According to Bhavish Aggarwal, Ola Electric has postponed its plan to produce an electric vehicle. When PTI inquired about whether the proposal involving the electric automobile was no longer on the table, the CEO of the recently listed company said positively. “We are not working on it right now.”
Bhavish clarified that their goal was to develop technology that would enable the products to be produced at scale and to make products relevant for India. Bhavish Aggarwal said, “We’re going in a sequence, two-wheelers and then other products.”
With the exception of a one-time reversal of almost Rs 30 crore that it was required to provide as part of normal operating procedure under PLI standards, Ola Electric’s vehicle sector EBITDA was almost break even in the first quarter of this fiscal year.