69220RIL has remained flat in last two months, should one buy its shares now or not?
The company is making a foray into the traditional two-wheeler market, with a competitive entry price of Rs. 99,999
Looks like nothing is going to stop Ola in making India all-electric, as Co-founder Bhavish Aggarwal has now asked for an abolition of all petrol-based two wheelers by 2025. The SoftBank-backed company is making a foray into the traditional two-wheeler market, with a competitive entry price of Rs. 99,999. Like many startups, the SoftBank backing would carry the stamp of cash-burns, but at the same time show aggression in capturing the market.
The Times Of India reported that the price of the product would be lower and beat existing petrol models in states like Maharashtra, Gujarat, Delhi and Rajasthan with lucrative state subsidies for green vehicles, and incentives such as zero registration charges.
The company would take on existing players and heavyweights such as Honda, Hero MotoCorp, Bajaj Auto, TVS and also new entrants like Ather and Hero electric.
The publication also reported that the company has outlined an aggressive strategy to upscale the mega factory in Tamil Nadu from an annual capacity of a million units to up to 10 million units over the next two years or so, which is more than the market leader Hero MotoCorp. It has also planned to enter the electric car market space in the same period of time.
Ola Electric plans to export vehicles
Ola’s first vehicle, the S1 scooter gives a range of 181 km and can accelerate from 0-40 km in three seconds with a top speed of 115 kmph. It charges 50% in 18 minutes on a fast charger, while at home it takes six hours for the batteries to get fully charged on a standard charger. About a few lakh bookings have been received and deliveries would start from October.
Ola Electric has plans to export vehicles to ASEAN Countries, Latin America, Africa, and Europe.