“Our competitors, who had said that EV is a fake business and there is no money to be made, have pretty much eaten their words by their actions. Ab maidan mein sab kood parein hain (now everyone has jumped into the fray), without the right tools and weapons. All of them are losing money in EVs, while I am profitable. They will have to go through the journey of investing in technology. In the last four years, I have invested almost $1 billon, which they have not done. EV is not an assembly game, it is a very strong technology game,” Aggarwal informed TOI.
One in each 5 scooters bought in Republic of India is now an EV, which the startup founder believes is coming of pace for a branch that was once now not evident to be viable. The ones like Rajiv Bajaj of Bajaj Auto had been sceptical of EVs.
“It is good that they (rivals) are in the maidan (field), because it will increase consumer mindshare of EVs, but it will be hard for them to compete on product performance, profitability and growth because they just don’t have the foundation required in terms of technology,” he mentioned.
Aggarwal mentioned there may be now “rhythm” within the electrical two-wheeler length, with all the infrastructure falling into playground – from providers to distribution and charging ecosystem.
“In scooters, ICE production should stop because customers have enough options. The ICE industry is doing dis-service to the nation by continuing to produce ICE… The market forces are in good rhythm to scale up the charging network, distribution, service network and supply chains. The ICE makers in national interest should shut down ICE… If they don’t take EVs seriously, if they don’t invest, their shareholders will punish them in the future,” he mentioned.
Ola Electrical, which indexed lately, has covered up plans so as to add 1,000 non-company shops to enhance its capability of 850 dealerships and can foundation its motorbikes within the March quarter, having unveiled 3 fashions, with 8 variants, on Self rule Moment. “There is continued focus on vertical integration to bring in newer technologies and reduce costs. Our overall strategy is to drive profitable growth,” he mentioned, year many times emphasising at the want to accumulation prices low.
Aggarwal didn’t not include an access into three-wheelers, even though he certified it via pronouncing that the corporate hasn’t ever introduced any foundation age. “The entire technology and product development for two-wheelers is easily transferable to three-wheelers. The cost advantage, the profitability can be easily transferred. As and when we choose to get it, another advantage we will have is that three-wheeler drivers are already on the Ola Cabs platforms. We know their requirements, their problems, their financing needs and we have a relationship with them.”
