Ola’s founder Bhavish Aggarwal laid out plans in 2022 to launch an electric sports car with an all-glass roof in two years that could reach 100 km per hour within four seconds.
Aggarwal reiterated those plans as recently as Sept. 2023 in an interview with Forbes, but the two sources said the project is now suspended ahead of its planned August IPO, where it is set to raise around $660 million.
Ola’s “focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away – you need to have (charging) infrastructure,” the first source told Reuters.
The suspension of Ola’s plan for electric cars, which could have competed with likes of Tata Motors in the nascent yet fast growing space, shows how challenges such as a lack of charging infrastructure in India weigh on plans.
E-scooters have become popular in the country in recent years and infrastructure has been built fast. Around 483,000 e-scooters were sold this year by June, but that period saw only about 45,000 electric car sales in the world’s third-biggest auto market.
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