Ola Electric To Refund 130 Cr To Customers
According to reports, Ola Electric has informed the Automotive Research Association of India that it will refund INR 130 Cr to customers who purchased electric vehicle (EV) chargers separately.
This decision comes after a probe was initiated by the Ministry of Heavy Industries for overcharging customers. Other EV manufacturers such as Ather Energy, TVS Motor, and Hero Motocorp have also been under scrutiny for allegedly keeping their vehicle prices lower artificially to claim subsidies under the Faster Adoption & Manufacturing of Electric Vehicles (FAME-II) scheme.
The scheme offers subsidies to electric two-wheelers that retail below INR 1.50 Lakh per unit, and the OEMs were accused of billing chargers and proprietary software separately to avail the subsidies while charging customers more than the INR 1.5 lakh threshold. Fourteen OEMs are also being investigated for flouting localisation norms. Ola has stated that it will refund the off-board charger’s price (approximately Rs. 130 Cr) to all customers who bought it as an accessory when purchasing the Ola S1Pro model scooter from FY 2019-20 until March 30, 2023. The Automotive Research Association of India will reportedly not take any further action against this EV Manufacturing company.
About Ola Electric
Ola Electric is an Indian electric vehicle (EV) manufacturer founded in 2017 by Bhavish Aggarwal and Ankit Jain, who also founded the ride-hailing service Ola. The company is based in Bengaluru, India, and aims to be the world’s largest two-wheeler manufacturer by 2022. The company’s current focus is on developing electric two-wheelers, including the Ola S1 and Ola S1 Pro E-scooters. The company has also been involved in building a network of EV charging stations across India to support the growing demand for electric vehicles. The company has received funding from several high-profile investors, including SoftBank, Matrix Partners, and Tiger Global, among others.