Ola Electric has announced plans to integrate its own lithium cells into its electric vehicles (EVs) by the first quarter of FY26, marking a major milestone in India’s push for self-reliance, or ‘atmanirbharta’. Last month, Bhavish Aggarwal, the founder of Ola, revealed the company’s innovative lithium cell battery, dubbed the “Bharat cell,” which he described as a revolutionary advancement in the Indian market.
In its first quarterly report since going public, Ola Electric showcased a significant 34.32 percent increase in revenue, reaching Rs 1,718 crore for the quarter ending June 30, 2024, up from Rs 1,279 crore in the same quarter the previous year. Currently, India does not manufacture its own batteries and relies on imports, which are a major component of EV production costs.
“This is akin to the 5G leap in lithium cell technology,” Aggarwal remarked in July, highlighting that this cutting-edge technology is a significant achievement for India. “Globally, only a few companies possess this level of technological capability.” The indigenously developed cells have obtained certification from the Bureau of Indian Standards (BIS), which is a prerequisite for commercial production at Ola’s Gigafactory.
Following its recent stock market debut, Ola Electric also disclosed in its quarterly earnings report that it plans to launch a new range of electric motorcycles, covering both mass-market and premium segments, at its annual mega event, Sankalp, scheduled for August 15, 2024, at the Krishnagiri plant in Tamil Nadu.
This quarter has been the most successful in the company’s history, with Ola Electric achieving its highest-ever vehicle deliveries—125,198 units—up from 70,575 units delivered in the same period last year. The growth was driven by increased deliveries of the mass-market S1 X series scooters and strong demand for the S1 Pro, S1 Air, and S1 X+ models, Ola Electric stated.
Ola Electric is a pioneering electric vehicle manufacturer in India, known for its innovative lithium battery technology and commitment to sustainable mobility. Founded by Bhavish Aggarwal, the company focuses on producing high-quality, affordable electric scooters and motorcycles. Ola Electric aims to lead the EV revolution in India with its cutting-edge technology and eco-friendly solutions.
