Ola Electric has forayed into the Nepal market via a Memorandum of Understanding (MoU) with CG Motors, who will distribute the scooters in Nepal.
Ola Electric plans to enter Latin America (LATAM), the ASEAN and European Union (EU) markets next, thus establishing the company in five international markets, the firm said in a prepared statement on September 22.
"We will be testing the international markets. Our international expansion not only means that we will be able to serve customers in these regions, it is also testament to the fact that India will lead the EV (electric vehicle) revolution for the world," said Ola Electric founder and CEO, Bhavish Aggarwal.
``India will have to be the epicentre of change. Ola is committed to creating the EV paradigm for the rest of the world by building half the vehicles the world needs right here in India,’’ Aggarwal added.
Last month, Ola Electric had launched the Ola S1, its second electric two-wheeler, and said that the company will launch electric cars by 2024.
Ola Electric had set a target to produce a million electric cars, 10 million two-wheelers, and 100 Gigawatt per hour (Gwh) of battery cells every year with its new battery-making facility in Krishnagiri, Tamilnadu.
Ola Electric had sold 3,426 vehicles in July 2022, down 42 percent month-on-month due to chip shortages and spill-over effects of the pandemic-led lockdowns. The firm sold 5,874 two-wheelers in June, data from the industry body Federation of Automobile Dealers Association (FADA) shows.
"Ola Electric is the only Indian EV company selected by the government under its ambitious Rs 80,000 crore lithium Ion cell PLI (production linked incentive) scheme, receiving the maximum capacity of 20 GWh for its bid in March. In addition, it has also been chosen under the PLI scheme for manufacturing EVs," the company's statement said.
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