Ola Electric Mobility is offering its shares at Rs 72 and Rs 76 per share for its shares. Investors can subscribe for a minimum of 195 shares and its multiples, plus their multiples thereafter.

Ola Electric IPO’s retail portion fully booked on Day 1

Home

News

Investor reaction to Ola Electric Mobility's initial public offering (IPO) was tame on the first day of the bidding process. The offer was mostly subscribed to by retail investors, whose portion was completely subscribed, when the bidding began on Friday, August 2. In the IPO, Ola Electric Mobility is offering its shares at Rs 72 and Rs 76 per share for its shares. Investors can subscribe for a minimum of 195 shares and its multiples, plus their multiples thereafter. The company hopes to raise Rs 6,145.56 crore through the IPO that consists of an offer-for-sale (OFS) of 84,941,997 equity shares and a new share sale valued at Rs 5,500 crore As per the available data, the investors placed bids for 12,82,68,075 equity shares, which represents 28% of the total equity shares offered for subscription by 2:20 pm on Friday, August 2. Tuesday, August 6, is the last day of the three-day bidding period for this issue. While the amount designated for non-institutional investors (NIIs) got a subscription of just 13%, the allocation for retail investors was subscribed 1.28 times. Employee portion was scheduled 4.14 times. But at that point, any sizable offers were to be received for the quota reserved for qualified institutional bidders (QIBs). Based in Bengaluru and Founded in 2017, Ola Electric Mobility is a pure-play operator in the electric vehicle market that focuses on producing electric cars and certain essential parts for them, such as motors, battery packs, and vehicle chassis, at its Ola Futurefactory.

Ola Electric IPO’s retail portion fully booked

Prashant

Tata Motors Ltd has partnered with Octillion Power Systems, a Chinese battery pack manufacturer, to increase its battery sourcing for electric vehicles (EVs), according to a report by LiveMint.&nbsp; The update highlights Tata Motors' departure from its earlier approach of procuring battery packs only from its parent firm, Tata AutoComp Systems Ltd. Octillion, a California-based firm with operations in the US and India, will supply lithium-ion battery packs for the company’s new Curvv coupe SUV. Since its launch of the Nexon EV in 2020, this is the first time Tata Motors is working with an external battery provider. The update is reportedly in response to the limitations of the EV market and performance issues, including battery discharge going down in older models. Tata Motors is trying to make its electric cars more reliable by developing new designs and types of battery packs to be combined. Moreover, by cooperating with Octillion, they can acquire new raw materials and knowledge to offer more models of EVs. Octillion opened a 2GWh battery pack manufacturing plant in Pune, India, last year. For the 45kWh model for Curvv EV, Tata Motors has selected the battery packs from Octillion that contain 15.2Ah cylindrical cells obtained from another Chinese company EVE. The bigger 55kWh Curvv EV will continue to equip Tata AutoComp battery packs, which contain 105Ah prismatic cells from Gotion, a Chinese lithium-ion cell manufacturer. Until now, Tata Motors' passenger EV battery packs were solely manufactured by Tata AutoComp Systems utilising cells from Gotion via a joint venture. The decision between cylindrical and prismatic cells is determined by the battery pack's unique needs, which include energy density, thermal control, and packaging flexibility. Citing a Tata Motors representative LiveMint reported that the business is using a multi-sourcing approach to decrease supply chain risks and reliance on a single source, resulting in a consistent and timely supply of parts. The report also mentioned the tremendous development of EV sales, which increased from roughly 6,000 units in FY21 to almost 100,000 units in FY24.&nbsp;

The bigger 55kWh Curvv EV will continue to equip Tata AutoComp battery packs, which contain 105Ah prismatic cells from Gotion, a Chinese lithium-ion cell manufacturer.

Tata Motors switches to Chinese battery manufacturer

Tata Motors switches to Chinese battery manufacturer for new Curvv coupe SUV

Ola Electric, the recipient of the Center's premier production-linked incentive (PLI) program worth Rs 18,100 crore for advanced chemical cells (ACC), launched the 4680 indigenous cells known as the "Bharat" battery cell on Thursday. Bhavish Aggarwal, the founder and CEO of Ola Electric, who claims over 70 patents connected to the battery manufacturing technology stated, "We didn't import the tech, we built it ourselves". During the Ola Electric Sankalp 2024 event, Aggarwal announced the company's strategy to transform the Indian energy landscape. The strategy, scheduled to proceed in a phased manner, aims to produce 5 GWH cells in 2024, scale up to 20 GWh by 2026, and reach 100 GWh by 2030. Additionally, he declared that by April 2025, Ola Electric will begin incorporating the 4680 cells into its products. Under the PLI scheme, out of the 50Gwh, the Ola Electric was given 20 Gigawatt hours. Meanwhile, other beneficiaries of the scheme include Reliance New Energy Battery Storage and ACC Energy Storage. The company has also informed the Ministry of Heavy Industries that it has already completed the pilot manufacturing of around 10,000 cells, citing sources told Business Standard.&nbsp; Moreover, the purpose of the ACC PLI scheme was to make the country's EV industry self-reliant in battery technologies. Industry estimates peg about 30-50% of the total cost of an electric two-wheeler contributed by its battery alone, depending on its capacity and chemistry. Therefore, the update is likely to make electric vehicles more affordable. Compared to the 2170 cells in use by Ola in its scooters today, this "Bharat" cell is reported to have five times better energy density to improve the vehicle’s performance. Further, the company also claimed faster charging times with its latest technology which would improve consumer convenience. The gigafactory of the company is being built in phases in Krishnagiri, Tamil Nadu, with Phase 1 aiming for a 5GwH capacity.

The company’s strategy, scheduled to proceed in a phased manner, aims to produce 5 GWH cells in 2024, scale up to 20 GWh by 2026, and reach 100 GWh by 2030.

Ola Electric announces to start manufacturing  'Bharat' battery cell

Indigenous innovation ahead: Ola Electric announces to start manufacturing  'Bharat' battery cell

As part of its EV deployment initiative, Amazon India announced on August 12 that it has partnered strategically with Gentari, an electric mobility company, intending to have 10,000 electric cars in its fleet by 2025 for last-mile deliveries. As per the agreement, Amazon India stated that Gentari Green Mobility Business will supply delivery service partners (DSPs) with comprehensive fleet management services to guarantee the smooth operation and maintenance of the EV fleet, in addition to Gentari Green Mobility Business acquiring and deploying electric vehicles for the company within the next three years. The partnership is expected to provide access to more electric three-wheelers for Amazon deliveries to Delivery Service Providers (DSPs). The collaboration between the two companies will provide Delivery Service Providers (DSPs) easier access to more electric three-wheelers available for Amazon deliveries "Our goal is to enable our delivery service providers with the appropriate electric cars, complete life cycle management services, and parking and charging infrastructure," stated Abhinav Singh, Vice President of Operations at Amazon India. He further emphasized that the company had over 7,200 EVs in India by the end of 2023 and is still on track to reach its goal of 10,000 EVs in the nation by 2025.&nbsp; Citing Nikhil Thomas, CEO of Gentari Green Mobility India, MoneyControl stated, "I'm confident this collaboration will pave the way for a cleaner and electric future for India's transport sector as we work together to deploy more EVs and contribute to India's net-zero targets." Gentari Green Mobility India provides a full suite of services, which includes a large network of EV charging sites, EV subscriptions via Vehicle-as-a-Service (VaaS), and tailored value-added services.

The partnership is expected to provide access to more electric three-wheelers for Amazon deliveries to Delivery Service Providers (DSPs).

Amazon India joins hands with Gentari 

Amazon India joins hands with Gentari to develop 10,000 EV fleet 

Hyundai’s next upcoming major offering in the Indian automobile market is likely to be the all-electric Creta SUV. In the upcoming year, the well-liked vehicle will get an electric drivetrain replacement. Additionally, the same is scheduled to go into production in December of this year. The redesigned Creta facelift will serve as the foundation for the Hyundai Creta EV. The vehicle will include aerodynamic alloy wheels, a front-fender located charging port, a modified bumper, and a blanked-off grille—a few features not found on other EVs. These can be seen in the most recent spy photos. Regarding features, the Creta EV is expected to include a panoramic sunroof, new seat upholstery, dual-zone temperature control, a revamped centre console and AC vents, a new steering wheel, and a drive selector positioned in the steering column. A Level 2 ADAS suite, a 360-degree surround camera, a blind spot monitor, adaptive cruise control, six airbags, and front and rear parking sensors are further features that the electric SUV will include. Concerning the size and driving range of the battery pack, it is anticipated that the Creta EV will be available with a respectably large 50kWh to 60kWh battery unit, which should provide more than 500km of range on a single charge. The MG ZS EV, Tata Nexon EV, Mahindra XUV400, Tata Curvv EV, and Hyundai Kona Electric will be the Creta EV's competitors when it debuts on the market.

Regarding features, the Creta EV is expected to include a panoramic sunroof, new seat upholstery, dual-zone temperature control, a revamped centre console and AC vents, a new steering wheel, and a drive selector positioned in the steering column.

Hyundai to unviel all-electric Creta SUV

Hyundai to unviel all-electric Creta SUV?

Prashant Sha

Next year, Tesla plans to open a manufacturing facility in Gujarat, India. According to media sources, the negotiations for the EV maker's first production plant in India are nearing their end and should be completed shortly. According to Ahmedabad Mirror, the state's Tesla manufacturing facility is expected to be announced at the Vibrant Gujarat Summit, which is scheduled for January 2024. Gujarat has always been regarded as a key place for the commercial world. Currently, the state is home to Maruti Suzuki and other automakers' production facilities. According to the Ahmedabad Mirror report, Sanand, Becharaji, and Dholera are potential locations for the Tesla manufacturing factory. Neither the state government nor the manufacturer of EVs has made any formal announcements on the problem up to this point. Elon Musk's involvement in Gujarat has given government spokesman Rushikesh Patel, the minister of health in Gujarat, cause for optimism. Gujarat Minister Rushikesh Patel compared Gujarat's knowledge and alignment with Tesla's broad ambitions at a Cabinet briefing on Thursday. He further underlined that negotiations to conclude the agreement to create the manufacturing unit in Gujarat between the government and the manufacturer of EVs are ongoing.&nbsp;&nbsp; Media sources claim that Gujarat has become a top choice for Tesla to locate its production facility, in part due to the state government's regulations as well as the region's accessibility to ports for the company's products to be exported. Due to their proximity to Gujarat's Kandla-Mundra port, places like Sanand might see an increase in exports from the EV manufacturer. In 2003, the dynamic Gujarat Global Summit was conceived. "20 years of Vibrant Gujarat as the Summit of Success" will be commemorated during the tenth Vibrant Gujarat Summit. The summit acts as a worldwide platform for information exchange, corporate networking, and strategic alliances for sustainable development and equitable progress.

Gujarat has become a top choice for Tesla to locate its production facility, in part due to the state government's regulations as well as the region's accessibility to ports for the company's products to be exported.

Tesla is likely to announce its Indian manufacturing unit

Elon Musk’s Tesla is likely to announce its Indian manufacturing unit amid Vibrant Gujarat event

Following rumours that the business was in preliminary discussions with Chinese manufacturer Leapmotor to license the technology to construct <a href="http://www.evindia.online" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric vehicles</a> in India, JSW Steel Limited increased by more than 2% in the morning trading on September 1. According to the arrangement, JSW will utilise Leapmotor's platform to produce EVs in India under its own brand name in an effort to get into the expanding market, according to news agency Reuters. The steel-to-energy group's billionaire chairman Sajjan Jindal has publicly expressed the company's ambition to produce EVs in the nation, despite the report's claim that conversations were confidential. Earlier this week, it was reported in numerous publications that the JSW Group's promoter companies were in discussions with a number of Chinese <a href="https://www.evindia.online/car" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(17, 85, 204);">electric-car</a> manufacturers to introduce an electric vehicle for the Indian market in the Rs 15-20 lakh price range.&nbsp; The allegations also stated that the business was competing for a share in MG Motor India, a British brand owned by Shanghai Automotive (SAIC), the largest automaker in China. According to The Economic Times, Jindal, the chairman and managing director of the JSW group of enterprises, would hold between 45 and 48 percent of MG Motor India, a fully owned subsidiary of Shanghai-based SAIC Motor. "If you're asking me particularly about MG Motor, it's one of the firms on our list; I don't back down from a challenge. I'm not sure yet, but that may be one of the choices if they want to sell," citing Jindal CNBC-TV18 has previously reported. The stock was up 2.40 percent from the previous closing when it was trading at Rs 798.40 on the National Stock Exchange at 10:43 a.m.

It was reported in numerous publications that the JSW Group's promoter companies were in discussions with a number of Chinese electric-car manufacturers to introduce an electric vehicle for the Indian market in the Rs 15-20 lakh price range. 

JSW in conversation with Leapmotor

JSW proceeds on conversation with Chinese automaker Leapmotor for EV tech

Indian Oil has installed up to 139 <a href="https://evindia.online/" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">electric vehicle</a> charging stations in Assam from 2020–21 to help the state reach its 2070 goal of net zero emissions. There are already 270 such units installed throughout the North Eastern state. In the current fiscal year, according to G Ramesh, executive director and state head of Indian Oil's Assam Oil Division, the company plans to install 230 additional EV charging stations throughout the northeast. "Building the charging stations will encourage people to switch to electric cars, which will help us all cut carbon emissions more quickly. The Central government has set a goal of achieving net zero emissions by 2070. But if we work together, we think we can achieve zero emissions by 2046, when our country will have been independent for 100 years. Arunachal Pradesh has 27 EV charging stations, Meghalaya has 26, Assam has 139, Nagaland has 12, Tripura has 31, Arunachal Pradesh has 27, Arunachal Pradesh has 26, Manipur has 33, and Mizoram has two. To encourage EVs, the Assam government introduced the "Electric Vehicle Policy" in 2021 and the "Vehicle Scrappage Policy" last year, with the goal of replacing all public transport and government vehicles with EVs by 2030 and destroying all cars older than 15 years. The goal of the electric vehicle policy is to hasten the adoption of electric cars such that by 2026, they will account for 25% of all new vehicle registrations. The largest obstacle to the switch to EVs, nevertheless, has been the scarcity of charging facilities. The state government offered an incentive of Rs 20,000, Rs 50,000, and Rs 150,000 for early adoption of EVs for <a href="https://evindia.online/scooter" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">two-wheelers</a>, <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">three-wheelers</a>, and <a href="https://evindia.online/vehicles?type=3" rel="noopener noreferrer" target="_blank" style="background-color: transparent; color: rgb(0, 0, 0);">four-wheelers</a>, respectively. According to the policy, registration fees and road tax for electric vehicles would also be waived for a period of five years or refunded. It is important to note that Assam Electronics, which is controlled by the state government In October of last year, Development Corporation Limited (Amtron) signed a contract with a German automaker to establish the northeast's first EV charging station production facility at the Tech City in Bongora, close to Guwahati.

In order to encourage EVs, the Assam government introduced the "Electric Vehicle Policy" in 2021 and the "Vehicle Scrappage Policy" last year, with the goal of replacing all public transport and government vehicles with EVs

Assam welcomes 139 EV charging stations 

Assam records instalment of 139 EV charging stations since 2021 

In FY22-23, India's sales of <a href="http://evindia.online" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">electric vehicles</a> surpassed one million units for the first time. <a href="https://www.smev.in/" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">The Society of Manufacturers of Electric Vehicles</a> (SMEV) has released figures showing that in FY 2023, sales of e-buses, e-cars, e-three-wheelers, and <a href="https://evindia.online/bike" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">e-two-wheelers</a> totalled 11,52,021 units. This is an increase of 58% from the 7,26,861 units sold in FY21–22. Two-wheelers made up the largest portion of the EV market (62%), selling 7,26,976 high-speed EVs, despite adoption falling month over month and "ending with an annual shortfall of more than 25% over the minimum target set by Niti Aayog," according to a statement from SMEV. Aside from this, the total number of two-wheelers sold in FY23 includes 120,000 low-speed e-scooters, 2,85,443 low-speed <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">e-rickshaws</a>, and almost 50,000 low-speed e-cycles, bringing the total number of low- and high-speed-two-wheelers-sold-to 8,46,976 units. The number is significantly higher than the 3,28,000 units sold in FY22 and the 27,888 electric two-wheelers sold in FY17. With 4,01,841 units produced, electric three-wheelers accounted for the second-largest EV market share in FY23. <a href="https://evindia.online/vehicles?type=4" rel="noopener noreferrer" target="_blank" style="color: rgb(17, 85, 204);">Electric four-wheelers</a> sold 47,217 units at 4%, but electric buses only sold 1,904 units at 0.16%. The suspension of FAME2 subsidies for businesses that do not meet localisation requirements, however, has raised concerns from the industry, which claims that it has hurt sales. According to the SMEV statement, the sudden withholding of more than the 1,200 crores in subsidies that the majority of OEMS had already passed on to customers under the pretext of a delay in localization was the reason why the momentum for the adoption of electric two-wheelers "fell after the festive season, not because of consumer demand." Due to allegations of underbilling in order to circumvent FAME regulations, "an additional 400 crore of the OEMS operating in the premium end also got stuck." 16 businesses are now waiting for this stalemate to be resolved. "While all the earlier programmes since 2015 had almost an unrecognizable effect on the adoption of EVs, the revised FAME2 had a dramatic effect on the adoption of e-two wheelers as it decreased their prices by about 35%," said Sohinder Gill, director general, SMEV. Due to the exceedingly low number of electric two-wheelers, the component supply chain had previously avoided anything related to them. Late in 2021, suppliers started lining up with OEMS to indicate their interest in creating EV components. Most of these vendors needed 12 to 18 months on average to complete localization.

The Society of Manufacturers of Electric Vehicles published data showing EV sales over one million

Indian EV sales cross one million 

Indian EV market booms: Sales record cross one million units

Ola Electric Mobility is offering its shares at Rs 72 and Rs 76 per share for its shares. Investors can subscribe for a minimum of 195 shares and its multiples, plus their multiples thereafter.  | EV Marketplace

Home

Companies

Compare

Blogs

News

Saved vehicles

Contact Us

Home

Companies

Compare

Blogs

News

Saved vehicles

Contact Us

Ola Electric IPO’s retail portion fully booked on Day 1

Home

E- Vehicles

Companies

Compare

Blogs

News

Saved vehicles

Contact Us

E- Vehicles

Ola Electric IPO’s retail portion fully booked on Day 1

Like these kind articles? Help us by contributing yours!