India’s electric vehicle (EV) market just received a massive boost.
Yesterday (July 2), Japanese investing behemoth Softbank, pumped a whopping Rs1,725 crore ($250 million) into Ola Electric Mobility (OEM), the independent electric vehicle business of ride-hailing app Ola, data from market intelligence platform Tofler show.
“Given the focus on EVs globally and in India, this doesn’t come as a surprise. (Ride hailing apps) Uber and Didi are doing something similar in their core geographies. The Indian government’s focus, almost a diktat, that ride-sharing should transition to EV to achieve adoption targets is well known and these initiatives are part of it,” Yugal Joshi, vice-president at Texas-based consultancy Everest Group, told Quartz.
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