Softbank-backed company Ola Electric will focus on its e-scooter business and battery production, and has put off its car project for at least two years to concentrate on ithe two-wheeler market.
Ola's founder Bhavish Aggarwal had laid out plans in 2022 to launch an electric sports car in two years but the project is now suspended ahead of its planned IPO in August, where it is set to raise around USD 660 million. f, including bikes,
The company has an e-scooter factory in Tamil Nadu. In 2022, the founder stated that he would build a new plant within the same campus with capacity to manufacture 1 million electric cars a year. As and when Ola revives the car project, it will focus on developing an affordable, mass market electric car, a departure from Aggarwal's earlier plans for a premium sports car.