India’s electric scooter market seems set for disruption. The country currently sells only 150,000 electric two-wheelers a year, which is less than 1% of the total market. But that is about to change with Ola entering the segment with a mega factory.
At its full capacity of 10 million units by next year, Ola’s Future Factory will roll out one e-scooter every two seconds. Once completed, the 500-acre factory—the world’s largest two-wheeler plant—will account for 15% of the world’s two-wheeler production. Ola’s e-scooter, which will launch in June, is likely to be priced below ₹1 lakh.
Ola’s closest rivals, in terms of price, are likely to be Naveen Munjal-led Hero Electric, the market leader, and Okinawa. The price of the Photon, the flagship e-scooter from Hero Electric, tops out at about ₹73,000, less than the price of Honda’s fuel-powered Activa, India’s top-selling two-wheeler. Okinawa’s portfolio of six e-scooters costs between ₹50,000 and ₹1.14 lakh.
Will Ola’s move disrupt the electric vehicles space? Watch the show.