Hyundai Motor Group has a game plan, to make Ola Cabs
Hyundai is working on the vehicles under Smart EV technology
Ola will produce customized electric vehicles and charging stations and booths
OLA is one of India’s most popular tech star up cab application. Found in December 2010 by the brains of two IIT Bombay graduates, Bhavish Aggarwal and Ankit Bhati. Bhavish Aggarwal has worked for Microsoft at the early stage of his career, he was there for two years. Later Bhavish exit Microsoft office to start an online company and sell short tours and holidays packages online. In December 2010, Bhavish along with Ankit Bhati started OLA Cabs in Mumbai and is now based in Bangalore.
Hyundai Motor Group has a game plan, to make Ola cabs India’s biggest taxi aggregator company. The testbed for a new set of budget electric vehicles scheduled to be released by 2021. Hyundai is working on the vehicles under Smart EV technology. Cars and vehicles made under this platform will be dedicated for ride-hailing services.
“The investment in Ola cabs has made intending to introduce these vehicles as electric mobility in India. It will grasp the cab service market rather than personal usage. The electric vehicles would be launched possibly by 2021. But Hyundai’s potential indicates, it might be released in 2020.” says an inside source.
In March this year, Korean auto major had announced its $300 million investment in Ola cabs in an offer to become a total mobility solutions provider. Hyundai Motors and Kia motors would together work with the Bangalore-based company to produce customized electric vehicles and charging stations and booths. Last August, Hyundai invested 15 million (INR 100 crore) in a Gurugram-based car-sharing firm called Revv.
ANI Technologies Pvt. Ltd is looking for numerous types of electric cars as part of its plan to convert 20% of its services into electric rides by 2021. The Indian Government designated $1.5 Billion (INR 10,000 crore) of funds to promote electric mobility for three years till 2021 in the second phase of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAM) scheme. According to this scheme, Subsidies will be offered to commercial fleet aggregators on automobiles, except two-wheeler vehicles.
“Most of the vehicles manufacturers have comprehended that electric vehicles will start with fleet operators. As a result, they are teaming up with them so that their vehicles can be used in the fleet of such services. Hyundai’s proposal is pretty interesting since supplying electric vehicles to the commercial fleet service provider is also financially more manageable than selling them directly to retail customers,” Says Suvranil Majumdar, project lead, electric mobility, International Finance Corp.
Ola is aiming to expand across the United Kingdom by the end of this year. Ola’s approach in the UK is slightly different. It will not only provide commuters with the chance to book private hire vehicles (PHVs) but also black cabs.
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