Tesla should not cry about duties, says Ola Electric CFO

In an interview with Business Today TV, Arun G.R, the CFO of Ola Electric, expressed the company's perspective on Tesla, emphasizing that they do not consider Tesla a threat. Arun G.R suggested that Tesla should approach the market on fair terms and not cry about duties, instead it should focus on committing capital in India. He advocated for Tesla to follow their example by manufacturing locally, creating jobs, boosting the local ecosystem and GDP, and exporting from India for the benefit of the country.

Regarding reports of a potential IPO, Arun G.R stated that they are speculative, and if a decision is made, the company will inform the regulators first. Expanding on their growth plans, he mentioned that Ola Electric intends to increase its number of experience centers by adding 400 new locations to the existing 600.

When asked about the withdrawal of FAME subsidies, Arun G.R clarified that Ola Electric is not significantly affected by the subsidies. He expressed that the initial support provided by the government through schemes like PLI and FAME subsidies was sufficient to kickstart the industry, and the company would not be at a disadvantage if FAME subsidies were withdrawn.

Arun G.R also highlighted the discovery of two significant lithium deposits in Rajasthan and Jammu & Kashmir. He anticipated that state governments would initiate public tendering for lithium mining, which would be of interest to EV companies planning to establish Gigafactories as they seek backward integration.