Ola Electric sells 1.5 lakh EV scooters in 2022, eyes expansion in export markets

(Source: Ola Electric)

Two-wheeler electric vehicle maker, Ola Electric has sold around 1,50,000 EVs this year and is aiming to leverage its manufacturing capacity and technology to export from India to all relevant markets like South East Asia,  Latin America, Europe, and Africa.

“We have sold almost 1,50,000 EVs this year and are working towards the Mission Electric – all 2W sold in India by the end of 2025 to be electric, and all cars sold in India by 2030 to be electric,” wrote Bhavish Aggarwal, founder and chief executive officer of Ola Electric in a blog post on Wednesday.

In 2022, Ola Electric scaled up its premium scooter, the Ola S1, and completed the electrification of the premium scooter market  (priced at more than Rs 1,00,000) in a year.

“In 2023 and 2024, we will launch many more 2W EV products – a mass-market scooter, a mass-market motorcycle, and multiple premium motorcycles (sports, cruisers, adventure, and road bikes),” Aggarwal said.

“Our first car will launch in 2024 and by 2027 we will have 6 different products in the market,” Aggarwal reiterated.

In a press conference held in December, Aggarwal also mentioned getting into the commercial vehicle segment and its plans to launch its own lithium-ion cell by the end of 2023, an important component in making batteries for EVs.

Presently, India's EV manufacturers rely on lithium-ion battery cells from China, Taiwan, Japan, and Korea. Ola currently sources its cells from LG Chem, South Korea.

"We will be India's first and largest lithium cell manufacturers. We had been building the technology for the last two years... we have already built our own tech without any dependence on other countries or players," Aggarwal said.

The EV maker is also considering expansion in the export markets.

“Our world-class products in the ₹ 1,00,000 – ₹ 50,00,000 price point,  strong core technology, and localized low-cost supply chain give us a  very significant global advantage to export from India and become the leader in EV mobility in all relevant markets like South East Asia,  Latin America, Europe, Africa.,” Aggarwal wrote in the Blog.

Aggarwal also said that to fuel the growth of EVs in India, firms should look at attracting the best talent from around the world.

“Unless we become a global talent hub to attract both non-resident Indian and global talent to work with us in this journey. We have to prioritize IP creation, reward tech talent at global standards, and create an enabling ecosystem for such a multidisciplinary talent ecosystem to collaborate and thrive,” Aggarwal wrote.