[ad_1]
-
-
Etergo Acquisition (2020):
-
Ola Electric strategically expanded its technological portfolio by acquiring Etergo, gaining access to crucial electric vehicle technology, including the innovative swappable battery technology. This move positioned Ola Electric as a technology-driven player in the evolving electric mobility market.
In 2020, Ola Electric successfully acquired Etergo Bv, a company based in Amsterdam. Established in 2014, Etergo specialized in the development of an advanced all-electric scooter called the ‘AppScooter,’ initially unveiled in 2018.
The AppScooter distinguishes itself by utilizing high-energy-density batteries that are swappable, providing an impressive range of up to 240 kilometers. Etergo BV has worked with leading automotive companies including Tesla, Ferrari, Jaguar, BMW, and General Motors.
Key Partnerships and Manufacturing Facility:
-
Siemens Partnership and Tamil Nadu Facility:
Ola Electric forged a crucial partnership with Siemens to create a state-of-the-art electric vehicle manufacturing facility in Tamil Nadu. With an annual production capacity of two million electric vehicles, this facility solidifies Ola Electric’s standing as an industry leader and contributes significantly to regional job creation.
Built on Industry 4.0 principles, the factory became the most advanced manufacturing facility in the country. Approximately 5,000 robots were deployed across various functions. As part of the partnership, Ola had access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalize and validate products and production ahead of actual operations.
Operational Framework:
Ola Electric’s operational framework is built upon three key scalable platforms.
First, the Research and Development (R&D) and technology platform exhibit in-house design and development capabilities across various Electric Vehicle (EV) technologies and components.
The second platform is a versatile manufacturing and supply chain system, while the third encompasses a Direct-to-Consumer (D2C) omnichannel distribution platform.
This distribution network comprises 935 experience centers throughout India, including 414 service centers.
Company’s Product Launches
In August 2021, Ola Electric introduced its maiden EV model, the S1 Pro, expanding its portfolio to encompass five EV scooter models with varying price ranges.
Presently, the company’s electric scooter lineup includes three models – Ola S1 Pro, Ola S1 Air, and Ola S1X, along with the X+ variant. Notably, the S1X variant offers flexibility with two battery pack options, allowing customers to choose between 2kWh and 3kWh configurations.
Recently the company also launched a 4kWh battery pack for Ola S1Xwhich offers an impressive range of 190 km.
A testament to its rapid success, Ola Electric, within just nine months of launching its first EV scooter, emerged as the best-selling Electric Two-Wheeler (E2W) player in India.
Furthermore, Ola Electric operates a Battery Innovation Center (BIC) in Bengaluru, India which is focused on advancing cell and battery technology and refining manufacturing processes.
This center plays a pivotal role in preparing for the forthcoming cell manufacturing activities at the Ola Gigafactory.
Financial Soar:
Ola Electric’s financial trajectory has been remarkable, with revenues skyrocketing from 456 CR rupees in FY22 to an impressive 2,782 CR in FY23.
Fueled by a series of successful funding rounds totaling $1.5 B, the company has positioned itself as a key player in the electric vehicle space, backed by plans to establish the world’s largest future factory.
In the financial year 2023, Ola Electric’s expenses amounted to 3383 crore rupees, witnessing a substantial increase from the 1240 crore rupees incurred in the fiscal year 2022.
Correspondingly, the profit and loss (PNL) statement for FY23 revealed a profit of 1472 crore rupees, compared to the previous fiscal year’s figure of 784 crore rupees in FY22.
Ola Electric’s current worth of $5.4 billion, based on its October financing, underscores its substantial financial backing. In the first three months of FY24, the company’s revenue touched to Rs 1242.74 crore.
Talking about the sales in 2023, Ola Electric secured the top position in electric vehicle sales, maintaining a market lead.
The company achieved an impressive sales figure of 2,65,995 units, exhibiting significant growth compared to the 1,09,382 units sold in 2022. With a remarkable year-on-year growth of 413%, Ola Electric has made substantial strides in the electric vehicle sector, claiming a notable market share of 31% in 2023 and solidifying its position as a key player in sustainable transportation.
Now, it is time to shift the attention to the main topic which is OLA ELECTRIC IPO:
OLA Electric IPO- Details
[ad_2]