Ahead Of IPO, Ola Electric Shelves Electric Car Project

Ahead of its much-awaited initial public offering (IPO), electric vehicle (EV) major Ola Electric has reportedly shelved its plans to launch electric cars. 

The EV startup has put off its electric car ambitions for “at least two years” to focus more on its two-wheeler business and battery production, Reuters reported citing sources. 

Ola Electric’s “focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away – you need to have (charging) infrastructure,” the report quoted one of the sources as saying. 

As per the report, the company had hired more than 100 employees and engaged external consultants for its electric car project. However, around 30% of this team has quit now and the remaining have been assigned new roles or projects.

The report added that the IPO-bound EV major had also held initial talks with a few auto component suppliers and even built one prototype of the electric car model. The model is said to have been designed at Ola Electric’s studio in the United Kingdom (UK) and built on the lines of a BMW luxury sedan.

The development comes two years after Ola Electric founder and CEO Bhavish Aggarwal, in 2022, announced plans to launch an electric sports car in two years that could reach 100 km per hour speed within 4 seconds.

(This story will be updated soon.)

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