As per Chief Financial Officer G.R. Arun Kumar, Ola Electric Mobility is on schedule to deliver its first four-wheel vehicle in the second half of 2024.
According to Kumar in an interview given on Wednesday in Bengaluru, the manufacturer, and the ride-hailing company is concentrating on advanced design stages and profiting from the sharing of some technology used in its two-wheeler products.
A lot of it is shared, according to Kumar, who spoke outside the India Energy Week forum. “Software, safety systems, electronics, cells, the drive train — they’re all common.” “We estimate that we are 30%–40% there.”
Bhavish Aggarwal, the founder of Ola, stated last year that the company aimed to keep the cost of its first car under $50,000 by producing batteries and lithium-ion cells internally. In India’s electric vehicle market, which consulting firm RBSA Advisors predicts will be worth more than $150 billion by 2030, Ola intends to compete with companies like Tesla Inc., Hyundai Motor Co., and local rivals like Tata Group.
Kumar said Ola is also making progress on its target to deliver an eventual 100 gigawatt hours of battery-cell manufacturing capacity by adding local plants.
In addition to its own consumption, Ola potentially could sell lithium-ion cells to other parties for use in vehicles, grid balancing or energy storage, according to Kumar.
“We’d be very open to selling outside,” he said. “It’s all contingent on how the demand side shapes up.”
