Ola Electric shelves car project; To focus on scooters & bikes

Ola Electric is also gearing up to launch its IPO next month.

According to a media report, Ola Electric has decided to suspend its electric car project. Instead, the company will focus on electric scooters and motorcycles.

In 2022, Ola Electric teased its first electric car for the Indian market and announced it would go on sale by the summer of 2024. Bhavish Aggarwal, Founder of Ola Electric, had promised an electric sports car with a glass roof that could reach 0-100 km/h in under 4 seconds.

However, the project is said to have been shelved citing a lack of charging infrastructure. It is said that the project has been put off for at least 2 years, while the company focuses on its 2-wheeler line-up.

Recently, Aggarwal even shared a teaser of what appears to be Ola’s first electric motorcycle. The image showcases a bare chassis with a battery pack and control electronics.

Meanwhile, Ola Electric is also gearing up to launch its IPO next month. The company is aiming to raise around US$ 660 million.

Source: ET Auto