SoftBank-backed Ola Electric wants to launch a made-in-India EV in 2024

The chief executive of Ola Electric said on Monday that his company will launch an all-electric vehicle that can accelerate from 0 to 100 kilometers per hour (just over 62 mph) in four seconds, as the race to gain ground in India’s fledgling EV sector is gaining momentum.

In a video presentation, Bhavish Agarwal offered a number of details about the made-in-India car.

He said it will have a range of more than 500 kilometers on a single charge (about 310 miles), an all-glass roof and the ability to drive assisted. The EV will also be keyless and ‘handleless’. The company plans to launch the car in 2024.

“Global car manufacturers feel that the Indian market is not ready for world-class technology and are therefore selling their handheld technology in India,” he said. That had to change, he added.

On Monday, Aggarwal also announced plans to develop what he called a “complete EV hub” by expanding the company’s “Futurefactory” in the state of Tamil Nadu, which currently focuses on manufacturing two-wheeler electric vehicles.

He said that at full scale, the expanded facility would produce 1 million cars, 10 million two-wheelers and 100 gigawatt hours of cells every year. “This…reimagined Ola Futurefactory will be the world’s largest EV ecosystem in one place,” Agarwal said.

Ola Electric is the EV division of ride-hailing firm Ola, which was established in 2011. Both Ola and Ola Electric have attracted investment from SoftBank Group.

India, which is on track to become the most populous country on the planet next year, is something of an untapped market when it comes to electric cars, lagging behind China, the European Union and the US

“In Brazil, India and Indonesia, less than 0.5% of car sales are electric,” notes the International Energy Agency’s Global EV Outlook.

Ola’s venture into India’s electric car market will see it compete with Tata Motors and Mahindra Electric Mobility, among others. According to the IEA, Tata’s Nexon BEV SUV is the best-selling electric car in India in 2021.