Softbank backed Ola Electric has halted its plans to launch an electric car and will shift its focus to the e-scooter business and battery production. Bhavish Aggarwal, founder of Ola, initially planned to launch an electric sports car in 2022.
The decision to pause the car project comes ahead of Ola’s public listing next month. The project is on hold for at least two years, allowing the company to prioritise two-wheeler sales and battery development.
The company had engaged in preliminary discussions with several auto component suppliers and had developed a car model inspired by a BMW luxury sedan at its UK studio. When Ola resumes the car project, the focus will shift to creating an affordable mass-market vehicle, departing from the original plan of launching a premium sports car.
This strategic pivot highlights Ola’s plan to consolidate its position in the electric two-wheeler market and advancing battery technology, which are critical to its growth and sustainability goals.
