Tesla on two wheels? India’s Ola Electric feels the strains of success | Reuters News Agency
AutomotiveBusiness & Finance
28 November 2023, 4:40 am 1 minute
Reuters reported that Bhavish Aggarwal, India’s answer to Elon Musk, is racing to roll out millions of electric scooters and speed his nation to a cleaner future. Some of his mechanics can’t keep up, though. Aggarwal’s Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market listing after going from zero to 338,000 e-scooter sales in about two years. The tech entrepreneur vows to banish the internal combustion engine (ICE) from India, where two-wheel vehicles rule the roads.
Market Impact
Two years since Ola’s first e-scooter rolled off the line, the startup has established itself as the leader in India’s two-wheeler EV market, with about a third of sales by volume. It has attracted marquee investors including Japan’s SoftBank (9984.T) and Singapore’s Temasek and is gearing up for a $700 million Indian IPO.
Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Asia
Countries: India
Win Types: Impact (Long Term)
Story Types: Special Report / Insight
Media Types: Text
Customer Impact: Significant National Story
