Ola founder challenges Elon Musk with ultra-cheap electric cars
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Co-founder of Ola Bhavish Aggarwal said passions and emotions run high with the company's new electric venture. His Ola Electric could be India's answer to Elon Musk's Tesla. However, Ola will be a much cheaper and more affordable counterpart to the billionaire's posh cars.
"The cheapest Tesla costs $50,000, which most of the world cannot afford. We have a chance to lead the EV revolution with a different set of options priced between $1,000 and $50,000," said Aggarwal.
Speaking to Bloomberg, Aggarwal said he doesn't want an easier journey for Ola and is taking risks. India is already the world's largest manufacturer of two-wheelers and the biggest market. India's EV market is expected to reach over $150 billion by the end of the decade. Ola is certain to play a role in this because last December, its electric two-wheeler launch was welcomed with enthusiasm.
Aggarwal is aiming to build companies with lasting impact even if it means rubbing some people the wrong way. "India can surpass rivals not just by making cheaper EVs but also by cultivating a global footprint in 5G, green energy, and sustainable mobility."
He also raises the question "why is India not leading in the electrification of vehicles?" and took a dig at the Big Boys Club. "They left the door open for an upstart like me. My question back to them is, 'What were they doing?" Ola is branding itself as India's largest EV company making the world's best electric scooter.
Ola Electric has been facing several challenges with vehicle registrations falling 35% from June to July. It sold a little over 45,000 units which are far less than what the factory can produce. Aggarwal believes that supply chain disruptions and maintenance issues are to blame.
Despite the challenges and risks, he prefers the long view and pushes ahead. His goal is to build millions of affordable vehicles for India and eventually for the world. "Growing up, we constantly heard that India is a developing country. It's our generation's destiny to change this and now is the time. I take both the responsibility and the opportunity seriously," said the entrepreneur.