Ola Electric, an Indian EV unicorn backed by SoftBank, revealed on the 75th anniversary of India's Independence Day the launch plan of its first electric four-wheeler (E4W), likely to increase competition in India's E4W market.
According to Reuters, Bloomberg, and Business Standard, Ola Electric will launch its made-in-India E4Ws in 2024, which can go from 0 to 100 km/h in four seconds, with a driving range up to 500 kilometers on a single charge.
Ola will build its EV ecosystem at Future Factory in Krishnagiri, Tamil Nadu, which houses plants for manufacturing electric two-wheelers (E2Ws), E4Ws, and battery cells, with production capacities of 10 million units, 1 million units, and 100 GWh, respectively.
On the other hand, Ola electric resumed the deliveries of the Ola S1, a cheaper variant compared with the Ola S1 Pro, whose shipments were suspended due to the global chip shortage.
Since 2021, Ola Electric has revealed its investment plans, including Future Factory, Hypercharger Network, E2W and E4W products, R&D centers in UK and Bangalore, and application for India's advanced battery cell incentive scheme. Still, this is the first time Ola Electric has revealed its launch schedule for the E4W products.
Despite the aggressive investment plans, Vinkesh Gulati, president of the Federation of Automobile Dealers Associations, told DIGITIMES Asia that it is a startup scenario where they throw numbers to the media and get the valuation. According to Inc42, it is still years away before the world can see the full extent of Ola Electric's ecosystem in action.
Meanwhile, although the E4W market in India is still tiny compared to other major economies, companies from Asia and Europe have tried to gain a foothold before the market takes off. The competition is expected to become heated starting from 2023.
Nikkei Asia reported that Toyota Motor and Hyundai Motor announced a combined investment of US$1.15 billion in India. Suzuki Motor committed to an investment of US$1.26 billion to build a battery cell battery in India.
Carmakers' E4W plans in India
Launch six EV models between 2022 and 2028
Launch EV in 2025
Suzuki / Maruti Suzuki
Launch EV in 2025, manufacture EVs and batteries in India
Launch EV in 2023
Launch 10 EV models by 2026
Mahindra & Mahindra
Targeting 20~30% of EV share of its SUV sales by 2027
Launch made-in-India EV in 2024
Source: Companies. Compiled by DIGITIMES Asia, August 2022