Ola Boss Bhavesh Agarwal Tweets About A New Four-Wheeler And EV Plans For August 15

Published On Aug 05, 2022 03:06 PM By Tarun for Electric Car

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The cab-hailing giant will unveil its electric car concepts this Independence Day

ola electric car

Ola CEO Bhavesh Agarwal has put a teaser on Twitter about its upcoming plans for Independence Day. The tweet also mentions that a new product will be revealed on August 15, along with the company’s future plans in the EV space.

Super excited to announce a new product this 15th August! Will also share more about our BIG future plans!! Do watch the livestream. Sharing time and link soon. pic.twitter.com/mqWcilqoFW
— Bhavish Aggarwal (@bhash) August 4, 2022

Ola is going to showcase its three electric car concepts, which should include a hatchback, large coupe-styled sedan, and coupe-styled SUV. Previous teasers show that these cars will get a futuristic design with many illuminated elements.

The company recently announced a $500 million (approx Rs 4,000 crore) investment for setting up its Battery Innovation Centre in Bengaluru. The battery R&D centre will boast over 165 unique and cutting-edge lab equipment for the design, testing and development of battery packs and cells. Ola had recently revealed the country’s first indigenously designed Li-ion cell, NMC 2170, which will go into mass production from 2023. These measures would help Ola in the early development of affordable electric vehicles.

Ola Electric, along with Reliance New Energy Solar and Rajesh Exports, is covered under the government’s PLI (production linked incentive) scheme for advanced cell chemistry (ACC) battery storage. These selected firms will receive incentives worth Rs 18,100 crore for local battery cell production. These companies need to set up the manufacturing facility within a period of two years of PLI selection, while the incentive will be given after the locally produced batteries are sold for a period of five years.