In order to always have a growth story for potential investors, Ola has never been shy about plunging headlong into something new. Ride-hailing. Food delivery. Financial services. Electric mobility. You can't fault the company's spontaneity. Its execution, though, is a whole other story.
Its attempt to rival Zomato and Swiggy bombed. Its financial services ambitions have been hamstrung by the lack of a non-banking financial company licence. And its earliest attempt at embracing the electric vehicle (EV) revolution fizzled out before it could really begin.
None of this ultimately matters. Ola always had a story, and investors rewarded it. Ola Electric is its greatest story yet. At the time of its launch in 2019, the company was little more than a mission statement—put a million EVs on Indian roads by 2021. That was enough to turn it into a unicorn before the year ended.
As 2021 came around, though, Ola's EVs were nowhere to be seen. Plans for an electric three-wheeler had even been binned. Ola Electric needed a new story to tell. A story louder and more dramatic than anything it had pitched before.
It would build the world's largest two-wheeler factory. In six months. And to make up for missing its target of putting a million EVs on Indian roads by 2021, it would produce 10 million scooters annually by 2022. The first batch of scooters was meant to be delivered in October. That date has been pushed indefinitely. Company executives, meanwhile, are burning the midnight oil to fix a host of issues with the current prototype—problems that largely stem from the company's need to expedite the bike's development.
Why is Ola Electric in such a tearing, potentially dangerous hurry? Maybe it's to ride the current IPO bull run. Maybe it's to stay ahead of competition like Ather, TVS Motor, Hero Electric, and, most recently, Bounce. This latest story from Ola CEO is hardly doomed to an underwhelming conclusion, but as our articles of subject matter today points out, how it redeems itself will determine the fate of its larger electric mobility plans
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