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Electric two-wheeler makers <keyword id="108831" type="General" weightage="50" keywordseo="tvs-motor-company" source="Orion">TVS Motor Company</keyword>, Ather Energy and <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> have increased prices of their products as curtailed subsidy structure comes into effect from June 1. In a statement, TVS Motor Company stated that in order to propel the electrification journey further in a sustainable manner after <keyword id="21028" type="General" weightage="80" keywordseo="fame" source="Orion">FAME</keyword> II scheme revision, it has increased iQube's price between Rs 17,000 and Rs 22,000 depending on the variant. The iQube base and S trims were earlier priced at Rs 1,06,384 and Rs 1,16,886, respectively in Delhi. "FAME II will gradually reduce over the next few quarters. The company will continue to deliver delightful product options and great value proposition to propel the electrification and green energy penetration in two-wheelers in the country," TVS Motor Company Director and CEO K N Radhakrishnan said. The company will offer a loyalty benefit programme for the customers of iQube, who have made bookings till May 20, 2023, for a limited period to ease the cost burden post the revision in FAME II subsidy, he added. Ather Energy said that following the FAME II subsidy revision applicable from today, it has also revised the prices of its scooters with 450X now starting at Rs 1,45,000 (ex-showroom Bengaluru). The 450X with <keyword id="17580517" type="General" weightage="50" keywordseo="pro-pack" source="Orion">Pro Pack</keyword> now starts at Rs 1,65,435 in Bengaluru, an increase of around Rs 8,000. "The FAME II revision has resulted in a subsidy reduction of around Rs 32,000. However, the company is absorbing a huge chunk of this price impact for its customers with a view to quicken EV adoption in the country," Ather Energy Chief Business Officer <keyword id="13554227" type="General" weightage="50" keywordseo="ravneet-s-phokela" source="Orion">Ravneet S Phokela</keyword> stated. <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> said its electric scooter S1 Pro is now priced at Rs 1,39,999; S1 (3KWh) at Rs 1,29,999; and S1 Air (3KWh) at Rs 1,09,999. The product range is now roughly Rs 15,000 costlier than before. "With an unyielding dedication to customer satisfaction, we have marginally increased our product prices starting June, despite significant reduction in government subsidies, making Ola S1 the best EV proposition in India," Ola Electric Founder and CEO Bhavish Aggarwal said. In a statement, Hero Electric said that it will not increase the prices of its popular e-scooter models. The company said it remains dedicated to promoting the adoption of electric two-wheelers and dispelling misconceptions about their cost of ownership. "Despite the extreme financial crunch forced upon us due to subsidies stuck with Ministry of Heavy Industries for over 15 months, we will continue to do our bit in offering affordable mobility solutions to the discerning customers by holding on to our current prices till we can," said Hero Electric CEO Sohinder Gill. The Heavy Industries Ministry has notified that for electric two-wheelers, the demand incentive will be Rs 10,000 per kWh. The cap on incentives for electric two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present. The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme commenced on April 1, 2019, for a period of three years, which was further extended for two years till March 31, 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/royal-enfield-sales-rise-22-in-may-at-77461-units/articleshow/100679587.cms">Royal Enfield sales rise 22% in May at 77,461 units</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ikio-lighting-sets-ipo-price-band-at-270-285/share/articleshow/100679971.cms">IKIO Lighting sets IPO price band at ₹270-285/share</a>

TVS, Ather, Ola hike prices of electric two-wheelers as new subsidy norms kick in

<ul><li>The government is reportedly looking to revamp the FAME-II scheme for <keyword id="3064658" type="General" weightage="20" keywordseo="electric-two-wheelers" source="Orion">electric two wheelers</keyword>.</li><li>The government is expected to slash the cap of subsidy on electric two wheelers from the existing 40% of the ex-factory price to 15%.</li><li>The move is aimed at providing the subsidy to a larger number of vehicles.</li></ul> The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was introduced by the government to promote the adoption of electric vehicles in the country by subsidising the cost of vehicles. According to a<a href="https://auto.economictimes.indiatimes.com/news/two-wheelers/e-scooters-may-get-pricier-on-proposed-subsidy-cut/100315879"> report</a> by Economic Times, the Ministry of Heavy Industries has recommended the government to slash the cap of subsidy on electric two wheelers from the present 40% to 15% of the ex-factory price. This, the officials said, will help to spread the incentive to a larger number of vehicles. The proposal will be sent to the Programme Implementation &amp; Sanctioning Committee (PISC) of FAME India which will take a final call on the implementation. <cmsannotation type="cmsannotation" annotationid="Move aimed to provide subsidy to more vehicles" comment="subhead" text="Move aimed to provide subsidy to more vehicles">Move aimed to provide subsidy to more vehicles</cmsannotation> According to officials familiar with the matter, the move is aimed at increasing the proliferation of electric two wheelers in the market. This will allow the government to provide subsidies to more vehicles with the funds available under the scheme. In addition to this, part of the subsidy allocation for three-wheelers which hasn’t been used will also be utilised for two-wheelers. “If we continue per unit subsidy at present levels, the allocation for electric two-wheelers will be exhausted in the next two months, despite raising the earmarked amount,” an official told ET. With the addition of ₹1,000 crore of unutilized funds from three-wheelers, the allocation for electric two-wheelers under the FAME-II scheme will be increased to ₹3,500 crore. Once the percentage of subsidy is lowered, we estimate that 10 lakh electric two two-wheelers can be supported by FAME India till February 2024," the official added. <cmsannotation type="cmsannotation" annotationid="Electric two wheelers may get costlier" comment="subhead" text="Electric two wheelers may get costlier">Electric two wheelers may get costlier</cmsannotation> While electric two-wheeler companies such as Ola, TVS and Ather have not commented on the proposed changes, this is expected to impact the per unit cost of scooters and may result in electric two wheelers becoming costlier. Business Insider India has reached out to Ola Electric, TVS Motor and Ather to understand the impact of the proposed changes and is yet to hear back from the companies. We will update the story once the companies respond. A<a href="https://www.businessinsider.in/business/auto/news/unpaid-subsidies-worth-1200-crore-leading-to-serious-liquidity-crisis-among-ev-makers-says-industry-body/articleshow/99589401.cms"> petition</a> sent by the Society of Manufacturers of Electric Vehicles (SMEV), an association of Indian EV manufacturers, had revealed that ₹1,200 crore worth of subsidies have been withheld by the government. This was reportedly done due to alleged violations of the localisation norms and fraudulent claiming of subsidies. Soon after this, companies like Ola and Ather<a href="https://www.businessinsider.in/business/auto/news/ola-electric-ather-to-refund-charger-cost-to-e-scooter-buyers/articleshow/99988313.cms"> announced</a> that they will refund the cost of chargers to buyers. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a> <a href="https://www.businessinsider.in/business/auto/news/unpaid-subsidies-worth-1200-crore-leading-to-serious-liquidity-crisis-among-ev-makers-says-industry-body/articleshow/99589401.cms">Unpaid subsidies worth ₹1,200 crore leading to ‘serious liquidity crisis’ among EV makers, says industry body</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme

New Delhi, Ride-hailing major <keyword id="6354720" type="COMPANY" weightage="20" keywordseo="ola">Ola</keyword> on Wednesday said it has partnered with <keyword id="73372" type="DOMAIN" weightage="20" keywordseo="Siemens">Siemens</keyword> as it looks to rapidly build its upcoming electric vehicle manufacturing facility. This announcement comes on the heels of Ola's Memorandum of Understanding (MoU) with the Tamil Nadu government to invest nearly ₹2,400 crore towards building this facility. Ola said that the <keyword id="6368585" type="UNKNOWN" weightage="20" keywordseo="factory">factory</keyword> which will generate almost 10,000 jobs with an initial capacity of two million units a year will be the largest scooter manufacturing facility in the world. It will serve as Ola's global manufacturing hub catering to its customers in India as well as key markets across Europe, UK, Latin America and ANZ (Australia and New Zealand). "Ola is delighted to partner with Siemens to build the most advanced manufacturing facility in the country," <keyword id="1543567" type="COMPANY" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Chairman &amp; Group CEO, Ola, said in a statement. "This will be our global hub and will set a benchmark in <keyword id="49137" type="ORGANIZATION" weightage="20" keywordseo="Quality">quality</keyword>, scale and efficiency, demonstrating India's capability to build world class cutting edge products. We look forward to bringing this factory online in the coming months and putting our products in the hands of customers." The factory will have almost 5,000 robots deployed across various functions. Ola will have access to Siemens' integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations. "Siemens is a global leader in Industry 4.0 and we are proud to contribute to Ola's vision of creating a factory of the future using our automation and digitalisation expertise to ensure the highest levels of productivity and quality while enabling an agile and flexible production process," said Sunil Mathur, MD &amp; CEO, <keyword id="163581" type="COMPANY" weightage="20" keywordseo="Siemens-India">Siemens India</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/why-indigo-paints-1000-crore-ipo-is-a-hit-even-before-it-opened-for-subscription/articleshow/80357759.cms?upcache=2">Indigo Paints’ ₹1,000 crore IPO is a hit even before it opened⁠ for subscription— here’s why</a> <a href="https://www.businessinsider.in/international/news/jack-ma-the-billionaire-founder-of-alibaba-and-ant-group-resurfaced-after-he-went-missing-in-china/articleshow/80360004.cms">Jack Ma resurfaces – Alibaba founder makes his first public appearance after he was feared to be “missing” for nearly two months</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphone-deals-and-discount-on-amazon-great-republic-day-sale/articleshow/80358909.cms">Best smartphone deals and offers on Amazon Great Republic Day Sale</a>

Ola joins hands with Siemens for its EV manufacturing plant in Tamil Nadu

<ul><li><keyword id="4393078" type="General" weightage="80" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> may finally introduce its first electric car in the country.</li><li>The company’s CEO, <keyword id="1553134" type="General" weightage="50" keywordseo="bhavish-agarwal" source="Orion">Bhavish Agarwal</keyword>, has said that the company will introduce a new product on August 15.</li><li>Agarwal had earlier teased the car and even shared a render, giving us our first look at the electric car.</li></ul><keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> Electric is one of the latest entrants in the electric vehicle segment, and its S1 and <a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-review/articleshow/92820293.cms">S1 Pro</a> electric scooters have performed well, taking on the existing players like Ather and TVS. The company has been teasing that it is working on an electric car, including posting a <a href="https://twitter.com/bhash/status/1485885065276301312">render</a> of the car earlier this year. <div type="twitter" handle="bhash" handlename="Bhavish Aggarwal" image="http://pbs.twimg.com/profile_images/1133256267340713984/UaxcE0fi_normal.jpg" favoritecount="3545" retweetcount="261" status="Super excited to announce a new product this 15th August!Will also share more about our BIG future plans!!Do wa… https://t.co/IbkLFfwPuh" createdat="1659627956000" id="1555218486372081665"></div> Bhavish Agarwal, the chief executive officer of Ola Electric, has now hinted that the electric car from the company will be unveiled on August 15, the country’s Independence Day. <div type="twitter" handle="bhash" handlename="Bhavish Aggarwal" image="http://pbs.twimg.com/profile_images/1133256267340713984/UaxcE0fi_normal.jpg" favoritecount="428" retweetcount="21" status="@BunnyPunia @_sureshrr Never owned a car till 2 months ago. Now a hybrid. Next one will be electric in 2023. Ola’s electric car 😉" createdat="1629141935000" id="1427350847101423622"></div> In an earlier tweet, Agarwal said that the <keyword id="6312081" type="General" weightage="50" keywordseo="ola-electric-car" source="Orion">Ola Electric Car</keyword> will be launched in 2023. So, either the company has accelerated its plans or is just going to unveil the electric car. Agarwal had also claimed that the Ola Electric Car would be the “sportiest car ever built in India.” The render shared by him confirmed this as it has a sporty look with a large glass roof and a unique tyre design. There’s no information about the specifications of the electric car, including the battery pack used, the range offered, or the charging time yet. We should know more about these things in the coming days. Ola is reportedly looking for over 1,000 acres of land to build a factory for its electric cars. The upcoming factory will be almost double in size compared to its existing Future Factory, where it builds the S1 and S1 Pro electric scooters. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/top-10-cars-sold-in-india-in-july-2022-maruti-suzuki-tata-and-hyundai-brand-in-only-top-10/slidelist/93289907.cms">Top cars sold in India in July 2022</a> <a href="https://www.businessinsider.in/business/auto/news/best-upcoming-hybrid-electric-cars-and-suvs-in-india/articleshow/93274562.cms">Best upcoming electric and hybrid cars in India in August 2022</a> <a href="https://www.businessinsider.in/business/auto/news/new-tata-nexon-ev-prime-brings-multi-mode-regen-cruise-control-and-more/slidelist/92845228.cms">New Tata Nexon EV Prime brings multi-mode regen, cruise control and more but no change in range</a>

Ola Electric may finally introduce its first electric car on August 15

<ul><li>Aggarwal would now divert his focus on engineering, product and team building at the newly formed businesses such as EV and quick commerce.</li><li>Prior to this, <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword>’s cofounder Ankit Bhati was managing engineering as the chief technology officer (CTO) of the company.</li><li>Ola’s group CFO Arun GR would now be incharge of running the day-to-day business in the interim.</li></ul>ANI Technologies’ founder and chief executive officer (CEO) <keyword id="1543567" type="General" weightage="20" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword> has reportedly decided to step away from the day-to-day functions at Ola. Aggarwal would now divert his focus on engineering, product and team building at the newly formed businesses such as electric vehicle (EV) arm <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> and quick commerce delivery verticals. Prior to this, Ola’s cofounder Ankit Bhati was managing engineering as the chief technology officer (CTO) of the company. He <a href="https://www.moneycontrol.com/news/business/startup/exclusive-ola-co-founder-ankit-bhati-launches-new-startup-amnic-with-former-colleagues-ropes-in-sequoia-as-investor-7911191.html">reportedly</a> left Ola to start his software-as-a-service (SaaS) company with some former colleagues Satya Nagarajan and Nimish Joshi. Ola’s group chief financial officer (CFO) Arun GR, who also heads Ola Financial Services, would now be incharge of running the day-to-day business in the interim. He has previously worked across many other businesses, including Ola Electric, auto retail as well as quick commerce. Arun joined Ola last May, prior to that he has worked with Vedanta Resources Plc and General Electric. “I’ll be spending more time with all engineering functions, team building, and on product. I’ll also be increasing my focus on our long-term strategic projects including new 2w [two wheeler] products, out car project, innovations in quick commerce, electrifying ride hailing, out [battery] cell R&amp;D and factory, international expansion, building out our Pune tech centre and <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-another-200-million-this-time-at-a-valuation-of-5-billion/articleshow/89088739.cms">Futurefoundry, UK and more</a>,” Bhavish Aggarwal said in an email to Ola employees. The email was <a href="https://economictimes.indiatimes.com/tech/technology/ola-ceo-bhavish-aggarwal-to-step-away-from-day-to-day-management-of-company/articleshow/90794175.cms?from=mdr">accessed</a> by Economic Times. Business Insider has reached out to Ola seeking clarification on the same. The development comes only a few days after a few Ola Electric bikes, <keyword id="11908705" type="General" weightage="20" keywordseo="ola-s1-pro" source="Orion">Ola S1 Pro</keyword>, started catching fire in several parts of the country. Ola wasn’t the <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-are-catching-fire-in-india-should-users-be-worried/articleshow/90496840.cms">only EV company to face such issues</a>. Even bikes from Jitendra EV, Pure EV and Okinawa Scooters caught fire across several parts of the country. SEE ALSO <a href="https://www.businessinsider.in/business/news/how-sachin-tendulkar-backed-smaaash-is-making-a-comeback-with-45-stores-by-june-2022/articleshow/90795758.cms" data-type="tilCustomLink">How Sachin Tendulkar-backed Smaaash is making a comeback with 45 stores by June 2022</a> <a href="https://www.businessinsider.in/business/startups/news/peyush-bansals-lenskart-may-now-be-valued-at-over-4-billion/articleshow/90794848.cms" data-type="tilCustomLink">Peyush Bansal’s Lenskart may now be valued at over $4 billion</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/facebook-backed-meesho-lays-off-150-employees-in-india/articleshow/90791826.cms">Facebook-backed Meesho lays off 150 employees in restructuring of grocery business</a>

Bhavish Aggarwal is reportedly stepping away from day-to-day functions of Ola to focus more on tech

SoftBank Group-backed <keyword id="4393078" type="General" weightage="80" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> is in talks with multiple global suppliers to build a <keyword id="10272150" type="General" weightage="20" keywordseo="battery-cell-manufacturing" source="Orion">battery cell manufacturing</keyword> plant in India with a capacity of up to 50-gigawatt hours, sources said. As part of its broader electrification push, the firm plans to invest in companies with advanced cell and battery technology, alongside the 50 Gwh battery plant. <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword> Electric needs 40 Gwh of battery capacity to power 10 million electric scooters annually. The remainder will be for its electric cars, which the company plans to manufacture in the future. Sources said the cell battery plant may cost around USD 1 billion (over Rs 7,700 crore) and may be built with an initial capacity of 1 Gwh, which will be expanded in the future. Over 40 global suppliers are already in Bengaluru to meet with Ola founder and CEO <keyword id="1543567" type="General" weightage="50" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword> at the company's headquarters and are also visiting the Ola Futurefactory in Krishnagiri, Tamil Nadu this week, sources aware of the matter said. Ola Electric, they said, has initiated talks with global suppliers from Germany, Korea, Japan and other hubs to fuel its battery manufacturing ambitions. It currently imports its battery cells from South Korea. Companies like Drr and Siemens also seem to be on the list of suppliers. The battery cell manufacturing sector is dominated by the likes of CATL, LG, Energy Solutions, and Panasonic, which supply to automakers such as Tesla and Volkswagen. Industry experts believe that one of the world's youngest EV companies is keen to begin cell manufacturing by next year. Aggarwal has already stated that India can soon replace China and emerge as the global hub for electric vehicles (EVs). Towards this end, Ola plans to develop the entire ecosystem -- cell and battery tech, global supply chains, interconnected as well as autonomous vehicle technologies. Ola Electric is the only Indian auto and EV company that has been selected by the government under its ambitious Rs 80,000 crore cell PLI scheme to set up an advanced cell manufacturing factory in 2 years. Its cell Production Linked Incentive (PLI) bid was for the maximum allowed bid capacity of 20 GWh. According to sources, Ola is also looking to set up an even larger 50 GWh gigafactory and a battery innovation centre to support its two-wheeler and four-wheeler roadmap for India and the world. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/top-selling-cars-in-india-in-may-2022-maruti-tata-and-hyundai-cars-in-top-10/slidelist/91956448.cms">6 out of 10 top selling cars in India in May 2022 are from Maruti Suzuki</a> <a href="https://www.businessinsider.in/business/auto/news/ola-okinawa-and-hero-electric-sales-down-in-may-after-a-spate-of-fire-and-other-incidents/articleshow/91934461.cms">Ola, Okinawa and Hero Electric sales crater in May after a spate of fire and other incidents</a> <a href="https://www.businessinsider.in/business/auto/news/auto-sales-may-2022-tata-motors-mahindra-continue-their-growth-maruti-suzuki-bounces-back/articleshow/91940740.cms">Auto sales data May 2022: Tata Motors, Mahindra continue their growth, Maruti Suzuki bounces back</a>

Ola Electric is reportedly in talks with global suppliers to build a battery cell manufacturing unit in India

<ul><li>The center named ‘Futurefoundry’ will be based in Coventry in the UK.</li><li><keyword id="13043147" type="General" weightage="20" keywordseo="ola-futurefoundry" source="Orion">Ola Futurefoundry</keyword> will employ over 200 designers and automotive engineers.</li><li>The development comes only a few days after <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> raised $200 million.</li></ul>After building the world’s largest electric two-wheeler factory in India, Ola Electric is now looking to spend another $100 million in setting up a new advanced engineering and vehicle design centre in the United Kingdom (UK) over the next five years. The centre named as ‘Futurefoundry’ will be based out of Coventry, where companies like Jaguar and Aston Martin have set up their factories. Ola Futurefoundry will employ over 200 designers and automotive engineers. The centre will also partner with education and research institutions in the UK to collaborate on technology research and development. The UK-based centerwork in-synch with the design and engineering teams based at Ola Campus in Bengaluru, India. “Ola Futurefoundry will enable us to tap into the fantastic automotive design and engineering talent in the UK to create the next generation of electric vehicles. Futurefoundry will work in close collaboration with our headquarters in Bangalore, India to help us build the future of mobility as we make EVs [electric vehicles] affordable across the world,” Bhavish Aggarwal, the cofounder and chief executive (CEO) of ANI Technologies, said. ANI Technologies is the parent company of ride hailing giant Ola and EV company Ola Electric. The development comes only a few days after<a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-another-200-million-this-time-at-a-valuation-of-5-billion/articleshow/89088739.cms"> Ola Electric raised $200 million</a> from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The company was valued at $5 billion in this round. The company had also raised $200 million in October, <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">at a valuation of $3 billion</a>. Aggarwal on Tuesday also tweeted <a href="https://www.businessinsider.in/business/startups/news/ola-electric-hints-at-electric-car-launch-when-delayed-scooter-delivery-is-an-issue/articleshow/89115552.cms">an image of a concept car</a>, which has given rise to speculation that the company may be looking to launch electric cars in the near future. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-cipla-pnb-and-other-hot-stocks-on-january-27-after-us-fed-signals-rate-hikes-from-march/slidelist/89146298.cms">Reliance Industries, Cipla, PNB and other hot stocks on January 27 after US Fed signals rate hikes from March</a> <a href="https://www.businessinsider.in/stock-market/news/how-you-can-check-the-allotment-status-of-ags-transact-technologies-ipo/articleshow/89125068.cms">AGS Transact Technologies IPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/adani-wilmars-issue-opens-today-check-out-the-important-dates-and-details-of-the-ipo/articleshow/89125018.cms">FMCG company Adani Wilmar’s issue opens today — Check out the important dates and details of the IPO</a>

Ola Electric is now looking to invest $100 million in setting up an R&D centre in UK that will hire 200 engineers

<ul><li>The <keyword id="11908704" type="General" weightage="20" keywordseo="ola-S1" source="Orion">Ola S1</keyword> and S1 Pro electric scooters are now available for purchase.</li><li>Users who had pre-booked the vehicle will be able to place an order.</li><li>Customers are required to pay an advance amount of ₹20,000 to book their vehicle.</li></ul>The <keyword id="9297184" type="General" weightage="20" keywordseo="ola-electric-scooter" source="Orion">Ola electric scooter</keyword> is now available for purchase for users who had <a href="https://www.businessinsider.in/business/auto/news/ola-electric-scooter-pre-bookings-start-july-15-at-499/articleshow/84441621.cms">pre-booked</a> the S1 and S1 Pro electric vehicles. The company had started accepting reservations for the scooter in July and only the customers who had pre-booked the vehicle will be able to place the order for now. <cmsannotation type="cmsannotation" annotationid="How to purchase Ola electric scooter" comment="subhead" text="How to purchase Ola electric scooter">How to purchase Ola electric scooter</cmsannotation> Ola Electric chief executive Bhavish Aggarwal on <a href="https://twitter.com/bhash/status/1437964956817772545">Twitter</a> revealed that users who had pre-booked the scooter can purchase their scooters starting from today. “Bring the revolution home! Ola S1 purchase is rolling out now!l We’re opening it in the order of reservation. Look for your invitation email or check the Ola app to know when it’s live for you!” The users who have pre-booked the Ola S1 and S1 Pro electric scooters will be able to book the vehicle using the Ola app by paying an amount of ₹20,000. The balance amount has to be paid either in full or by using finance options starting from October 18. As per an <a href="https://twitter.com/malaymohapatra1/status/1437944650069790721/photo/2">email</a> received by a customer who purchased the S1 Pro today, the company will deliver the scooter between October 25 and November 25. <cmsannotation type="cmsannotation" annotationid="Ola S1 and S1 Pro price" comment="subhead" text="Ola S1 and S1 Pro price">Ola S1 and S1 Pro price</cmsannotation> The Ola S1 has been priced at ₹99,999 and the <keyword id="11908705" type="General" weightage="20" keywordseo="Ola-S1-Pro" source="Orion">Ola S1 Pro</keyword> is priced at ₹1,29,999. Customers can claim FAME II subsidies and additional subsidies based on their state. The subsidies offered for different states can be checked <a href="https://blog.olaelectric.com/purchase/">here</a>. <cmsannotation type="cmsannotation" annotationid="Ola S1 and S1 Pro delivery date" comment="subhead" text="Ola S1 and S1 Pro delivery date">Ola S1 and S1 Pro delivery date</cmsannotation> The Ola S1 and S1 Pro will be delivered starting from October 2021. The company has said that the deliveries will be prioritised based on the date of purchase on a first come first serve basis. <cmsannotation type="cmsannotation" annotationid="Ola S1 and S1 Pro finance options" comment="subhead" text="Ola S1 and S1 Pro finance options">Ola S1 and S1 Pro finance options</cmsannotation> Ola Financial Services has partnered with IDFC First Bank, HDFC, and TATA Capital for financing options. Users will be able to pay in monthly installments (EMIs) starting at ₹2,999 for the Ola S1 and ₹3,199 for the Ola S1 Pro. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ola-electric-scooter-factory-will-be-run-only-by-women-says-ceo-bhavish-aggarwal/articleshow/86161861.cms">Ola electric scooter factory will be run only by women, says CEO Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/business/startups/news/ola-is-reportedly-seeking-a-valuation-of-8-billion-from-its-ipo/articleshow/85761547.cms">SoftBank-backed Ola reportedly picks Citigroup and Kotak Mahindra for its $1 billion IPO</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-makes-the-new-simple-one-electric-scooter-a-worthy-ola-and-ather-alternative/articleshow/85362511.cms">Here’s what makes the new Simple One electric scooter a worthy Ola and Ather alternative</a>

How to buy Ola electric scooter S1 and S1 Pro

<ul><li>The Ola S1 and S1 Pro are the company’s first electric scooters. </li><li>Those who had pre-booked the Ola electric scooters earlier were able to make their purchases on September 15 and 16. </li><li>Pre-bookings for the next round of sale are now underway. </li></ul> Sales of the Ola electric scooters, S1 and S1 Pro, have crossed ₹1,100 crore in two days, the company’s Chief Executive Officer (CEO) <keyword id="1543567" type="General" weightage="20" keywordseo="bhavish-aggarwal" source="Orion">Bhavish Aggarwal</keyword> announced on Friday. On Thursday, Aggarwal announced that the sales of Ola S1 and S1 Pro crossed ₹600 crore on the first day. <div type="twitter" handle="bhash" handlename="Bhavish Aggarwal" image="http://pbs.twimg.com/profile_images/1133256267340713984/UaxcE0fi_normal.jpg" favoritecount="681" retweetcount="56" status="Day 2 of EV era was even better than Day 1! Crossed ₹1100Cr in sales in 2 days! Purchase window will reopen on Nov… https://t.co/tbEK8Ba9ap" createdat="1631855294000" id="1438731499528855554"></div> “While the purchase window is now closed, our reservations remain open on olaelectric.com and I want to let all of you know that we will be reopening the purchase window on November 1, 2021, just in time for Diwali,” Aggarwal added, announcing the next sale of the Ola S1 and S1 Pro. “That’s more, in value terms than what the entire 2W [two-wheeler] industry sells in a day! Make no mistake, the age of EVs is here,” he explained. Earlier, the sale of the Ola electric scooters was scheduled for September 8. It was<a href="https://www.businessinsider.in/business/auto/news/ola-s1-and-s1-pro-electric-scooter-sale-delayed-by-one-week/articleshow/86055573.cms"> delayed</a> by a week due to issues with the website. The company had started accepting reservations for the scooter in July and only the customers who had pre-booked the vehicle were able to make their purchases during the two days. <cmsannotation type="cmsannotation" annotationid="Ola S1 and S1 Pro price" comment="subhead" text="Ola S1 and S1 Pro price">Ola S1 and S1 Pro price</cmsannotation> The Ola S1 has been priced at ₹99,999 and the Ola S1 Pro is priced at ₹1,29,999. Customers can claim FAME II subsidies and additional subsidies based on their state. The subsidies offered for different states can be checked here. <cmsannotation type="cmsannotation" annotationid="Ola S1 and S1 Pro delivery date" comment="subhead" text="Ola S1 and S1 Pro delivery date">Ola S1 and S1 Pro delivery date</cmsannotation> The Ola S1 and S1 Pro will be delivered starting from October 2021. The company has said that the deliveries will be prioritised based on the date of purchase on a first come first serve basis. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/how-to-buy-ola-electric-scooter-s1-and-s1-pro/articleshow/86224084.cms">How to buy Ola electric scooter S1 and S1 Pro</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-scooter-factory-will-be-run-only-by-women-says-ceo-bhavish-aggarwal/articleshow/86161861.cms">Ola electric scooter factory will be run only by women, says CEO Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-makes-the-new-simple-one-electric-scooter-a-worthy-ola-and-ather-alternative/articleshow/85362511.cms">Here’s what makes the new Simple One electric scooter a worthy Ola and Ather alternative</a>

Ola electric scooter sale crosses ₹1,100 crore on second day, here is when the next sale is scheduled

Ola Electric on Sunday forayed into the green mobility space with the launch of its first electric scooter, Ola S1, at a price starting from Rs 99,999 (ex-showroom). The Ola S1 electric scooter would come in two trims -- S1 and S1 Pro -- carrying a price tag of Rs 99,999 and Rs 1,29,999, respectively. "I want to underline that it is going to be the best scooter ever made. It has the best design, performance and technology," Ola Chairman and Group Executive Officer Bhavish Aggarwal told reporters here. With never seen before technology, design and features, the company is looking for a global leadership in the electric two-wheeler segment, he added. The company will officially open Ola S1 for purchase from September 8, and start deliveries across 1,000 cities and towns in October. Till September 8, the company will keep accepting the bookings at Rs 499, Aggarwal stated. He noted that Ola S1 solves one of the biggest challenges which has hampered the growth of the EV sector in India has been the upfront cost. "In states with active subsidy grants, Ola S1 will be much more affordable than many petrol scooters. For instance, after state subsidy in Delhi, the S1 would cost just Rs 85,009 whereas in Gujarat it would be only Rs 79,000," Aggarwal said. The company has also tied up with banks and financial institutes for an EMI plan starting at Rs 2,999, he added. The Ola S1 comes with a range of 181 km, a top speed of 115 km per hour and can be fully charged in less than 40 minutes with a fast charger, and around six hours with the portable charger that will come with the scooter and can be installed at homes. The scooter comes with various features like reverse mode, hill hold function, driving modes and cruise control and takes less than 3 seconds to cross 0-40 km per hour. It comes with keyless lock and unlock system and safety features like an anti-theft alert system and geo-fencing. "Scooters are meant for the young but the industry has made such a vibrant category dull and boring and we are hopeful that we are going to change that," Aggarwal quipped. The scooter comes in 10 colours with in-house development 8.5 KW motor and 3.97 kWh battery packs. Ola is setting up a manufacturing plant, spread across 500 acres, in Tamil Nadu. The company has previously said it is investing Rs 2,400 crore for setting up the facility that will create nearly 10,000 jobs and will be the world's largest scooter manufacturing facility upon completion. Aggarwal noted that the first phase of the 'Futurefactory' is nearing completion. "By the end of the month, it is going to be ready. We bought the land in January and we put up the first pillar at April-end," he noted. The company will initially start with 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase. When fully completed, the plant is going to have an annual capacity of one crore units that is 15 per cent of the world's entire total two-wheeler production. "We are building this scale because it is the only way of accelerating this transition to sustainable mobility," Aggarwal noted. Asked when the company expects to reach the one-crore production mark, he said: "Ten million production depends how fast the market scales up. We are estimating it to be within the next two years." "Everything is being done by us. We are working with suppliers for mechanical parts but core parts of electrification are being done by us in-house. It is part of our strategy to control the technology ourselves and also to design the components ourselves and then manufacture them on our own," Aggarwal said. Ola Electric would source items like plastics and tyres from outside vendors and for that, it plans to build an entire ecosystem around the factory, he added. On charging infrastructure, Aggarwal noted that the company would have established presence across relevant cities by the time deliveries commence in October. "Charging station roll out will follow sales rollout, so it will be sales, then charging stations but every city will have at least relevant scale as we begin," Aggarwal said. Ola had earlier stated that it would like to have 5,000 charging stations across 300 cities and towns across India. "That's the goal, we will be targeting that...The company has tied up with various partners and those will get operationalised once deliveries begin," Aggarwal said, adding that all kinds of developers, office complexes and even hospitals would be covered under the exercise. He noted that the scooter would have a hybrid approach when it came to actual sales. The company would have physical experience centres and online channel to sell the product. The sales outlets or the experience centres would come up across the country over the next few months, Aggarwal said. The executive pointed out that the company has received strong demand from about 1,000 towns and cities. "The EV revolution is here to stay whether incumbents like it or not. Consumers have shifted in their mindsets and before we know it, people will be buying only electric," he noted. He further said: "When we are going to share our bookings number with you in few days, I can assure you that it is going to be the highest number of reservations ever for any automobile launch in the country." On exports, he said the shipments would begin soon. "We have been very clear about the fact that we can build in India for the world and (demand for) two-wheelers is growing globally. All across the world, especially after COVID, people want personal mobility options and we want to be the global leaders in this segment," Aggarwal noted. The company's electric scooter would be relevant in markets like ASEAN (Association of Southeast Asian Nations), LATAM (Latin America) and Europe, he said. "The traditional markets for two wheelers have been Asian markets, LATAM and Africa have been growth markets for two-wheelers but the large volumes have always come from the Asian markets," Aggarwal said. Especially after COVID, even the West has opened up and more and more people in Europe want to buy electric two-wheelers, he added. Even in the US and North America, people have started to experience two-wheelers for urban mobility, Aggarwal said. "Over the next four-five years, we will see a lot of evolution. Lot of opportunities will open up globally for two-wheelers and they will have to be electric," he stated. On competition with other electric vehicle brands, Aggarwal stated: "In two-wheelers, the incumbents have not properly invested for electrification and we believe we will absolutely lead the way as our technology is ahead by a few years". When asked if the company is also looking at tapping into the Chinese market, he said: "China is not an immediate priority for us". "There are enough markets beyond that. The Chinese two-wheeler market is a unique one, while it's all electric, its all low-speed, low-quality electric vehicles. Transformation is happening there as well," he added. Aggarwal noted that the company has been very careful to source almost all the components from India, with only the battery cells coming from South Korea. Asked about the chip shortage situation globally, he said the company is dealing with the issue and has been able to overcome the challenge for the short-term. "It is something that the industry would have to deal with over the next 6-9 months...It is a challenge, so we are trying to deal with it," he said. Aggarwal noted that the company plans to enter various segments, including an electric car, in the coming days. He, however, did not share any details. SEE ALSO <a href="https://www.businessinsider.in/business/news/paytm-ipo-former-one-97-communication-director-urges-sebi-to-stall-the-public-issue/articleshow/85293132.cms">Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue</a> <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

You Searched For "ola factory" and got 10 results

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