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Indian industrialist Ratan Tata to invests in Ola electric mobility

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Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

Mumbai: Indian industrialist and businessman Ratan Tata, the Chairman Emeritus of Tata Sons, has invested in domestic ride-sharing company Ola’s newly-launched electric vehicle (EV) arm Ola Electric Mobility Pvt Ltd (OEMPL) as part of its Series A round of funding, the cab aggregator announced on Monday.

A leading investor in startups, Tata was also an early investor in Ola’s parent company ANI Technologies Pvt Ltd.

 

Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

 

“The electric vehicle ecosystem is evolving dramatically every day, and I believe Ola Electric will play a key role in its growth and development. I have always admired the vision of Bhavish Aggarwal and I’m confident that this will be part of yet another important strategic move into this new business area,” Tata said in a statement.

OEMPL is currently running several pilots involving charging solutions, battery swapping stations, and deploying vehicles across two, three and four-wheeler segments.

“Mr. Tata has been an inspiration and a mentor to me personally in shaping Ola’s journey over the years. I’m very excited to welcome him on board Ola Electric as an investor and a mentor in our mission of building sustainable mobility for everyone on our planet,” said Bhavish Aggarwal, Co-founder and CEO, Ola.

 

Ratan Tata opts to invest in Ola’s newly launched electric vehicle:

 

“He is a visionary who has inspired a generation of entrepreneurs and we are privileged to have his guidance and support once again, as we work towards our goal of a million electric vehicles in India by 2021.”

OEMPL has raised Rs 400 crore, led by several of Ola’s early investors, including Tiger Global and Matrix India, as part of its first round of investment.

 

Ratan Tata, Ola, Ola newly launched electric vehicle, Tata Sons, Ola Electric Mobility, Ride-sharing company, Automobile news, Car and Bike news, Business news

 

In 2018, the company announced “Mission: Electric” to bring 1 million EVs on Indian roads by 2021. The company was initially established to enable Ola’s electric mobility pilot program in Nagpur.

Tata’s investment in OEMPL is a significant endorsement of the company’s approach to developing an EV ecosystem, including innovations in charging infrastructure, swapping models, and market-appropriate products.

 

Automobile

2 Lakh jobs cut in Automobile sector

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New Delhi: Federation of Automobile Dealers Association (FADA) claims that around 2 lakh jobs will be cut across Automobile Industry in last 3 months. “The majority of job cuts have happened in the last three months. It started around May and continued through June and July,” FADA president Ashish Harsharaj Kale.

With no immediate signs of recovery, FADA says that more jobs may have to be cut down because of constant shutting down of the Automobile Dealership centers. The main reason behind this is the cut down of sales in past three months.

According to Ashish Harsharaj, the two lakh jobs cuts in the last three months are over and above the 32,000 people who lost employment when 286 showrooms were closed across 271 cities in the 18-month period which ended in April this year.

Around 2.5 million people were employed directly through around 26,000 automobile showrooms operated by 15,000 dealers. Another 2.5 million are indirectly employed in the dealership ecosystem, Ashish added.

As per Society of Indian Automobile Manufacturers (SIAM) figures, vehicle wholesale across all categories declined by 12.35% to 60,85,406 units in April-June against 69,42,742 units in same period of last year. Passenger vehicles (PV) segment has been the worst hit with sales continuing to decline for almost a year now. In July, market leader Maruti Suzuki reported a 36.3% drop in its domestic PV wholesales, while Hyundai saw a dip of 10%. M&M sales were down 16%, Tata Motors’ PV sales fell 31% while that of Honda Cars India Ltd (HCIL) also came down 48.67% during the month.

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