Economy

Ola to bring 10000 e-rickshaws, e-autorickshaws in 12 mths

Ola to bring 10000 e-rickshaws, e-autorickshaws in 12 mths

The move dubbed as 'Mission Electric', is part of a broader push by the SoftBank-backed Ola to launch 1 million electric vehicles on its platform by 2021. "It also represents an immediate opportunity to improve outcomes for all stakeholders while reducing pollution across towns and cities." said Bhavish Aggarwal, co-founder and CEO, Ola.

Ola has already launched its first electric vehicle project as a part of a pilot in Nagpur on May 26 a year ago.

To enable drivers to switch to EVs, Ola's program also includes infrastructure like rooftop solar panels and charging stations.

In Nagpur, Ola's electric vehicle project was inaugurated by Devendra Fadnavis, Chief Minister of Maharashtra, and Nitin Gadkari, Honourable Union Minister of Road Transport, Highways and Shipping.

BlackRock (NYSE:BLK) Earning Somewhat Favorable Media Coverage, Report Shows
Parsec Fincl Management owns 73,805 shares or 2.57% of their U.S. portfolio. 102,061 were reported by Everett Harris Ca. This comes in above the company's revenue of $3.09 billion that was reported in the same quarter of the previous year.

To resolve the issue, a spokesperson for Ola said the company has set up charging docks at houses of some drivers to save time by swapping batteries. It has already signed a pact with automobile firm Mahindra & Mahindra for the electric vehicle business. Electric vehicle sales in India, one of the world's fastest-growing auto markets, made up less than 0.1% of annual sales of more than 3 million passenger cars. Building on the pioneering electric vehicle pilot by the company in Nagpur, Ola believes electrification can improve outcomes for drivers, customers, and its business model. Ola is now in discussions with several state and municipal governments about where to launch its electric rickshaw program and is "willing to work with any city committed to sustainable mobility solutions".

However, two sources stated in March that Ola is downsizing its plans for its EV fleet, following the Indian government's statement of not needing an EV policy, despite Prime Minister Narendra Modi's goal to make all new cars battery-operated by 2030.

The now operational city EV programme in Nagpur has provided Ola with insights into managing vehicles, batteries, and other operations. Ola intends to leverage its scale to bring cleaner, more comfortable, and safer products to market. It added that it plans to continue exploring ways to optimise batteries and charging. It plans to add 10,000 vehicles across three cities this year, transforming Ola into one of the largest EV fleet operators in the world. It also did not provide details of when it planned to introduce electric cars. Ola will partner with vehicle manufacturers and state institutions to help deliver its promise.

The Bengaluru-based group believes that EVs cannot only help the environment, but it can also provide better outcomes for drivers, customers, as well as with its overall business model for EV deployment in India.


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