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According to top insiders familiar with the latest developments at Ola Electric, the Bhavish Aggarwal-led company is currently hunting for land for its four-wheeler manufacturing goals, and electric cars might be a reality as soon as early next year.
According to top insiders familiar with the latest developments at Ola Electric, the Bhavish Aggarwal-led company is currently hunting for land for its four-wheeler manufacturing goals, and electric cars might be a reality as soon as early next year.
"Ola Electric is furthering its EV ambitions with a new four-wheeler factory set up, which is going to come up soon. A formal announcement is definitely on the cards. And a few fantastic concept designs for the electric car have also been handed in, one amongst which was shared by Bhavish ," a source familiar with the process said
Ola Electric has also set its sights on producing its EVs for worldwide markets, according to the sources, and plans to use the current funding to expand its two-wheeler future factory as well as establish a new four-wheeler facility.
"There are a few designs being considered and a finalisation is yet to come," said a source on condition of anonymity.
A spokeswoman for the corporation declined to comment on the recent events.
Wayne was hired by Ola in May of last year after working at Jaguar, where he created some of the luxury automaker's most iconic electric vehicles.
Bhavish Aggarwal, the CEO of Ola, took to Twitter on Tuesday to share a snapshot of what appeared to be a prototype model of the new Ola electric car. The Ola logo was also prominently displayed on the vehicle.
Ola began manufacturing its electric scooters in Tamil Nadu in December 2020, after acquiring property and signing a Rs 2,400 crore Memorandum of Understanding with the state government, which the firm claims is the world's largest scooter plant.
Ola Electric has also increased the factory's ability to produce 1,000 two-wheeler S1 scooters per day, which is a significant boost to the company's two-wheeler S1 scooter output. By the end of January, the business plans to open its second purchase window for the S1 and S1 Pro scooters. However, since it first began accepting orders for its initial batch of scooters, the company has been plagued by issues with reaching delivery deadlines.
While the manufacturer blamed the delay on a worldwide chip shortage, some consumers BT spoke to said they had software and design faults and were promised a replacement.
Ola Electric reported on Monday that it has raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others. The company is now valued at $5 billion as a result of the new fundraising round.
When it secured $ 200 million from Softbank and Falcon Edge in September of last year, the company was valued at $3 billion. This is also Ola Electric's sixth investment round, with a total capital raise of $800 million.
In line with Bhavish Agarwal's EV expansion plans, Ola Electric was also one of the ten companies that submitted a bid under the Advanced Chemistry Cell Battery Storage Programme in India under the production-linked incentive scheme for battery manufacturing capabilities with a budget outlay of Rs 18,100 crore.