- The Softbank backed
Wave it now competes with legacy Indian business houses such as Hero Moto, TVS Motor and Bajaj Auto, as well as startups such as Ather Energy and Okinawa Scooters. - Ola says he will establish the largest electric scooter manufacturing plant in the Indian state of Tamil Nadu.
- Ola has quickly gone from just a cab add-on app to an electric vehicle manufacturer. The company in 2017 had launched a subsidiary.
Electric wave , which is now a unicorn in its own right with sponsors like Tiger Global, Matrix Partners, and SoftBank. - With the pandemic, even as the rideshare business took a massive hit, Ola Electric has been growing its business.
Six months after acquiring Dutch startup Etergo, Ola Electric announced a ₹ 2,400 crore ($ 320 million) investment plan to establish, what it calls, the largest electric scooter manufacturing plant in the Indian state of Tamil Nadu.
The Memorandum of Understanding (MoU) with the Tamil Nadu government is for a factory with an initial annual capacity of 2 million units. “This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will serve global markets, ”said Bhavish Aggarwal, group president and CEO, Ola, in a statement.
The factory will produce two-wheeled products starting with electric scooters, and the company said it will create 10,000 jobs in the process.
Ola, backed by Softbank, whose last reported valuation was $ 6 billion in May 2019, will now compete with legacy Indian business houses such as Hero Moto, TVS Motor and Bajaj Auto, which also have decades of experience in the vehicle space. two-wheeler. as with startups like Ather Energy and Okinawa Scooters.
Ola is more than a cabin aggregator now
Ola has quickly gone from just a cab add-on app to an electric vehicle manufacturer. In 2017, the company had launched an Ola Electric subsidiary, which is now a unicorn in its own right with sponsors such as Tiger Global, Matrix Partners, and SoftBank.
With the pandemic, even as the rideshare business took a massive hit, Ola Electric has been growing its business.
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In August 2020, Aggarwal in an email to employees said the company plans to hire 2,000 people – 1,000 engineers around the world during the next quarter and another 1,000 people in other roles. “Looking to the future, our goal is to build electric vehicle products and the BaaS systems needed for a global market and across all product segments,” Aggarwal said at the time, adding that the future belongs to electric and connected mobility and that the Ola’s team is working hard to bring out the electric vehicle soon.
With the aim of targeting the European market, Ola had also hired Julien Geffard as director of marketing strategy for its electricity business in Europe. Geffard previously served as Global Commercial Director and member of the Board of Directors of Peugeot Motorcycles, and has also worked with Bentley Motors, Alpine and BMW.
Meanwhile, Ola, in the US, had also established an advanced technology center in 2019 that housed engineers working on next-generation technologies in mobility.
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