CEO of Ola Electric, Bhavish Aggarwal, stated that the company has scaled its operations quickly and aggressively. According to him, electric cars represent the largest change in the automotive sector in a century.
Our business is driven by a mission. During the press conference to announce the company’s initial public offering (IPO), Bhavish Aggarwal stated, “Our goal is to establish India as a global hub for electric vehicles.”
Speaking about the EV growth story, Bhavish Aggarwal stated that it is consistent and that “the potential is very large.” I see no signs of the EV story slowing down. As you can see, the incumbents have joined the party as well.
“Our business model stands on three pillars: in-house R&D, manufacturing and supply chain, and the D2C omnichannel distribution model,” he stated, discussing the company’s business plan.
According to the CEO, the company has delivered seven products, announced four products, and has a 39 percent market share in the Indian EV industry as of the first quarter of FY25.
Along with revealing the company’s ambitions for cell manufacture, Bhavish Aggarwal stated, “The government has allocated us 20 gigawatt hours. Trials have started. Next year, commercial production will start.”
According to Ola Electric’s chief financial officer, Harish Abichandani, investments in technology have resulted in a notable improvement in adjusted gross margins over the last two years, rising from 7.63 percent to 16.47 percent. Additionally, he stated that although the infrastructure can support up to 4 million units of capacity, the Future Factory’s installed capacity is just one million.
