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  5. Ola Electric will soon unveil three-wheeler in the market, says Bhavish Aggarwal; shares up 4%

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Ola Electric will soon unveil three-wheeler in the market, says Bhavish Aggarwal; shares up 4%

Upstox
By Upstox News Desk

2 min read | Updated on September 05, 2024, 16:00 IST

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SUMMARY

Ola Electric Mobility shares settled 3.7% higher at ₹114.9 apiece on the National Stock Exchange (NSE) on Thursday. Since listing, the scrip has gained 51.1%.

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Ola Electric Mobility manufactures electric two-wheelers and EV components such as motors, battery packs, and vehicle frames.

Ola Electric Mobility will launch its electric three-wheeler in the "market soon", Bhavish Aggarwal, the company's Managing Director (MD) and Chairman Bhavish Aggarwal, told CNBC-TV18 on Thursday, September 5.

He confirmed to the channel that his company has been working on a three-wheeler, and the industry has been on his radar since the beginning of Ola Electric.

"We have also showcased some technology focus on this, and our entire manufacturing technology strength that we have built-in two-wheelers is going to be easily transferable to three-wheelers as and when we choose to bring out our products," Aggarwal told CNBC-TV18.

Ola Electric Mobility manufactures electric two-wheelers and EV components such as motors, battery packs, and vehicle frames.

Also Read: Roadmap to profitability laid out: Bhavish Aggarwal

The stock settled 3.7% higher at ₹114.9 apiece on the National Stock Exchange (NSE). Since listing, the scrip has gained 51.1%.

The market capitalisation of the company stands at ₹50,680.4 crore.

Plans to make electric car shelved: Bhavesh Aggarwal

Last month, the Ola Electric CEO said the company has shelved plans to make electric cars.

In an interview with news agency PTI, he said, "We are not working on it right now. Our vision is to build products relevant for India and build technologies to enable those products at scale and we're going in a sequence, two-wheelers and then other products".

He stressed that India needs to build a sustainable paradigm of energy and automotive. "The global solution for sustainability is (electric) luxury cars... That's not relevant for India. India is (electric) two-wheelers, three-wheelers, maybe small cars," Aggarwal added.

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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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