Japanese tech conglomerate Softbank wants its Indian investee company and cab-hailing platform Ola Cabs to pivot into becoming an electric car manufacturer working together with Toyota, the world’s second largest car maker, said a source close to the development.
While Ola will expand and continue its cab-hailing business, the proposed move into electric car manufacturing underscores the electric vehicles opportunity in India — one that Masayoshi Son, chief executive of SoftBank, wants to bet on. India, already the world’s fourth-largest car market by volumes, wants to become an all electric car nation by 2030. While Ola will expand and continue its cab-hailing business, the proposed move into electric car manufacturing underscores the electric vehicles opportunity in India Electric car maker Tesla Motors is in talks with global component makers for its India project, which looks like it is delayed.
In December, Son had told Mint that Ola would deploy a million electric vehicles in the next five years in partnership with a carmaker and the government of India. The possibility of Ola itself turning into an electric carmaker was not disclosed then.
Details of Ola’s plans […]