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Tesla on two wheels? India's Ola Electric feels the strains of success

Reuters · 1y ago

Tesla on two wheels? India's Ola Electric feels the strains of success

Ola Electric, India's leading e-scooter maker, is facing challenges as its nationwide network of service centers struggles to meet the demands of its surging sales. Reuters' visits to several service centers revealed significant backlogs and long repair times, particularly in metropolitan areas like Mumbai, Chennai, and Bengaluru. Ola Electric, valued at $5.4 billion, plans to quadruple its annual production capacity to 2 million e-scooters. However, the rapid expansion raises concerns about maintaining efficient service operations, especially in India's challenging driving conditions. Ola Electric is working to bolster its service network by adding 100 new centers and hiring more technicians.

Related News

Bhavish Aggarwal pokes fun at Elon Musk, says ‘Tesla for West, Ola for Rest’ | Mint

Livemint

Livemint · 11m ago

Bhavish Aggarwal pokes fun at Elon Musk, says ‘Tesla for West, Ola for Rest’ | Mint

Bhavish Aggarwal, CEO of Ola Electric and Ola Cabs, mocked Tesla founder Elon Musk, stating that "Tesla is for the West and Ola is for the rest". Aggarwal emphasized that companies like Tesla cater to the rich, while Ola Electric aims to build for the global south, starting with India. He also questioned Musk's ventures, suggesting he should try something new. Aggarwal highlighted Ola's achievements, including launching India's first gigafactory and the focus on AI text technology with his new venture, Krutrim. He expressed Ola's vision for India and the role of Indian youth in shaping the future.

Ola's Aggarwal sets eyes on AI, semiconductor design

TechCrunch · 1y ago

Ola's Aggarwal sets eyes on AI, semiconductor design

Bhavish Aggarwal, co-founder of Ola and Ola Electric, is exploring new avenues including an AI startup focused on language models and scouting U.S. AI startups for acquisition. He's also considering raising over $50 million for the new AI venture and mulling the creation of a semiconductor design firm. Ola leads India's ride-hailing market, while Ola Electric has achieved success in the electric scooter market. Aggarwal's diverse ventures reflect the surge in AI interest and the broader tech economy.

Ola expands ebike service to Delhi, Hyderabad; To deploy 10,000 EVs in next 2 Months

Inc42 · 1y ago

Ola expands ebike service to Delhi, Hyderabad; To deploy 10,000 EVs in next 2 Months

Ride-hailing giant Ola has expanded its electric bike (ebike) service to Delhi and Hyderabad. The company plans to deploy over 10,000 electric vehicles (EVs) in these two cities in the next two months. Ola aims to double down on its ebike service and expand it across India by the end of the year. The service, which has garnered success in Bengaluru, charges INR 25 for every 5 km. Ola also plans to set up an extensive charging network to support its EV fleet.

TVS tops April monthly sales as competition tightens in electric two-wheeler segment

YourStory

YourStory · 2m ago

TVS tops April monthly sales as competition tightens in electric two-wheeler segment

In April, TVS Motor led electric two-wheeler sales with 19,749 units, overtaking rivals like Ola Electric and Bajaj Auto. Ola sold 19,709 units, and Bajaj sold 19,011 units. Ather Energy, preparing for public listing, sold 13,173 units. This competitive landscape frequently shifts, with Bajaj and Ola previously leading sales. Ola faces regulatory scrutiny over sales report discrepancies. TVS's success stems from the growing demand for its iQube Electric scooters.

Tesla launches restyled Model 3 in North America

Reuters · 1y ago

Tesla launches restyled Model 3 in North America

Tesla has launched a restyled version of its Model 3 sedan in North America, with pricing remaining unchanged. The "performance" variant has been removed from the company's North American websites, leaving only the rear-wheel drive and long-range variants. The restyled models feature new additions such as a rear display for backseat passengers, two new color options, and updated wheels. The long-range variant now boasts an increased range of 341 miles. Tesla delivered a record number of electric vehicles in Q4 2023, but lost the top EV sales spot to China's BYD.

Ola Electric To Unveil Portfolio Of Electric Bikes On Independence Day

Inc42 · 11m ago

Ola Electric To Unveil Portfolio Of Electric Bikes On Independence Day

Ola Electric has announced that it will launch a range of electric two-wheelers in India in the coming months. The initiative is part of their plan to transform India's two-wheeler market with sustainable options. Ola Electric has been developing an electric bike prototype and plans to integrate its batteries into the vehicles by early 2026. The company will unveil its portfolio of electric two-wheelers at an event called Sankalp, taking place at the Futurefactory in Tamil Nadu.

After Bhavish Aggarwal’s dream IPO, how high will Ola’s stock rise?

Livemint

Livemint · 10m ago

After Bhavish Aggarwal’s dream IPO, how high will Ola’s stock rise?

Ola Electric, India's largest electric two-wheeler maker, is facing challenges with its service center in Delhi being inundated with damaged scooters, leading to frustrated customers and delays. Despite these issues, Ola recently had a successful IPO, raising over ₹6,146 crore, and its stock has experienced a dizzying rally. However, concerns remain about Ola's profitability and competition from legacy manufacturers. The company's path to profitability lies in its entry into the electric motorcycle market and its indigenous lithium-ion cell production. Analysts believe that Ola's ability to turn a profit and navigate these challenges will determine its long-term success.

‘Ola toh Ola hai, Chetak shola hai’: Rajiv Bajaj takes dig at Ola Electric | Company Business News

Livemint

Livemint · 7m ago

‘Ola toh Ola hai, Chetak shola hai’: Rajiv Bajaj takes dig at Ola Electric | Company Business News

Bajaj Auto's CEO Rajiv Bajaj claimed that the Bajaj Chetak has become the best-selling electric scooter in India, surpassing rival Ola. With over 300,000 units sold to date, Bajaj Auto is set to launch a new model of the Chetak on December 20. Ola Electric currently leads the electric two-wheeler market in terms of market share, but Bajaj's announcement showcases the growing competition in India's EV market.

Ola Electric launches electric motorcycles, to integrate own cells in EVs

Economic Times

Economic Times · 11m ago

Ola Electric launches electric motorcycles, to integrate own cells in EVs

Ola Electric has unveiled three electric motorcycles - Roadster, Roadster X, and Roadster Pro, with prices starting from Rs 74,999. Deliveries for the Roadster and Roadster X will begin in January 2025, while the Roadster Pro will be available during Diwali 2025. Ola Electric also teased two upcoming motorcycles, Sportster and Arrowhead. The company aims to accelerate electric vehicle adoption in India's two-wheeler market. Ola Consumer plans to revolutionize warehousing through partnerships with FMCG and D2C brands for efficient and automated operations.

Ola Electric stuck in third spot in June as TVS Motor, Bajaj Auto maintain lead in EV two-wheeler market - The Economic Times

Economic Times

Economic Times · 17d ago

Ola Electric stuck in third spot in June as TVS Motor, Bajaj Auto maintain lead in EV two-wheeler market - The Economic Times

Ola Electric maintained its third-place position in India's electric two-wheeler market in June, registering 18,527 units. TVS Motor and Bajaj Auto led with market shares of 25.4% and 22.8%, respectively. Despite a slight market decline, Ola Electric's market share was 19.6%. Ather Energy gained ground, planning significant expansion. Ola faced financial challenges, with its net loss widening and revenue falling. The company continues to focus on product expansion despite various hurdles.

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