Ola Electric gets former president of Hyundai, India on board

BENGALURU: Ola Electric has appointed automobile industry veteran and former president of Hyundai India, BVR Subbu, to its board. This comes within months of Arun Sarin, former CEO of Vodafone Group, joining the company as an independent director.

Subbu also chairs the board of Greaves Cotton Ltd’s electric mobility arm Ampere Vehicles.

“Subbu has played a key role in building and establishing some of India’s iconic automotive products like the ubiquitous Hyundai Santro and the Tata 2213. His deep understanding of the mobility space and consumers will be very valuable to us in our journey to build electric mobility for India and the world,” Ola cofounder and CEO, Bhavish Aggarwal, said in a statement.

In July, Ola Electric Mobility raised $250 million (Rs 1,725 crore) from Japan’s SoftBank, valuing the company at close to $1 billion. The company’s board comprises CEO Aggarwal, Electric Mobility unit’s cofounder Ankit Jain, Sarin and Subbu.

Electrification is a strategy adopted by all new mobility companies including Bounce, and Vogo. In July, ET reported that Bounce planned to raise $30 million exclusively for its electric vehicles subsidiary and has received in-principle board approval for the same.

India has been actively pushing for a shift to electric vehicles in its pursuit to bring down oil imports and curb pollution. The intent is to electrify all new vehicles by 2030 and the government is asking auto manufacturers to draw up plans for that, in line with its commitment to the Paris Climate Change Treaty.


READ  LIVESTOCK-Hog futures drop by daily limit on profit-taking, Middle East tensions


Please enter your comment!
Please enter your name here