Bhavish Aggarwal’s Ola Electric set to challenge Mahindra, Bajaj as his company plans to launch…

The electric two-wheeler giant, Ola Electric is planning up to step into the electric three-wheeler market, ready to go head-to-head with rivals like Euler Motors, Piaggio, and Mahindra Electric.

Ola Electric Mobility has been working on a three-wheeler for some time and "our effort is to bring it to market soon enough," MD and Chairman Bhavish Aggarwal told CNBC-TV18.

According to ET Auto, Ola Electric may launch its new EV 3W (Electric 3-wheeler), presumably named ‘Raahi’, meaning ‘traveller’ in Hindi, within the next 3-4 months this year.

The upcoming Ola EV 3W is expected to have a minimalist design, emphasizing optimum space utilization and practicality. The vehicle's front profile can get square headlights, a large windshield, A-pillar mounted ORVMs, and doors for cabin safety.

Besides offering a service to passengers, Ola Electric is expected to launch its new commercial 3-wheel electric vehicle, featuring a sizeable cargo space that can be customized to meet different customer needs, as per the report.

Once launched in the Indian market, Ola Electric’s EV 3W will compete with big players such as Mahindra, Bajaj and Piaggio, among others, that are offering their vehicles at a pricing point that falls between Rs 2 Lakh and Rs 3.5 Lakh.

Moreover, Ola EV 3W is expected to be aggressively priced, and could potentially be cheaper than Bajaj's electric 3-wheeler, currently tagged with a base price of Rs 3.30 lakh, ex-showroom.

As per Vahan data, more than 5.8 lakh electric 3-wheelers were sold in 2023, a 66% increase from 2022. Moreover, electric 3Ws made up 50% of total three-wheeler sales in the same year.

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