Ola Electric has began the construction of the largest 2W factory in the world in Feb 2021 at a 500 acre site in Tamil Nadu.
In May 2020, Ola electric acquired the Amsterdam based premium electric 2W company Etergo BV, marking its entry into the smart electric two-wheeler market. Etergo offers an all electric, award-winning 2W called AppScooter that was first revealed in 2018. The scooter uses swappable high energy density batteries to deliver a top range of up to 240 km and an acceleration of 0-45km/h in 3.9 seconds.
Ola Electric plans to leverage Etergo’s design and engineering capabilities to build its smart electric two-wheeler range for International and Indian markets. The company aims to launch electric 2W in India in 2021. At present, Ola is setting up the world’s largest scooter factory in India that will have the capacity to manufacture over 2 million scooters a year (once completed) to cater to the global demand, says a company statement. The company has also signed an MoU with the Tamil Nadu government for an investment of 2,400 crores in setting up this factory. Upon completion, the factory will create almost 10,000 jobs.
Earlier in 2020, Ola announced plans of hiring over 2,000 people for its electric business as it rapidly builds a suite of mobility solutions for consumers around the world.
In upcoming months, Ola Electric also plans to launch its electric 2W range in multiple overseas markets including New Zealand and Europe. Notably, New Zealand government aims to on-road 64,000 new EVs by the end of 2021. Also, the two-wheeler EV market in Europe has seen double-digit growth in 2020, with customers looking for smart products at competitive prices. The company has appointed a seasoned automotive professional Julien Geffard (ex-Peugeot Motorcycles, Bentely Motors, Alpine and BMW) to lead the Go-to-market strategy for its electric business in Europe.
Ankit Jain and Anand Shah founded Ola Electric Mobility in 2017. Headquartered in Bengaluru, Ola Electric has raised USD 303.7 million in funding from Tiger Global, Matrix India, Softbank, Tata Sons Chairman Emeritus Ratan Tata and others.
Last updated: 26 Feb 2021
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