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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    OPay obtains approval of Egypt's CBE to issue prepaid cards

    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

    Al Salam acquires Ithmaar Bank for USD2.2 Billion to power Consumer Banking division

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    An Ode to the 5 Arab Women Reigning the Business World

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    Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

  • Markets
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    • Forex
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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Ola’s new category ‘Ola EV’ debuts in London

Ola offers Zero-emission rides

The Global Economics by The Global Economics
May 14, 2021
in Transportation, Logistics, Technology, Transport
Reading Time: 2 mins read
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Ola's new category ‘Ola EV’ debuts in London

Ola's new category ‘Ola EV’ debuts in London

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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.

 

 

Tags: electriccabselectricvehicleenvironmentfriendlyEVolaOlaEVreducepollutionridebookingzeropercentcommission
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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