Ola’s Bhavish Aggarwal Unveils Plan To Launch India’s 'Sportiest Car'
Ola's founder says the company will build the "sportiest car ever built in India."
Ola will “build the sportiest car ever built in India", the company's founder and chief executive Bhavish Aggarwal said on Saturday in a tweet on his personal Twitter handle.
Aggarwal did not specify a timeline for the car’s launch, but the company recently told investors that it plans to launch a premium sport utility vehicle and premium sedan in 2024. “On the passenger car front, the company plans to launch premium SUV and premium sedan in calendar year 2024 followed by mass market variants for both of them,” brokerage Kotak Institutional Equities had said in a report after an investor meet held by Ola on Monday.
The strategy is part of the company’s ambitious plans to make a mark in the electric two-wheeler and passenger vehicle segments. Currently, Ola Electric sells S1 and S1 Pro in the electric two-wheeler segment.
At its investor meet, Ola detailed plans to manufacture 1 crore two-wheelers and 10 lakh passenger vehicles annually at its upcoming factory in Krishnagiri,Tamil Nadu, according to brokerage reports. The company has secured a 1,000-acre loan parcel for the manufacturing unit. The company plans in-house manufacturing of motors, batteries and cells at this plant.
In its interaction with investors, the company’s management highlighted the significant scale advantage and element of commonality between two-wheelers and four-wheelers, said Nomura in a report following the interaction. The company management expects 100% EV penetration in the two-wheeler segment by 2025, for which it needs to keep supplies at scale ready. The in-house manufacturing of crucial components such as batteries and cells gives the company big advantage to achieve this, Nomura said.