Ola CEO Bhavish Aggarwal dwells on plans to build an electric sports car
Bhavish Aggarwal, founder and CEO of Ola, said the mobility company plans to bring a new electric sports car to Indian consumers.
“We are going to build the sportiest car ever built in India,” Aggarwal said on the microblogging platform Twitter on Saturday.
Aggarwal recently retired from day-to-day operations to focus more on engineering functions, team building and products, in addition to focusing on long-term strategic projects, such as two-wheelers, cars and innovations in rapid trade and international expansion. .
Other strategic projects include cellular research and development (R&D), construction of Pune Technology Center and Futurefoundry UK.
“Over the next two years you will see many deployments of two-wheelers. We are also building an (electric) car,” says Aggarwal, who previewed a red electric car, at a customer event in Tamil Nadu.
Ola Electric presented its vision to become a vertically integrated electric mobility player in the two-wheeler and passenger vehicle segments. The company calculates the size of the opportunity at $1 trillion for a volume of 155 million units, according to a report on institutional stocks from Kotak.
The company plans to launch a series of new EV products on scooters, motorcycles, sedans and SUVs. This includes unveiling its mass scooter by the end of CY2022 and launching its high-end motorcycle in CY2023. This would be followed by the mainstream variant and the sportbike.
On the passenger car front, the company plans to launch a premium SUV and sedan in CY2024, followed by mainstream variants for both.
“The company plans to launch Robotaxi with L3 (Level 3) autonomous capabilities to complement its product suite,” the Kotak report states.
The company has invested more than $100 million in establishing an R&D center for battery technology. It employs over 200 researchers and plans to expand its workforce to over 500 PhDs in the coming years. The technology’s headquarters will be in Bengaluru with research centers in San Francisco in the US, Coventry in the UK, Pune and Japan.
Ola expects the current cell cost of $150/kWh to be reduced to $100/kWh as it moves this in-house from its current supplier LG Chem. The company expects this decision to result in a 10-20% reduction in total cost and an 8.5% improvement in EBITDA.
On Saturday, Aggarwal also shared plans for the upcoming MoveOS 3 software update for the S1 series of electric scooters. “Launching MoveOS 3 for everyone on Diwali this year. If MoveOS 2 was exciting, wait until you experience MoveOS 3,” Aggarwal said.
He also shared a video on the platform where he tested the Moods feature in the upcoming MoveOS update.
During a recent customer event in Tamil Nadu, Ola also launched the MoveOS 2 software update for all its customers at the Ola Futurefactory. With this, Ola S1 Pro customers across the country will receive an over-the-air update.
With the software update, the Ola S1 Pro will feature improved accessibility. The company says the MoveOS 2 update also enables fixes for bugs that were previously found in isolated cases, such as range drop and battery drain.
The company expects to be cash flow positive in all three quarters and pointed out that it has more than 60,000 scooters on the road, according to the Kotak report.
The company has experienced one fire to date, according to the Kotak report. He said the government’s initial findings suggested problems with batteries and battery management systems.