Ola Electric is preparing to introduce its three-wheeler vehicle in the market, the company’s CEO, Bhavish Aggarwal confirmed in an interview on Thursday.

What Happened: Ola Electric is gearing up to launch its three-wheeler vehicle in the market this year, reports said. This move is part of Ola Electric’s ongoing efforts to expand its product portfolio and increase its market share in the electric vehicle (EV) sector.

"Three-wheeler has always been on our radar from the beginning of Ola Electric," Agarwal confirmed with CNBC TV18 in an interview. He emphasised that Ola Electric’s vast experience with three-wheelers comes from their close engagement with drivers on the Ola Cabs platform.

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Earlier in the day, ET Auto reported that the three-wheeler has been tentatively named "Rahhi" which translates to "traveller" in Hindi. It is expected to launch within the next 3-4 months, it added.

Recent images, accessed by the outlet, indicate that the upcoming Ola EV three-wheeler will sport a minimalist design focused on maximising space and practicality. The vehicle's front profile will include square headlights, a large windshield, pillar-mounted rear-view mirrors and doors for cabin safety. The vehicle is set to compete with established players like Mahindra Treo, Piaggio Ape e-city, and Bajaj RE in the electric three-wheeler market.

The shares of the company swung to the green territory after six consecutive sessions of trading in the red. Speaking about the recent loss in market shares, Aggarwal attributed it to competitors improving their EV offerings and adopting a more aggressive sales approach.

Price Action: Shares of Ola Electric ended 3.70% higher at ₹114.90 on Thursday.

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