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Ola Electric Mobility plans to integrate its "Bharat cell" into EVs by FY26. The company’s Q1 FY24 revenue surged by 34.32% to ₹1,718 crore. Ola Electric’s share price saw a rise of 45.26% since its listing on August 9.
Ola Electric Mobility Limited revealed its plan to integrate its indigenously developed lithium cell battery, the "Bharat cell," into its electric vehicles by Q1 FY26. The Bharat cell, which has been described as the "5G of lithium cells," represents cutting-edge technology with capabilities that only a few global companies possess.
This innovation is expected to significantly reduce India's dependence on imported batteries, which currently make up a substantial portion of EV manufacturing costs.
The Bharat cell has received certification from the Bureau of Indian Standards (BIS), a crucial step before the commencement of commercial production at Ola's Gigafactory.
Ola Electric launched a new electric motorcycle during its annual mega conclave, Sankalp, on August 15. The new portfolio caters to both mass and premium segments, showcasing the company's continued innovation and expansion in the EV market.
Ola Electric has recently announced its first quarterly results since going public. The company reported an impressive 34.32% increase in revenue, reaching ₹1,718 crore for Q1 FY24, compared to ₹1,279 crore during the same period last year.
Ola Electric achieved record vehicle deliveries during Q1 FY24, with 1,25,198 units delivered, marking a significant increase from the 70,575 units delivered in the same quarter of the previous year.
The growth was largely fueled by the successful ramp-up of the S1 X series, along with continued strong demand for the S1 Pro, S1 Air, and S1 X+ models.
This performance underscores the company's ability to meet rising consumer demand in the mass-market scooter segment, contributing to its record-breaking quarterly revenue.
Ola Electric’s share price has seen remarkable performance since the company's listing on August 9, 2024, with a gain of 45.26%. On Wednesday, just before the announcement of its new electric motorcycle portfolio, the Ola Electric share price closed at ₹110.99, up by 2.61%.
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