A recent report from Economics Times suggests that Ola Electric is gearing up to foray into the e-rickshaw segment later this year. Their first electric 3-wheeler, anticipated to be called Raahi, could be launched ahead of Ola’s planned IPO. It was under development for several years as part of its broader strategy to enter the commercial vehicle market. Now, it is expected to be unveiled later this month.
According to the reports, Ola Electric is likely to make several new announcements before its IPO, encompassing new products, including e-rickshaw, and its forthcoming gigafactory. The gigafactory is slated to start battery cell production by the end of this quarter. The company also plans to allocate Rs 1226 crore to this new facility.
Regarding the 3-wheeler market, there were 580,000 electric three-wheelers sold last year, marking a 66% increase from 2022. In 2023, the electric 3-wheelers account for over 50% of total three-wheeler sales.
At present, Ola Electric is leading the electric 2-wheeler segment with over 40% of the market share. The company is further striving to strengthen its position in the segment. The Bengaluru-based EV manufacturer recently extended the battery warranty coverage for its entire lineup to 8 years/80,000 km. It has also announced that it will establish 10,000 fast charging points by the end of next quarter. It also aims to expand its service network in the country from the current 400 to 600 by April 2024.
Ola also plans to introduce a wide range of electric motorcycles and an electric car in the country.
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