Key Points
Ahead of the IPO, Ola Electric CMD Bhavish Aggarwal in a media briefing on Monday said that the winning strategy in electric vehicles is to be able to build future technologies, and create a manufacturing ecosystem which will be different from electric vehicles versus internal combustion engines (ICE)...
In FY24, the companys revenue from operations surged 90% to Rs 5,009 crore, as against FY23 driven by popularity of its S1X and S1Pro scooters..
The third area for Ola Electric, per Aggarwal, is locally manufacturing 4,680 lithium-ion cells..
According to Aggarwal, a decline in the lithium-ion battery prices as well as removal of customs duty for critical minerals such as lithium, nickel and cobalt, will be beneficial for the company..
While Ola Electric has already received auto PLI for S1X and S1 Pro, the PLI for advanced chemistry cells (ACC) will kick in next fiscal year once the company starts commercialising lithium-ion cells...
