Ola Electric CEO Bhavish Aggarwal said in a press conference that the company is almost equivalent to automaker giant Maruti Suzuki, which is currently leading the car making industry in India, in terms of market share in the electric vehicle space.
“We have already built that market position of us in the EV space. We are also getting in there in terms of margin of leap, rest are far behind. We are the industry leaders in the EV industry,” Aggarwal said during the press conference of the launch of its initial public offering (IPO).
Aggarwal further added that the company has pursued an aggressive and rapid approach to scaling its business. He emphasized that electric vehicles represent the most significant transformation in the automotive industry in the past century.
“We are a mission driven company. Our mission is to make India a global electric vehicle hub,” Aggarwal added.
Bhavish Aggarwal discussed the steady growth of electric vehicles (EVs) and emphasized its consistency. “Potential is very large. I don't see any slowing down of the EV story. You are seeing the incumbents are also joining the party.”
Furthermore, Aggarwal spoke about the company's business model, adding, "Our business model stands on three pillars - In-house R&D, manufacturing and supply chain, and D2C omni channel distribution model."
The CEO stated that the company has launched seven products and announced four additional products to date. In the first quarter of FY25, it holds a 39 percent market share in the Indian EV sector.
“We have a 20 GWh allocation from the government. Trials have begun. Commercial production will begin next year,” he added.
Harish Abichandani, the Chief Financial Officer of Ola Electric, stated that the company's adjusted gross margins have significantly increased from 7.63 percent to 16.47 percent over the past two years, thanks to investments in technology. He also mentioned that while the installed capacity at the Future Factory is 1 million units, the infrastructure can support a capacity of up to 4 million units.
The highly anticipated IPO of Ola Electric Mobility Ltd is scheduled to launch on D-Street this Friday, August 2. The price band for the Ola Electric IPO is set between ₹72 and ₹26, and the offering will close on Tuesday, August 6.
