When launched, there could be a cargo version of Ola Raahi electric rickshaw as well, to cater to growing 3W commercial vehicle segment
India’s leading electric mobility solutions provider, Ola Electric, is expanding its operations to incorporate CVs in the near future. The company started from operating cabs in major cities and stepped into the electric vehicle realm by buying Etergo e-scooter firm. Now, the envelope of Ola Electric’s operations will soon expand to incorporate commercial vehicles.
Ola Raahi Electric Rickshaw To Be Unveiled Soon
A recent report suggests that Ola Electric is just days short of unveiling its first-ever commercial vehicle. People in the know at Ola Electric have revealed company’s future plans. This involves Ola Electric’s advancements in e-autorickshaw industry which is currently on the rise.
With Ola Electric led by the enthusiastic CEO Bhavish Aggarwal, we can expect aggressive pricing and a well executed end result. Just like Ola Electric rose to lead the electric 2W segment, there is a possibility they replicate their success in the electric 3W segment. As of now, Mahindra is the leader with about 5k units sold every month.
Speaking of launch, Ola Electric is likely to unveil its maiden electric auto rickshaw by the end of this month. At the launch, Raahi name will be finalised for this vehicle. As of now, there are no name trademarks filed by Ola Electric for the word “Raahi”. This product has been under development for years, as part of Ola’s larger scheme of things.
Sometime back, Ola had patented its upcoming electric rickshaw in India. The most interesting aspect of this patent was that it featured solar panels on the roof to extend driving range. At launch we will get to know if Ola stuck with that design or ditched it for cost efficiency.
In addition, there may be a cargo version of Ola Raahi electric rickshaw, to appeal to a broader audience. Rickshaw version could feature seating for three passengers, along with a driver at the front. Weather protection might be a standard. Also, Ola Electric’s Gigafactory is likely to be operational in the coming months.
State of electric 3W industry
In the year 2023, a total of 5,80,000 electric 3W vehicles were sold in India. A number that increased YoY by 66% over sales figures in the year 2022. Statistics also show that more than 50% of total 3W vehicle sales in that time period packed electric powertrains over ICE powertrains.
If we take electric 3W vehicle sales numbers from February 2024, the segment accounted for a total of 53,298 units with 54.45% MoM growth and a slight 7.33% YoY decline. Currently, Mahindra is the leading electric 3W industry with an 8.78% market share. Other leading players in this space are YC, Saera, Piaggio, Dilli EV and Bajaj. TVS is keen on joining this race, with King Electric and King Kargo Electric names already trademarked.
