IGF 2022
Ankush Aggarwal, Head of Ola Financial, India, at India Global Forum 2022 Image Credit: Supplied

The transport sector is one the fastest-growing greenhouse gas (GHG) emitting sector, projected to emit more than 30 per cent of total GHG emissions in the future.

While Electric Vehicles (EVs) have helped address rising GHG emissions, the sector has many challenges to overcome to truly achieve its potential for impact.

A fireside chat at the India Global Forum 2022 explored the Indian EV market, its potential for growth, Ola's impact and future plans to expand its operations and the hurdles the sector need to overcome to achieve its targets.

During the interactive fireside chat, Ankush Aggarwal, Head of Ola Financial, India, discussed the future of the India-based EV-tech giant and the leadership position India could possibly take within the EV ecosystem. The discussion covered multiple thematic areas such as the size of the EV market, financing options for the EV value chain, transitioning from fossil fuels, innovation in battery cell production and adoption rates of EVs.

The moderator opened the floor by posing a series of thought-provoking questions to Aggarwal. He identified Ola as a global electric mobility company wherein the focus was on the best design, technology, and performance.

He commented: "At the moment our vehicles cater to the premium section; soon we will be introducing vehicles that will be accessible and affordable for the masses in India. This is how we will truly capture the market size."

The first Ola EV was an all-women project with approximately 300 women employed at the unit. Ola is all set to develop the world’s biggest EV hub in India with a two-wheeler factory, a four-wheeler factory and a cell production unit in the same space. Ola is also the largest receiver of the government grants under the PIL scheme. Thanking the government for its support, Aggarwal claimed that Ola will help position India as a global leader in the international EV ecosystem.

When asked what makes an EV better than a regular fuel-driven motor vehicle, Aggarwal said, "It’s a better product and cheaper to own amid the fuel hikes. Consumers can easily access insights regarding the usage with lesser service concerns. Besides it's more comfortable to use than the fuel-driven motor vehicles."

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