Automobile

Financing is still a blind spot for EVs. Can Ola Electric be the game changer?

By Eduardo Saverin

Bhavish Aggarwal, CEO, Ola poses for a photograph with the new Ola electric scooter during its launch at the Ola headquarters in Bangalore on August 15, 2021.

Synopsis

Not too many banks and NBFCs are willing to open their purse strings for EV financing. Uncertainty over product quality, battery life, and resale value are some of the key factors holding back financiers. Ola, with its scale, can change things. It has tied up with a dozen financiers and could attempt to co-lend.

In 1900, it was difficult to imagine New York’s Fifth Avenue, a street that houses the world’s most expensive retail spaces, without horse carriages occupying all the lanes. Thirteen years later, it was even more difficult to find a horse carriage among the sea of cars. There were a couple of factors that fuelled this rapid transition in mobility choices. Ford had reduced the cost of a car by 62% between 1900 and 1913. General Motors and DuPont

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Eduardo Saverin