Key Highlights:
Ola Electric is set to introduce its new Electric three wheeler (EV 3W), likely named ‘Raahi,’ which means ‘traveller’ in Hindi, over the next 3-4 months. Recent spy images indicate that the upcoming Ola EV 3W will feature a minimalist design that maximizes space and practicality. The vehicle’s front profile includes square headlights, a large windshield, A-pillar mounted ORVMs, and doors for cabin safety.
If Ola chooses to incorporate air conditioning in its electric three wheelers, this launch could significantly advance the segment. As reported by sources close to ETAuto, Ola Electric plans to equip Raahi with category-first features, leveraging its technological expertise and providing a more spacious and convenient alternative to existing electric three wheelers.
The Ola EV 3W will have a goods carrier variant in addition to the passenger version. This variant will come with a customizable and sizable loading bay to meet various client needs.
Competitive Landscape and Pricing
The Ola EV 3W will enter into competition with established players such as Mahindra Treo, Piaggio Ape e-city, and Bajaj RE in the electric three wheeler market. Ola Electric’s development of this vehicle has been part of its broader strategy to enter the commercial vehicle sector.
Currently, Mahindra, Piaggio, and Bajaj price their electric auto rickshaws between INR 2.0 lakh and over INR 3.5 lakh, depending on the model and additional features. The Ola EV 3W is expected to be competitively priced and may be cheaper than Bajaj’s electric three-wheeler, which starts at INR 3.30 lakh, ex-showroom.
In 2023, sales of electric three wheelers reached over 580,000, indicating a 66% increase from the prior year. Electric three wheelers accounted for over 50% of total three-wheeler sales. Ola Electric’s entry into this market, together with its vertical integration in battery, motor, and software technology, could significantly enhance the company’s path to profitability.
Ola’s plan for Electric 2 wheeler
In addition to this new launch, Ola Electric continues to strengthen its position in the electric two-wheeler market, where it currently holds a leadership role. The company has been expanding its market presence through extended battery warranties, the establishment of fast-charging points, and an expanded service center network. Ola Cabs, a leader in the ride-hailing sector in India, provides a significant distribution advantage for Ola Electric, enabling the company to leverage group synergies for accelerated EV penetration in the three wheeler segment.
The upcoming launch of Ola Electric’s new three wheeler, ‘Raahi,’ seems promising, especially with its potential to offer advanced features and compete with established players. Ola Electric’s entry into this market could significantly boost the company’s path to profitability. Exciting times are ahead for the EV sector. ELCTRIK Speaks