Ola Founder Plans Locally Produced Electric Car by 2024

Bhavish Aggarwal, who founded India’s top ride-hailing startup and then moved into manufacturing electric scooters, is expanding his business empire again. He unveiled plans Monday to enter the electric-car market in competition with local giants like Tata Group and global automakers from Hyundai Motor Co. to Tesla Inc.

Ola aims to launch its first electric car in the summer of 2024 and price it at less than $50,000 compared to the global price tag of around $70,000, the 36-year-old entrepreneur said at the launch event at the Ola headquarters in Bangalore.