Ola Electric is preparing for a significant product expansion, aiming to launch 20 new offerings over the next two years. Founder and Chairman Bhavish Aggarwal shared the ambitious plans during the company’s Q2 FY2025 results conference call, highlighting a mix of new models and variations of existing vehicles.
Entering the Three-Wheeler Segment
Ola Electric will venture into the three-wheeler category by 2026. Aggarwal confirmed the company’s plans to introduce two electric three-wheelers:
- Passenger Model (Raahi): Expected in late 2025, this auto-rickshaw model is currently being tested in Bengaluru and is designed for urban mobility.
- Cargo Model: Slated for a 2026 launch, this version will cater to commercial users, maintaining a similar design language to the passenger variant.
Both models will utilize components from Ola’s popular S1 electric scooters, including shared electronics, battery systems, and powertrains. This approach aims to streamline production costs and offer competitive pricing.
Leveraging the Electric Scooter Boom
Ola Electric’s rapid growth in the electric two-wheeler market underpins its ambitious plans. Sales have surged:
- FY2022: 20,948 units sold.
- FY2023: 156,251 units sold.
- FY2024: 329,618 units sold, doubling the previous year’s volume.
This growth has positioned Ola as a leader in India’s EV market, although the company is yet to achieve profitability.
Challenges to Address
While Ola Electric is expanding aggressively, it faces hurdles, including quality control issues and a service backlog. Addressing these challenges is crucial for sustaining its growth and ensuring customer satisfaction as the company prepares to roll out its new products.
A Vision for the Future
With plans to innovate and diversify, Ola Electric is set to redefine urban and commercial mobility in India. Its focus on affordability and sustainability highlights its commitment to shaping the future of electric transportation.
