Within the following six to nine months, Ola Electric intends to increase its production of electric vehicles from one million to two million units annually.

The company's founder, Bhavish Aggarwal, expressed optimism about the company's financial development and said that the newly announced items as well as the planned ones will increase sales and profit.

“The financial year 2022 was primarily an investment phase for us. We commenced product sales only in January of the previous year, resulting in revenue being realised that year.

FY23 has been a strong revenue year for us, and in fact, our bottomline has improved significantly,” said Aggarwal during a media roundtable. It has yet to file its financials for FY23.

The company, which after a long delay, posted its FY22 numbers, reported a loss of ₹784.1 crore, compared to ₹199.2 crore loss in FY21. However, it saw a significant improvement in revenue at Rs 373.4 crore in FY22, up from ₹86 lakh in FY21.

“While I can’t share any forecasts for this year, you will be positively surprised with our financials.”

According to the founder, the company has a strong balance-sheet. Furthermore, “We have a lot of capacity to invest in our future products, and investment in our motorcycle segment is also underway,” he added.