A media report quoted the stock exchange on behalf of Ola Electric as saying, “We want to inform that we have received a letter from IFCI LTD to not receive Milestone-1. The company is working with the concerned authorities and a suitable answer is being filed.” Under the PLI scheme, the IFCI Project Management Agency for Advanced Chemistry Sales. Sources who are aware of the case said that the manufacturing deadline in the Gigafactory of Ola Electric has not been completed. Such letters have also been sent to Reliance Unutilized Power and Rajesh Exports.
Ola Electric was allotted a maximum capacity of 20 GWH for her bid. Manufacturing can be started in the first quarter of the next financial year in this gigafctor, which is being built in Krishnagiri, Tamil Nadu, the company. The company had said that about 25,000 people will get employment when this gigafactory reaches the entire capacity.
In February, the company’s electric scooters’ sales were more than 25,000 units. It is about 26 percent decline in the sales of Ola Electric on a year-on-year basis. However, despite this, the company has retained its first rank in this market. The company’s market share is about 28 percent in February. Ola Electric has reported that its electric scooters’ S1 range performance is strong. Along with this, he is also getting help from about 4,000 stores sales and service networks. Recently, Ola Electric entered the segment of electric motorcycle. The company has launched Roadster X and Roadster X+. The initial price of this electric motorcycle is Rs 74,999 (ex-showroom). The company has started manufacturing electric motorcycles in its factory.
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