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SoftBank-backed Ola Electric really wants to launch a made-in-India EV in 2024

Ola CEO Bhavish Aggarwal appears on screen throughout a presentation in August 15, 2021. The business’s EV-arm, Ola Electric, plans to launch a power car in 2024.

Samyukta Lakshmi | Bloomberg | Getty Images

The CEO of Ola Electric said Monday his firm would launch an all-electric vehicle that may go from 0 to 100 kilometers each hour (just over 62 mph) in four seconds, because the race to get a foothold in India’s fledgling EV sector intensifies.

In a video presentation, Bhavish Aggarwal offered up several information regarding the Indian-built vehicle.

It could, he said, have a variety of over 500 kilometers per charge (around 310 miles), an all-glass roof, and assisted driving capability. The EV would also be keyless and “handle-less.” The business plans to launch the automobile in 2024.

“Global automakers believe the Indian market isn’t ready for world-class technology and, hence, sell their hand-me-down tech in India,” he said. This would have to be changed, he added.

Read more about electric vehicles from CNBC Pro

Monday also saw Aggarwal announce plans to build up what he called a “full-EV hub” by expanding the business’s “Futurefactory” in Tamil Nadu state, which currently targets the production of two-wheel electric vehicles.

At full scale, he said the extended facility would produce 1 million cars, 10 million two-wheelers and 100-gigawatt hours of cells every year. “This … reimagined Ola Futurefactory will likely be the world’s largest EV ecosystem at an individual site,” Aggarwal said.

Ola Electric may be the EV arm of ride-hailing firm Ola, that was established in 2011. Both Ola and Ola Electric have attracted investment from SoftBank Group.

India, that is on the right track to end up being the planet’s most populous country next year, is something of an untapped market with regards to electric cars, lagging behind China, europe and the U.S.

“In Brazil, India and Indonesia, less than 0.5% of car sales are electric,” the International Energy Agency’s Global EV Outlook notes.

Ola’s venture into India’s electric car market will dsicover it contend with Tata Motors and Mahindra Electric Mobility, amongst others. Based on the IEA, Tata’s Nexon BEV SUV was India’s best-selling electric car in 2021.

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