it is India’s destiny and opportunity to build world class products in these segments and become a global leader. Our strengths of being one of the largest and fastest growing domestic markets, entrepreneurial and innovative companies, strong government and policy momentum, world class talent and capital access will enable a strong play.”
Moreover, he commented on the conversations considering India’s EV sector reliance on China for lithium and noted that while there is a significant amount of midstream processing in China, it does not control most mines.
As a result, India has an opportunity to construct another supply chain for the nation and the global community by concentrating on localizing lithium’s midstream processing. Furthermore, partnering with nations that have their own mines will be beneficial too.
This year, multiple fire incidents involving EVs stimulated a lot of controversy in India regarding the usage of Chinese lithium-ion cells and other components manufactured in China for EV batteries.
In the wake of these events, the government has taken action to strengthen EV guidelines in India. They have also banned several corporations from attaining advantages through FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) for not adhering to localization laws.
In 2022, there has been a remarkable surge in the sales of electric vehicles (EVs) across India. As per Vahan data, 9.8 Lakh EVs have already been registered this year – an approximately threefold increase from last year’s 3.2 lakh units! Notably, two-wheeler EVs are witnessing the most demand with over 6.1 lakh registrations so far compared to 1.5 lakh units recorded during 2021 – indicating that more and more citizens are becoming mindful of their environmental responsibility!
At the same time, Ola Electric is all set to launch multiple electric motorcycles in the next two years. These motorcycles will be available at a competitive price and will provide riders with an easy and efficient way to travel across the country. With their powerful batteries and advanced technology, these motorcycles shall further revolutionize India’s EV market!
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.