On 21st December 2022, Wednesday, Aggarwal polled Twitter users, asking if they would prefer renting Ola Bikes for a few days rather than purchasing one.
According to founder and CEO Bhavish Aggarwal, Ola Electric will soon start Ola electric subscriptions that will allow customers to subscribe to their e-scooters rather than paying a one-time payment.
Aggarwal polled Twitter followers on Wednesday to find out if they would rather rent an Ola scooter for a few weeks than buy one. Over 8,500 users expressed interest in doing so at a rate of about 77%, with the remainder of individuals expressing no interest.
Aggarwal told reporters that the manufacturer of electric two-wheelers would launch the service shortly after being persuaded by the response, but he did not give a timeframe. “We are not just a manufacturing firm, we are also a consumer internet company and we see that many of our users and stakeholders have shown interest in a subscription-based model and we will introduce the same,” Aggarwal told the press.
The timing of this is significant because Ola wants Indians to cease purchasing ICE automobiles by 2025. Aggarwal claimed that the country’s EV two-wheeler penetration has increased to a high of 90%, up from roughly 25% a year ago, which is a step in the right direction. As for the Honda Activa, which is currently the most popular two-wheeler in India, he expects that “by next year our Ola S1 platform will be outselling the Honda Activa”.
Aggarwal stated that Ola Electric would expand its Krishnagiri facility in Tamil Nadu’s capability for producing lithium-ion cells by opening a new plant with a 5 GW capacity by the end of 2023.
When asked how the funding company intends to finance the expansion plans, Aggarwal responded, “Our EV business will turn Ebitda positive in 2023 and we’ll use the cash generated from that to invest in our expansion plans.”
In the upcoming years, Ola has also stated ambitions to produce electric bikes, light trucks, and cars as well.