Ola Electric News

06.09 / 18:25

UPS FIVE Reuters Manufacturing Temasek leads $140 mn funding in Ola Electric

₹784 crore in FY22, up from ₹199 crore in FY21. Its revenue rose from ₹86 lakh to ₹373 crore in the period. The company has not filed its FY23 financial statement yet, but a Reuters report on 28 July said Ola Electric has registered an operating loss of $136 million on a revenue of $335 million.

05.09 / 11:39

UPS Manufacturing Mobile Hyundai stage country Explainer Mint Explainer: Navigating India's electric vehicle surge

Mint explains the current developments in the EV industry in the country: Even though the Indian EV industry is in its early stages, the growth plan under the ‘Make in India’ initiative aims to make the country a manufacturing hub for various sectors including the EV industry. The government aims to achieve 100% local production of EVs under this initiative.

04.09 / 19:47

Manufacturing Hero MotoCorp set to invest Rs 550 crore in Ather Energy

Electric scooter maker Ather Energy is set to raise Rs 550 crore from motorcycle manufacturer Hero MotoCorp, the latter said in a disclosure to the National Stock Exchange on Monday. The board of Hero MotoCorp passed a resolution to invest Rs 550 crore via Series E2 compulsory convertible preference shares. The motorcycle giant already owns a 34.2% stake in Ather and is its largest shareholder, according to data from Tracxn. In January last year, Hero partially led a dollar 128 million fundraise into Ather. The firm was last valued at dollar 739 million during a dollar 50 million fundraise in October last year, per Tracxn.

01.09 / 08:05

Career CEO country Executive Ola planning to hire a veteran Unilever executive as CEO for cab business: Report

Years after managing two different verticals of the company, Ola founder and CEO Bhavish Aggarwal is mulling over to appoint a CEO for its cab business reported Economic Times. The new CEO, possibly an ex-Unilever executive, is likely to join the company early next week, reported Economic Times citing sources. Till now, CEO Bhavish Aggarwal has remained the CEO of the company and managed its cab business along with e-scooters verticals.

29.08 / 07:07

COST UPS Booking Progressive ICE surges Ola Electric's new S1 range of electric scooters surges past 75,000 bookings in just two weeks of launch

electric scooter, cater to a diverse range of customers with prices ranging from ₹90,000 to ₹1.47 lakh (ex-showroom). It is worth noting that Ola has not disclosed the specific breakdown of bookings for each model. The company has expanded its electric scooter lineup, which now kicks off with the S1 X model priced at ₹90,000 (ex-showroom).

28.08 / 06:43

Target Platform Strategy Mobile Remark play TVS Motor’s bold EV play: What investors need to know

TVS Motor has undergone a transformative journey. This ability to understand and solve customer needs in markets globally and deliver satisfactory products, has emboldened the company to chart a bold new path. With a remarkable ability to weather economic fluctuations, TVS Motor has forged a reputation for resilience.

16.08 / 18:35

UPS Progressive Manufacturing Software show Top 4 e-scooter makers refund ₹10 crore to buyers

Earlier this year, a government probe into customer complaints had found that Ola Electric, Ather Energy, TVS Motor and Hero MotoCorp were billing their charger and proprietary software as an add-on to their electric scooters in a bid to lower the reported sale price of their products and be eligible for subsidies under a government programme that seeks to promote local manufacturing and faster adoption of electric vehicles (EVs). In May this year, the four companies had agreed to refund ₹305.61 crore to customers who had bought the off-board chargers.

16.08 / 13:45

COST UPS Manufacturing CEO Ola Electric to give India its first Gigafactory next year: CEO Bhavish Aggarwal

Ola Electric founder and CEO Bhavish Aggarwal in a conversation with ETNow on Wednesday. «By next year, the Gigafactory will be up and working which will help in reducing the price of the vehicles,» said Aggarwal. As per the CEO, the initial capacity of the Gigafactory will be 5 GWh. At full scale, the factory will have 100 GWh capacity, which will also be the world's largest battery manufacturing unit.

15.08 / 07:53

Ola Electric launches its most affordable e-scooter

Ola Electric, India's largest maker of electric scooters, launched its most affordable ride on Tuesday, in an effort to woo more buyers as the price of e-scooters moves closer to gasoline models.

15.08 / 05:47

UPS Platform Software country concert independence day Ola Electric revs up Independence Day: Gears up for S1X scooter and e-motorbike

electric scooter, which is poised to become their most budget-friendly EV in the country. The launch event is scheduled to take place at Ola Electric's Future Factory in Bengaluru. Additionally, an anticipated revelation includes the introduction of MoveOS 4, a fresh software update for their existing electric vehicle lineup.

12.08 / 10:45

Twitter Digital CEO concert Ola Electric to reveal MoveOS 4 on August 15, CEO Bhavish Aggarwal teases e-motorcycle

Ola Electric has officially announced that they will be revealing the MoveOS 4 update on its Consumer Day - August 15. Anticipated to be made available to customers by year-end, this update marks an advancement for the Ola S1 lineup of electric scooters. ‘It’s time to change the way you move.

01.08 / 05:53

Twitter Booking CEO Align love social fun Meet 'Bijlee': Ola Electric’s newest ‘paw-sitive’ addition to its workforce

Ola Electric. The name, coincidentally translates to 'electricity,' cleverly aligning with the company's identity. The pictures, shared by Aggarwal on microblogging site Twitter has now gone viral.

31.07 / 17:19

Lowe's Manufacturing Pool awards Samsung country Minimum capacity may be cut for battery storage PLI

NEW DELHI : The government is considering lowering the minimum capacity threshold for bids under a fresh round of the production-linked incentive (PLI) scheme for advanced chemistry cells (ACC) that are used for battery storage and are key to the electric vehicle ecosystem. The government is looking to allocate 20 GWh (gigawatt hour) capacity to new participants in the scheme, and held consultations last week with a diverse set of firms that included Panasonic, Minda Corp, Ather Energy, Maruti Suzuki India Ltd, Tata Motors’ Agratas, NTPC and M&M.

28.07 / 09:01

UPS IPO Reuters Southern track IPO-bound Ola Electric recorded $136 million loss in FY23

India's largest e-scooter maker Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in the last financial year which concluded in March, three sources told Reuters, missing its publicly disclosed revenue goal. The 2022/23 loss number of SoftBank-backed Ola Electric, which is preparing for an up to $700 million IPO, has not previously been reported or filed with Indian authorities, which allows time until September to file previous year's earnings. Ola declined to comment.

20.07 / 10:27

UPS IPO Target Reuters show Ola Electric targeting $1.5 billion sales this year, pre-subsidy cut document shows

Ola Electric expects revenue to quadruple to $1.5 billion this financial year and then double that again in two years, according to a document containing corporate projections and people briefed on the matter. The figures, however, pre-date surprise cuts by the federal government to e-scooter incentives in May. According to the document, which was prepared ahead of investor meetings for Ola's planned IPO worth up to $700 million and was reviewed by Reuters, the company is also targeting $220 million in operating profit for the year to end-March.

19.07 / 18:13

UPS Manufacturing awards Samsung country Fresh bids for advanced chemistry cells

₹18,000-crore Advanced Chemistry Cells, or ACC project. The scheme aims to incentivize production of 20GWh battery storage capacity, it said on Wednesday. During the initial round of awards under the PLI scheme, three companies qualified for incentives: Ola Electric, Reliance New Energy, and Rajesh Exports.

17.07 / 12:59

Provident Holdings valuation Temasek Holdings to increase pace of investment, diligence amid valuation reset

HDFC Life and ICICI Prudential Life. Temasek's pace of follow-on investments in its own portfolio companies has also increased as the firm is doubling down on the winners in its portfolio, Bhandari, who is the managing director, Investment, for Temasek in India, said. “Manipal is a follow-on investment.

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