In a recent interview, When asked about comparisons people make between Bhavish Aggarwal and Tesla CEO, he said, “You know, I’m just being myself. I’m much younger than him, and he’s someone we all look up to. But honestly, I’m not sure why he’s venturing into the same businesses I’m in. Maybe he should try something new for a change. I started Krutrim before he launched his AI venture.”
He added, “We prefer the kurta-pyjama over a leather jacket any day. If people in Silicon Valley can wear leather jackets and black polo t-shirts, why can’t we wear a kurta and have long hair?” Source: Hindustan Times
Bhavish Aggarwal also claimed that Ola Electric is the world’s largest electric two-wheeler manufacturer, the world’s 4th largest EV company by revenue, and 5th largest EV company by market cap (excluding China).
After This, People started comparing Bhavish Aggarwal, the founder of Ola Electric, to Elon Musk, the man behind Tesla. While operating in different geographical and market segments, Tesla and Ola Electric share a common vision: accelerating the world’s transition to sustainable energy.
Both companies are leading the electric vehicle (EV) revolution in their regions, focusing on innovation, technology, and a direct-to-consumer approach.
Elon Musk and Bhavish Aggarwal are known as disruptors, challenging the dominance of traditional vehicles and leaving a significant mark on the industry.
In this article, we will examine key points that compare the business models of Ola Electric and Tesla. we will discuss Ola Electric Vs Tesla’s product portfolio, business model, market cap, company’s revenue, and upcoming plans. The goal is to determine whether Ola Electric can replicate Tesla’s success in India.
Tesla’s Product Portfolio: A Comparative Analysis
Tesla has built a strong reputation for its luxury electric sedans and SUVs. Its product line includes:
- Model S: A high-performance luxury sedan. It has an estimated range of up to 402 miles.
- Model 3: A more affordable electric sedan. The Tesla Model 3 has a range of between 495- 547 km.
- Model X: A luxury SUV with falcon-wing doors. The Model X has an estimated range of up to 335 miles.
- Model Y: A compact crossover SUV. This compact crossover SUV has a range of up to 320 miles.
- Cybertruck: An upcoming electric pickup truck. The Cybertruck has an estimated range of 340 miles and is durable and rugged enough to go anywhere.
- Energy Storage- 1. Powerwall: A home battery storage system that can store excess solar energy or grid power for later use. 2. Powerpack: A commercial battery storage system for businesses and utilities.
- Tesla’s Solar System- 1. Solar Roof: A solar panel system designed to replace traditional roofing materials. 2. Solar Panels: Traditional solar panels for residential and commercial use.
Tesla’s focus on premium vehicles with advanced technology has established it as a leader in the luxury EV segment. The brand’s commitment to long-range performance and cutting-edge autonomous driving features has set a high standard in the electric vehicle market.
Ola Electric’s Product Portfolio
On the other hand, Ola Electric has primarily targeted the mass market with its electric scooters. Its product range currently includes:
- S1 Pro: A higher-performance variant with additional features. The S1 Pro has a range of 195 km.
- S1 Air: An electric scooter focusing on affordability and practicality. The S1 Air has a range of 151 km
- S1 X and X+: A smart and affordable scooter for every Indian Customer with a range from 151- 193 km.
However, Ola Electric’s ambitions extend far beyond scooters. The company has recently expanded its product portfolio to include:
- Electric Motorcycles: Ola Electric recently launched The Roadster series of electric motorcycles, comprising Roadster, Roadster X, and Roadster Pro, which aims to capture a significant share of the Indian motorcycle market.
- Electric Cars: Ola Electric is developing a range of electric cars to compete in the burgeoning Indian passenger vehicle market. Ola Electric’s first electric sedan car is expected to launch next year in 2025, with an estimated range of 500 km.
- Energy Storage Systems: The company has ventured into energy storage solutions and intends to become a holistic energy player.
- Battery Cell Manufacturing: The company at its Sankalp event on 15th August unveiled the “Bharat Cell” battery cell, an indigenous 4680 cell developed by Ola Electric. The Bharat cell delivers five times the energy density of Ola’s current 2170 cells and offers faster charging for a better user experience.
Ola Electric Vs Tesla Beyond Vehicles: The Energy Play
One of the most significant parallels between Tesla and Ola Electric is their foray into the energy storage business. Both companies recognize the importance of energy storage solutions to complement their electric vehicles and stabilize the grid.
Tesla’s Powerwall and Powerpack are well-known energy storage products, offering solutions for residential and commercial customers. Ola Electric’s entry into this space is a strategic move to create a comprehensive ecosystem around electric mobility.
At its Sankalp event on August 15th, Ola Electric unveiled the “Bharat Cell” battery cell, an indigenous 4680 cell with five times the energy density of the current 2170 cells and faster charging for improved user experience.
Ola Electric Vs Tesla: Manufacturing and Technological Prowess
Both companies are investing heavily in manufacturing and technology to gain a competitive edge. Tesla has a strong global presence with manufacturing facilities in the United States, China, and Germany. Tesla’s Gigafactory has become synonymous with large-scale battery production globally.
Tesla’s Gigafactory in Berlin
Ola Electric’s Gigafactory In Tamilnadu
Compared to Tesla’s manufacturing model, Ola Electric has set up the world’s largest electric two-wheeler manufacturing plant, a Gigafactory in Tamil Nadu, India, marking a significant milestone in the country’s electric vehicle (EV) industry. This massive manufacturing facility of Ola is designed to produce electric two-wheelers and batteries at a large scale.
This vertical integration allows both companies to control costs, improve efficiency, and drive innovation.
Tesla’s X.AI vs. Ola’s Krutrim AI: Big Moves into AI
Tesla’s X.AI:
Elon Musk launched X.AI last year in July, intending to understand the true nature of the universe. The artificial intelligence corporation, based in Nevada, represents Musk’s ambition to push the boundaries of AI in exploring cosmic mysteries.
Ola’s Krutrim AI:
Earlier this year in December, Ola launched Krutrim AI, dubbed as “India’s own AI.” Designed to meet India’s diverse needs, it supports 22 Indian languages and generates content in 10. Krutrim has been trained on over two trillion tokens of data specific to Indian languages, with a mission to make India a global AI powerhouse.
Aggarwal claims to have started work on Krutrim AI long before Musk began X.AI.
Bhavish Aggarwal aims to make India a global AI powerhouse, with plans to launch a supercomputer within two years and build AI infrastructure for indigenous data centers and computing capabilities.
Ola Electric Vs Tesla- Market Caps and Revenue
Tesla and Elon Musk:
Tesla has a market capitalization of $698 billion, with Elon Musk owning roughly 12% of the company. Musk’s diversified ventures contribute to his impressive net worth of $247 billion (about 20 lakh crore rupees), placing him among the wealthiest individuals globally.
Ola Electric and Bhavish Aggarwal:
in Compared to Tesla, Ola Electric’s market cap stands at $7.81 billion, with Bhavish Aggarwal holding a 30.02% stake.
Following Ola Electric’s recent IPO, Aggarwal’s net worth is estimated at $2.6 billion (around 21 thousand crore rupees). Aggarwal claims that Ola Electric is now the fourth-largest company globally by revenue.
Common Criticism: Elon Musk and Bhavish Aggarwal
Both Elon Musk and Bhavish Aggarwal face common criticisms, primarily centered around their ambitious timelines. Musk is often criticized for his overly optimistic projections, which sometimes overlook the practical challenges and time required to turn bold ideas into reality. His high-profile ventures frequently miss deadlines, leading to skepticism about his grand promises.
Similarly, Aggarwal is known for setting aggressive targets that sometimes lead to challenges for Ola Electric.
The company has faced issues such as launching products with insufficient R&D and encountering problems with after-sales service. Critics argue that these ambitious goals can result in a disconnect between expectations and actual performance, affecting customer satisfaction and operational efficiency.
Ola Electric: Shaping India’s Electric Future
Ola Electric’s rapid growth and expansion plans position it as a potential game-changer in the Indian EV market. By focusing on affordability, accessibility, and a strong local supply chain, the company can accelerate EV adoption in the country.
Key factors that could contribute to Ola Electric’s success include:
- Mass Market Appeal: Offering affordable electric vehicles that cater to the needs of the average Indian consumer.
- Charging Infrastructure: Building a robust charging network to address range anxiety concerns.
- Localization: Leveraging India’s manufacturing capabilities to reduce costs and create jobs.
- Technology Leadership: Continuously investing in research and development to stay ahead of the competition.
As Ola Electric expands its product portfolio and strengthens its ecosystem, it has the potential to become a global EV leader, similar to Tesla.
The company’s success will not only benefit Indian consumers but also contribute to the country’s goal of achieving energy independence and reducing carbon emissions.
But with its aggressive plans, Ola Electric and Bhavish Aggarwal also need to concentrate on its shortcomings, and rectify its mistakes, to replicate Tesla’s success in India.