Ola Electric's CEO Bhavish Aggarwal took to social media to announce that his start-up is launching a new product in India on August 15, 2022. This new Ola Electric product could be a new electric two-wheeler scooter or Ola''s first electric car, as the start-up had launched its first electric scooters, Ola S1 and Ola S1 Pro, on August 15 last year.
Aggarwal tweeted, 'Super excited to announce a new product this August 15! Will also share more about our big future plans!! Do watch the live stream.'
The company had recently announced an investment of $500 million in setting up a Battery Innovation Center in Bangalore. The same, once operational, will work on designing, developing, and manufacturing lithium-ion cells in India. However, all has not been good with Ola S1 and S1 Pro sales during the past few months. One of Ola Electric's scooters caught fire in the initial months of 2022.
Ola Electric sold the highest number of 12,703 electric scooters in April this year, but the start-up's sales have been declining since then. The company was able to retail 9,255 electric scooters in May 2022, 5,833 units in June 2022, and only 3,853 units in July 2022. Notably, the company halted manufacturing operations at its future factory for annual maintenance in July 2022.
A total of 1,441 electric scooters were recalled by Ola Electric in April this year. The same was done as the Union Government had advised the electric vehicle makers to recall batches of electric vehicles following fire accidents. The start-up had raised $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, and others in January this year.