Indian ride-hailing firm Ola plans to start producing electric cars in 2024

NEW DELHI, Aug 15 (Reuters) – Indian ride-hailing firm Ola Electric plans to start producing electric cars in India in 2024 with a variety of up to 500 km (310 miles), Chief Government Bhavish Aggarwal mentioned on Monday.

Ola, which is backed by Japan’s Softbank Group (9984.T) and presently makes e-scooters, didn’t give an funding determine or manufacturing goal.

Aggarwal mentioned that whereas corporations like Tesla (TSLA.O) are main the way in which in constructing electric automobiles extra fitted to Western markets, India can lead in the world of small cars, scooters and motorbikes for which world demand is increased.

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Ola’s electric automotive with probably the most superior options would go from 0 to 100 km per hour (62 miles per hour) in 4 seconds, he mentioned.

The corporate was establishing an electric automobile ecosystem, aiming to produce cars, two wheelers and batteries all at a single plant in the state of Tamil Nadu, he mentioned.

The corporate has offered over 70,000 electric two wheelers in the final seven months, and was in the method of establishing 100 hyper charging electric stations in main cities in India, Aggarwal mentioned.

Ola had deliberate to go public in the primary half of 2022, however the preliminary public providing has been postponed, probably due to volatility in the market and lacklustre listings of some start-ups in India this yr. learn extra

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Reporting by Manoj Kumar, Modifying by David Goodman and Susan Fenton

Our Requirements: The Thomson Reuters Belief Ideas.