Ola Electric shares rose 8.5% to their highest level of ₹44.78 per share on the NSE on Tuesday, August 19. This came after founder Bhavish Aggarwal shared launch plans and growth strategy in the upcoming quarters.
In an interview to Moneycontrol, Aggarwal said that products with 4,680 cells will reach customers by Navratri. The electric vehicle maker’s Tamil Nadu plant is already in full production ahead of the launch.
Ola Electric’s R&D head Rajesh Mekkat said that the 4680 Bharat cell has a battery life of over 15 years, which is 5 times more than competitors and provides 80% charging in 15 minutes.
In the interview, the Ola Electric CEO said that Ola Electric is targeting to capture 25-30% share in India’s two-wheeler EV market, backed by vertical integration and new product launches.
On the supply of raw materials for electrode rolls, he said China is a major source, but Japan and Korea are also fast becoming major sources.
“India has a free trade agreement (FTA) with Australia, which is the largest producer of materials like lithium and manganese, which are used in cells. India’s strategy should be to broaden its supply chain,” Aggarwal told Moneycontrol.
Aggarwal further said that Ola’s motorcycle has received a very good response across the country. “We are expanding it in a phased manner, not all over the country at once. So, we launched in 200 stores and now by Navratri we are expanding it across the country. We are announcing some new products in scooters as well as a moonshot bike.” Ola has started the development of ferrite motor technology at the Tamil Nadu plant, which will replace the use of rare earth magnets used in the development of its products.
Last week, the company also launched a new scooter, the Ola Pro Sport scooter, equipped with Bharat Cell. Along with this, Ola also launched ferrite motor technology, which is an alternative to rare earth magnets and which is used in the development of electric vehicles.
Ola Electric’s vehicle engineering head, Samraj Dinakar said that ferrite motor will become an alternative technology to rare earth magnets in the future.
After unveiling the prototype electric motorcycle Diamond Head, the CEO said that his company hopes to keep it priced under ₹ 5 lakh, and the vehicle will have many features, including self-driving technology (remote summon). It can achieve a speed of 0-100 in 2 seconds.
He said, “We want to change the face of (electric) two-wheelers forever. With Diamond Head, the rider becomes the ride. It will be the world’s ultimate performance bike. We plan to launch it in mid-2027 and aim to price it under ₹5 lakh.”
Last seen, Ola Electric shares were trading at ₹44.27 per share, up 7.35% on the National Stock Exchange.
