Ola Electric Vehicles

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds, the sources added. With close to a billion dollar annual revenue run rate, Ola Electric led the pack of Indian EV manufacturers by volume and revenue within a year of beginning deliveries of its electric scooters -- Ola S1 and Ola S1 Pro. The company has been building on its plan to develop core technologies like cell manufacturing, and is looking to expand its product portfolio across segments of two-wheelers and four-wheelers. Ola Electric had recently signed an MoU with the Tamil Nadu government to acquire land to set up

Ola Electric on Tuesday said it is giving an option to buyers to upgrade their scooters with new front fork amidst concern among them regarding safety of the part. In a tweet, the company noted that there have been some concerns amongst the community around the safety of the Ola S1's front fork arm. "We assure you that this is unfounded. At Ola, all components of our scooters, including the front arm, are thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles," the Bengaluru-based company stated. However, as part of continuous engineering and design improvement process, the company has recently upgraded the front fork design to enhance the durability and strength even further, it added. "To alleviate any concerns that you or any of our community members might have, we are giving an option to our customers to upgrade to the new front fork," the company said. This upgrade will be free of cost a

Given the development, industry insiders say that the 1-million-unit target this fiscal year may not be achieved

Allegations have been made that the manufacturers are availing subsidy benefits without complying with the localisation requirements

Ola said the success of the S1 Pro and S1 have cemented its market leadership

The new launches will be from the two significant companies already selling e-motorcycles -- Revolt Motor, the largest in this segment, and Tork Motor - as well as from others

"Through volume numbers and unit sales one can see, we are not making a loss," says Anshul Khandelwal

The SoftBank-backed firm is also on track to bring electric cars to market by 2024

Upgrade will give vehicles more than 50 features and improvements, says company

Manufacturers had already been passed on subsidy amounts to customers, can't sustain any further and are planning go stop operations

Company will be adding in-house manufacture of motors as well as cells, which account for the bulk of the cost of a scooter

'Looking at synergies with EV business, will announce details soon'

The company is the only two-wheeler electric vehicle (EV) player, which has decided to manufacture the cell and control its technology - that are crucial components for making the battery

The experience centres will enable customers to touch and feel Ola scooters, clarify their queries, and avail support both before and after purchase

Ola Electric plans to eventually have the capacity to produce 10 mn two-wheelers, 1 mn cars

Manufacturers say 1.5 million two-wheelers could be sold in FY24

Industry sources say the service was not proving any value to the ride-hailing company

Manuj Khurana, who quit his post as Tesla's local head of policy and business development in June, will start next week at Ather Energy

The company sells three models of Ola electric scooters, Ola S1, Ola S1 Pro and Ola S1 Air

Luke on Thursday launched Gogoro in India with a pilot project in collaboration with ZyppElectric