Ola Electric, an Indian ride-hailing company, wants to begin building electric cars in India in 2024 with a range of up to 500 km (310 miles), according to Chief Executive Bhavish Aggarwal on Monday.

Ola, which is backed by Japan’s Softbank Group and presently manufactures e-scooters, did not provide a figure for investment or a production target.

While firms like Tesla are leading the way in developing electric vehicles for Western markets, Aggarwal believes India can take the lead in small cars, scooters, and motorcycles, which have a higher global demand.

Ola’s electric automobile with the most modern technologies would accelerate from 0 to 100 km/h (62 miles/h) in four seconds, he claimed.

He stated that the company was establishing an electric vehicle ecosystem, with the goal of producing vehicles, two-wheelers, and batteries all at a single plant in the state of Tamil Nadu.

According to Aggarwal, the company has sold over 70,000 electric two-wheelers in the previous seven months and is in the midst of establishing 100 super charging electric stations in major cities across India.

Ola had planned to go public in the first half of 2022, but the IPO has been delayed, potentially due to market volatility and the lacklustre offerings of certain start-ups in India this year.

(Adapted from EconomicTimes.com)