In March, Ola announced it would deploy 1 million cars by 2022.
That month, Hyundai and its subsidiary Kia invested $300 million in Ola.
Hyundai Designs Special Vehicles for Rideshare Fleets
South Korean automaker Hyundai Motors reportedly intends to introduce its cars into Indian ride-sharing company Ola’s cabin fleet until 2021.
Hyundai would expand those special cars on its “Smart EV” platform. These cars are designed in particular for ride-sharing companies.
Last month, Hyundai and its subsidiary Kia Motors invested $300 million in Ola, in a strategic partnership in which the three planned to collaborate on building India-specific infrastructure and electric vehicles.
“India is the centerpiece of Hyundai Motor Group’s strategy to gain leadership in the global mobility market and our partnership with Ola will certainly boost our efforts to transform into an intelligent provider of mobility responses,” said Euisun Chung, Executive Vice President of Hyundai Motor. Group. in to the media on March 19.
This strategic partnership with Ola marked Hyundai’s transition from a classic car manufacturer to a fleet operator. In addition, as part of the agreement, the three companies will offer solutions to operate and manage the vehicle fleet.
Prior to the investment announcement, Ola planned to deploy 1 million electric cars in its fleet by 2022, three- and four-wheelers.
Bhavish Aggarwal, co-founder and CEO of Ola, said at the time: “This partnership will also bring special advantages to our platform’s driving force partners as we collaborate with Hyundai to build cars and solutions that enable millions of them to generate sustainable income, longer. Let’s go. “
Ola had already presented its electric vehicle pilot task in Nagpur in 2018. However, the task fell through after drivers began returning their electric cars and switching to gasoline or diesel cars, leading to high operating expenses and long wait times at EV charging stations.
In March 2019, the EU government introduced the second phase of its electric vehicle agenda: faster adoption and production of hybrid and electric cars (DMEs). FAME II has proposed to make an investment of INR 10,000 Cr ($1. 4 billion) in the adoption of electric vehicles (EVs). for the next 3 years.
Under the plan, only fleet operators will be eligible for FAME incentives for four-wheelers. People who own four-wheeled electric vehicles will not be able to get advantages from those who get them.
These incentives are needed at a time when most Indian fleet operators are reluctant to pay more for electric vehicles.
The EU government has unveiled its National Electric Mobility Mission, which aims to convert one-third of India’s cars to electric cars by 2030. State governments have taken it upon themselves to complement the center’s project with policies and public budgets committed to electric cars.
According to a report by the Society of Electric Vehicle Manufacturers, India saw a 37. 5% increase in EV sales from 2018 to the last few years.