SoftBank-backed Ola Electric wants to launch a made-in-India EV in 2024
Summary
The CEO of Ola Electric said Monday his firm would launch an all-electric vehicle that can go from 0 to 100 kilometers per hour (just over 62 mph) in four seconds, as the race to gain a foothold in Indias fledgling EV sector intensifies. "Global automakers think that the Indian market is not ready for world-class technology and, hence, sell their hand-me-down tech in India," he said. Monday also saw Aggarwal announce plans to develop what he called a "full-EV hub" by expanding the companys "Futurefactory" in Tamil Nadu state, which currently focuses on the production of two-wheel electric vehicles. "This ... reimagined Ola Futurefactory is going to be the worlds largest EV ecosystem at a single site," Aggarwal said. India, which is on track to become the planets most populous country next year, is something of an untapped market when it comes to electric cars, lagging behind China, the European Union and the U.S. "In Brazil, India and Indonesia, fewer than 0.5% of car sales are electric," the International Energy Agencys Global EV Outlook notes.