The recently launched Ola electric ipo took the indian stock market with with a storm. Many investor showing their interest in applying for the IPO. The near $700 million IPO has got a good response with the total issue having been subscribed over 4 times. Ola Electric is a subsidiary of ANI Technologies, the parent company of Ola Cabs. Bhavish Aggarwal, the founder of Ola Cabs, established Ola Electric in 2017 with the goal of making India a global hub for electric vehicles (EVs). Ola Electric is a significant player in the EV revolution, and has been instrumental in the growth of India's EV market.
But how successfull could be the EV market in India?
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Ola Electric's business model is vertically integrated, covering R&D and technology, manufacturing, supply chain, sales, service, and charging facilities. With the rising petrol and disel prices in the global market, EV is considered to be the future of automobile industry.
EV can refer to an electric vehicle, which is a vehicle that uses an electric motor powered by a battery and can be charged from an external source. EVs are also known as battery electric vehicles (BEVs) or plug-in EVs.
EVs have several benefits over traditional vehicles, including:
Zero tailpipe emissions: EVs don't emit exhaust from a tailpipe because they run on electricity and don't contain liquid fuel components.
Lower running costs: EVs can have lower running costs than petrol vehicles.
Quieter: Electric watercraft, such as boats, or 4 wheelers are quieter than gas-powered boats. They whizz pass you , but unable to notice the sound.
EVs can have some limitations, such as range and charging time. Charging time can range from 30 minutes to over 12 hours, depending on the size of the battery and the charging station. Regenerative braking or driving downhill can help mitigate this by charging the battery packs.
Driving towards a sustainable tomorrow.
EV are considered the future of mobility globally. However, the innovative technologies and it's adoption in the market has alwsys been a challenging phase. Over the past few years, the electric vehicle market in India has grown significantly. It does not take the craze to get over. After trying and experiencing the EV vehicle now more people wanted to switch back to petrol / diesel cars. It does not appears to be so smoother ride of EV owners. They face muktiple issue with their EV vehicle :
- Lack of sufficient charging stations.
- Difficulties with regular maintenance.
- Low resale value.
- Local mechanics cannot solve minor problems, and the car has to be taken to an authorized dealer.
On top of that the chances of accident. There were numerous cases of vehicle fire on the road due to electri fault. The recent case being of a person charred to death inside a lift, while taking their battery for charging.
I have seen many electric vehicle taking up the Indian roads. But as far as the long drive and maintenance are concerned, it is still challenge. Will be interesting to see how long it will go.