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Softbank Group-backed (9984.T) Ola Electric will produce electric cars in India in 2024 with a range of up to 500 km (310 miles), Chief Executive Bhavish Aggarwal said on Monday.

"This is the most ambitious car project ever undertaken in India," Aggarwal said while announcing the plans at a virtual event coinciding with India's Independence Day.

Ola founder & CEO Bhavish Aggarwal entered a new territory by showcasing a homegrown electric car that will arrive in India by 2024.

Repeating its obligation to the Paris Agreement, the Government of India has plans to make a significant shift to electric vehicles by 2030. The Government delivered a two-dimensional methodology focused on the two purchasers and makers, in which it offers $1.4 billion in endowments to purchasers, while forcing a climb on import taxes to build assembling of these vehicles by homegrown companies.

The government is for the most part centering to jolt public transportation as the sponsorships, predominantly accessible for bikes, three-wheelers, and transports. This arrangement likewise reserves $140 million to create a charging framework that ought to additionally assist the advancement of the EV business in India.

While wishing Independendence day to fellow compatriots, the CEO of Ola Electric, Bhavish Aggarwal, tweeted to reveal everything new that they have been working for Indian markets. He asked people to join in at 2pm on the youtube link provided in the tweet.

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