Ola's first electric car on track, likely to hot market in 2nd half of 2024

Currently, the company is in the advanced stages of design and benefiting from the sharing of some technology deployed in its two-wheeler products, Kumar said in an interview in Bengaluru on Wednesday, the report said.

“Software, safety systems, electronics, cells, the drive train — a lot of it is common,” Kumar said was quoted as saying by Bloomberg.

Kumar said Ola is also on track to deliver eventual 100-gigawatt hours of battery-cell manufacturing capacity by setting up local plants, according to the report.

“We should get to about 10 gigawatt-hours in 18 to 24 months and to 20-gigawatt hours in 36 months,” he was further quoted as saying by Bloomberg.

Last year, Ola’s founder Bhavish Aggarwal said the company aims to price its four-wheeler less than $50,000 by manufacturing components and lithium-ion batteries in-house.

With the progress in battery manufacturing, Ola is also likely to sell lithium-ion batteries to other parties for use in vehicles, grid balancing, or energy storage, according to Kumar, said the report.