The long-awaited Ola Electric electric motorbike, the S1, finally unveiled on August 15, coinciding with India’s Independence Day, a major message that its founder Bhavish Aggarwal wants to take home in building India around the world.
Presented at Rs 99,999 for the S1 entry-level model and Rs 1,29,999 for the powerful and long-range S1 Pro, the last one has, according to Aggarwal, the largest battery available on the electric scooter.
“This is the best sculpture ever made and the most sophisticated,” Aggarwal confirmed, while presenting details on its price and performance.
The Bhavish Aggarwal-based company, which comes from Ola passenger company, is setting up a 500-hectare factory in Krishnagiri in Tamil Nadu, with the aim of producing 10 million cars a year in full – making it the world’s second largest Wheeler factory.
Aggarwal said this would be India’s largest building once completed, large enough to fit Delhi and Mumbai airports and at least 150 Olympic swimming pools.
“We bought the land in January, made Bhumi Poojan in February and set the first pillar in April. We have already built the third one so far. We have said we will have 2 million in phase 1 and we are at 1 million,” he said.
10 full production lines are expected to launch 1 motorcycle every 2 seconds in full. It invests Rs 2,400 crore in the plant and will create 10,000 jobs.
And it built many buildings inside the house.
Ola Electric also plans to invest $ 2 Billion over the next five years with its partners to establish more than 1 lakh charging stations in 400 cities. The current shortage of charging stations is one of the biggest obstacles to implementing the use of EV in India.
While Aggarwal did not specify the number of charging stations already built, he said they may need to establish more than 5,000 planned charging stations in 100 cities in India.
There are also set up physical experience centers for the next 2-3 months, giving customers the opportunity to order online or offline. Those who have worked in advance, will be able to pay the full amount by September 8, with scheduled delivery in October 2021.
Ola Electric recently opened the booking of its electric motorcycle for a refundable deposit of Rs 499, its booking has already exceeded 1 lakh
Aggarwal said the company is making every effort to ensure that it is able to meet these obligations, as the automotive industry is battling severe shortages in semiconductor chips.
“India will deal with this in the next 6 to 9 months. We have caught up with this situation.
While competitors such as Hero MotoCorp use a 2-charge charging system – for scooter systems for fast charging or battery exchange, Aggarwal described the exchange as ‘very bad’, something that not only works in India but also increases car costs by Rs 20,000.
Asked how his rivals are doing two things, Aggarwal said, “Strategy also means making decisions.”
Interestingly, while Hero MotoCorp owns a 37% stake in EV maker Ather Energy, its promoter Pawan Munjal is a private investor in Ola.
Aggarwal, who recently urged Tesla founder Elon Musk to build and not only import goods into India, also threw down a gauntlet, saying he ‘accepted that gentleman in India but should invest in India.’
“We will welcome and win the competition. The government has been very supportive. Entrepreneurs must take advantage of this opportunity,” he said.
Ola Electric aims to export motorcycles around the world in a timely manner, not only marking markets in South Asia, Africa and South America but also in Europe and the US, where light, efficient, clean pollution is required. Aggarwal also said that China, which has started at the forefront of the two-wheeled power station, “is not a fast-moving thing”.
It recently raised $ 100 million in long-term debt from the Bank of Baroda to close the first phase of its factory development.
“I think a lot of money is being invested. People think that starting a business is like a new investment. It’s about innovating and speeding up. We’ll make money before people see it, the business approach sounds good.”
He also added that it will be one of the most efficient car manufacturers in the world.
Ola Electric is worth more than a billion dollars, with the support of investors such as Matrix Partners, Tiger Global Management and SoftBank, among others. Ola’s basic passenger board is also planning to list stock exchanges soon, with it raising $ 500 million from Warburg Pincus and Temasek, giving first-time Tiger and Matrix supporters a chance to step out of the company’s stockpile.