The recent announcement by the company Ola about the new service to the consumers is about the launch of a new category of ride-booking for electric vehicles through the app. The category will debut in London which is ‘a global first’ by the Indian company. The company has named this category ‘Ola EV’. From this week London users can experience the service. The enhanced service is offered at the usual cost to the riders said the company.
To stop the pollution and in a view to start environment-friendly transport system the electric cars are a step to protect the atmosphere. The launch will offer zero-emission cab rides with a commitment to green transport networks. The company will introduce the new category all over the world in the future and the app-based cab aggregator will be operational.
The platform needs to grow; to do so the company has planned to bring additional 700 or more drivers in the days to come. The company offers a zero percent commission rate to the electric rides to the drivers for the initial 3 months. The zero commissions may attract drivers from other companies.
The company believes that the driver-centric method will lead to a surge in the number of fully electric taxis. Ola has made a remarkable innovation that solves the major challenges of the transport system. The initiative of no-cost electric rides which benefits the environment with zero-emission offers a chance to the riders and the drivers to play their part in protecting the environment.
In addition to the electric cabs, Ola is planning to launch the world’s largest factory in Tamil Nadu to make electric bikes. Ola is preparing for the Future factory at a rapid pace where the estimated capacity is 10 million units every year.
Due to the pandemic the automobile industry has faced losses, the global electric vehicle market size in 2019 was USD 273.22 billion which dropped to USD 246.74 billion in 2020 yet the growth projection is USD 985.72 billion in 2027 at a CAGR of 17.4% in the 2020-2027 period.
Although the company has seen many roadblocks due to the pandemic it has geared up for recovery with the new categories. The company will raise more than $300 million in the new round of financing. The funds from Temasek will range between $120-150 million and the rest from existing investors SoftBank and Tiger Global.