Ola Electric Limited is steering towards an initial public offering (IPO) after its change of name from Ola Electric Mobility Private Limited. The company has seized a significant portion of India's electric two-wheeler market, holding approximately one-third of the market share. This success is largely attributed to the popular S1 scooter produced at its Krishnagiri-based FutureFactory.
The company has expanded its product lineup to include new models such as the S1 Pro and S1 Air. Looking ahead, Ola Electric has ambitious plans to introduce electric motorcycles by late 2024 or early 2025 and is also setting its sights on launching an electric car within the next two years.
In a move to bolster its manufacturing capabilities, Ola Electric announced the establishment of India’s first lithium-ion cell factory in Tamil Nadu. The project, supported by a substantial Rs 3,200 crore investment from entities like Temasek and SBI, falls under the government's cell Production Linked Incentive (PLI) scheme. The scheme aims to support capacities up to a maximum of 20 GWh.
The new factory will initially produce cells with a capacity of 5 GWh, with aspirations to eventually scale up to an impressive 100 GWh. This expansion is part of Ola's strategy to lead in sustainable practices and innovation within the electric vehicle sector.
The company is also pushing forward in the realm of EV charging solutions by developing its Hypercharging network.
At its flagship event launch today, Ola unveiled five new models including the S1 Pro, S1 Air, S1X+, and two versions of the S1X. These models are priced between INR 89,999 and INR 1,47,499, marking the company's commitment to offering a range of electric two-wheelers catering to diverse consumer needs.
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