Ola Electric CEO Bhavish Aggarwal is targeting to establish the company as the industry leader for EVs globally. Bhavish is reportedly looking to displace Tesla and China’s BYD as the industry leader for EVs by carving out a niche in the low-cost market.
Speaking to Bloomberg, Aggarwal said that the brand had a chance to lead the EV revolution by introducing models in the sub $50,000 price range. Tesla’s most affordable car was priced over $50,000.
Ola Electric was founded in 2017 with the company establishing its first production facility and launching its first EV in 2021 with plans in place to expand into the four-wheeler space from the current two-wheeler. The company intends to commence exports as well.
Ola Electric however has faced a number of issues in recent months including complaints over the quality of its S1 electric scooter, supply chain-related delays, a sales slowdown and a number of executives parting ways from the company. The company late last year also paused an initial public offering over mounting internal challenges and a cooling global investment climate.
With inputs from Bloomberg
