Source : PTI | Newly-listed Ola Electric has laid out a roadmap to profitability banking on higher volume, vertical integration of supply chain and in-house produced cells, while it has shelved plans to make electric car, according to company founder and CMD Bhavish Aggarwal.
The company, which forayed into the electric motorcycle segment last week, will build products that Indians need, which are by a vast majority two-wheelers and three-wheelers, he said in an interaction with PTI editors at the agency’s headquarters here.
In the first quarter of this fiscal, Ola Electric’s automotive segment EBITDA was almost break-even but for a one-time reversal of about INR 30 crore it had to pay for a change in standard operating procedure in the government for PLI rules, he said, adding the cell segment is at a different stage of evolution.
When asked if the electric car project is off the table, CMD Bhavish Aggarwal said, “Yes. We are not working on it right now. Our vision is to build products relevant for India and build technologies to enable those products at scale and we’re going in a sequence, two-wheelers and then other products.”
