Electric vehicles are the biggest transformation in the automotive industry in a century, Bhavish Aggarwal said.
Ola Electric CEO Bhavish Aggarwal said that the company has been very aggressive and quick on its journey to scale its business. Electric vehicles are the biggest transformation in the automotive industry in a century, he said.
Ola Electric IPO: Bhavish Aggarwal, Co-founder and CEO of Ola, poses with the Ola electric scooter at the Ola headquarters in Bangalore.
“We are a mission driven company. Our mission is to make India a global electric vehicle hub,” Bhavish Aggarwal said during the press conference of the launch of its initial public offering (IPO).
Bhavish Aggarwal talked about the growth story of EVs and said that it is consistent, asserting, “Potential is very large. I don’t see any slowing down of the EV story. You are seeing the incumbents are also joining the party.
Talking about the business model of the company, he said, “Our business model stands on three pillars – In-house R&D, manufacturing and supply chain, and D2C omni channel distribution model.”
The company has delivered seven products and announced 4 products so far and has a market share of 39 percent in the Indian EV space in the the first quarter of FY25, the CEO said.
Bhavish Aggarwal also shared the cell manufacturing plans of the company and said, “We have a 20 GWh allocation from the government. Trials have begun. Commercial production will begin next year.”
Harish Abichandani, Ola Electric’s chief financial officer said that adjusted gross margins improved significantly from 7.63 per cent to 16.47 per cent in the last two years as outcome of investments in technology. He also said that installed capacity is 1 million for the Future Factory, although infrastructure can support up to 4 million units capacity.
News/Business/ What CEO Bhavish Aggarwal said on Ola Electric IPO: ‘We are mission driven’
