Monday, March 20, 2023
Outlook India
Outlook Business

Ola Electric

The government approved Phase II of FAME Scheme with an outlay of Rs 10,000 crore for a period of three years commencing from April 1, 2019. The scheme has been extended till March-end 2024

Chasing profitability, the start-up has also shut down verticals including infotainment service Ola Play, used-cars platform Ola Cars, and quick-commerce vertical Ola Dash

The development comes a week later after Ola onboarded new members across key positions for its electric vehicle business, Ola Electric, to unify operations

The company has also elevated the position of YS Kim, who is a veteran leader in the industry by expanding his portfolio to head sales, Direct-to-Consumer (D2C), and charging network segments in the company

According to industry data, sales of electric-powered vehicles grew 207.66 per cent in July 2022 over July 2021, with Tata Motors leading the pack, followed by MG Motors