From 4k units in 2021 to 80k units now: The CEO of Ola, Bhavish Aggarwal discusses why India’s EV revolution took off this year

Bhavish Aggarwal discusses why India's EV revolution took off this year

According to Ola CEO Bhavish Aggarwal, the year 2022 will be regarded as the year when India’s electric vehicle (EV) revolution fully took off. He also stated that Ola Electric had a 20x growth in 2022, with the firm producing 80,000 two-wheeler EVs by the end of the year, up from 4,000 units in June 2021.

Details about Bhavish Aggarwal discusses why India’s EV revolution took off this year

According to the Vahan portal, Ola became the leading seller of e-scooters this year after exceeding 20,000 in October and November.

He further stated that numerous cities, including Bengaluru, Pune, and Surat, had EV penetration rates of more than 20%.

“While much has been accomplished in just a year, this is simply the beginning. “A much larger opportunity awaits,” Aggarwal wrote. He stated that the moment has come for India to develop world-class products and establish itself as a market leader.

Aggarwal also stated that four things are required for India to become a worldwide EV powerhouse. Building world-class aspirational products, investing in R&D and developing core technologies, establishing local supply chains for novel materials and components, and eventually attracting the greatest talent in the world are all examples of these.

He stated that in just 15 months, they have sold approximately 1.5 lakh EV units and are committed to ‘Mission Electric,’ a mission that comprises “all 2W sold in India by the end of 2025 being electric, and all automobiles sold in India by 2030 being electric.”

Mission Electric is becoming a reality!

Ola Electric’s Founder and CEO also outlined his vision for making Mission Electric a reality. He stated that they will concentrate on product diversification and global manufacturing. “Once all of India’s 20 million 2Ws are electrified, India would be the world’s third-largest market for EVs (measured by GWh consumed – 100GWh), trailing only the United States and China. “This foundation of 2Ws will provide us with a significant competitive advantage as we transition into exciting 4Ws,” he stated.

The second step is the vertical integration of cell technologies and the localization of necessary supply chains.

“In 2023, we will commission our cell production plant with a 5GWh capacity by the end of the year with an objective to install 100GWh throughout the course of this decade. “We have a great competitive advantage over other global and Indian companies since we have our own technology and a localized supply chain,” Aggarwal explained.

The third and last aim was to concentrate on global distribution by combining the prior two points.

“We are dedicated to this cause and will lead the way. We will go to any length to achieve this!” he concluded.

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