Ola Electric To Unveil E-Bikes On Aug. 15

Ola Electric Mobility plans to venture into new segments like e-motorcycles and battery technology as the company eyes future growth after a successful initial public offering.

Commenting on the market debut of Ola Electric Mobility Ltd., its founder and Chief Executive Officer, Bhavish Aggarwal, said that the company is going to unveil electric motorbikes at its upcoming event on Aug. 15.

Aggarwal expressed his satisfaction with the IPO pricing and the response it garnered.

“We brought the issue up at a price we felt was attractive to everybody. Our story is about building the India of the future with world-class technology and products created by Indians in India,” he said.

After becoming the first pure-play electric vehicle company to list on the domestic stock exchanges, Ola Electric is now setting its sights on expanding its product line-up. Although the company has primarily concentrated on scooters, Aggarwal revealed plans to enter the e-motorcycle market.

“While our focus has been on scooters, we are eager to unveil our new motorbikes at our annual launch event on August 15. We’ve been discussing these bikes for some time and are keen to reveal them,” Aggarwal said.

Aggarwal also highlighted Ola Electric’s commitment to in-house battery technology as a key differentiator.

“We build the best products. EV is the future, and globally, automotive is shifting from traditional internal combustion engines to electric. We develop technologies in-house, especially the cell, which is the heart of an EV. Cell technology is complex, but we’ve built it in-house, offering faster charging, longer range, and a lightweight design, all made in India,” he said.

Shares of Ola Mobility made a lacklustre debut on the stock exchanges on Friday as the stock opened at Rs 76 per share on the NSE and Rs 75.99 apiece on the BSE, compared to the issue price of Rs 76 per share. However, the stock soon rallied up to 20% to hit the upper circuit limit at Rs 91.18 apiece on the BSE. Shares of the electric two-wheeler company also hit a 20% upper circuit limit at Rs 91.2 apiece on the NSE.

The Rs 6,154-crore initial public offering of Ola Electric Mobility was booked 4.27 times during the three-day subscription period from Aug. 6 to Aug. 8.

Despite its future growth prospects, Ola Electric Mobility is still navigating the path to profitability. “We aim to build this company sustainably, creating a profitable growth story. While we are not there yet, this journey will continue as we improve volumes without increasing costs. Our strategy involves manufacturing cells in India by next year, which will be a significant cost-saving move. Soon, we will publish our Q1 results, and investors can then take a closer look.”

Regarding production targets, Aggarwal highlighted the government’s support through the Production-Linked Incentive scheme for a 20 GWh battery capacity, with plans to reach this stage in the coming years.

“On the automotive front, we already have a million units of installed capacity,” he noted.