In an effort to gain a foothold in India’s developing EV market, Ola Electric’s CEO announced on Monday that his company would introduce an all-electric vehicle capable of reaching speeds of 100 kilometres per hour (just over 62 mph) in four seconds.

Bhavish Aggarwal provided several details about the vehicle that was made in India in a video presentation.

He claimed that it would have an all-glass roof, a driving assistance system, and a range of more than 500 kilometres (roughly 310 miles) per charge. The EV would not have a handle or a key. The vehicle will be introduced by the company in 2024.

He claimed that foreign automakers sell their second-rate technology in India because they believe the Indian market is not ready for cutting-edge technology. He continued that this needed to be changed. Aggarwal also disclosed plans on Monday to expand the company’s “Futurefactory” in the state of Tamil Nadu, which presently specialises in the production of two-wheel electric vehicles, in order to create what he called a “full-EV hub.”

He claimed the expanded facility could produce 1 million cars, 10 million two-wheelers, and 100 gigawatt hours of cells annually when operating at full capacity. According to Aggarwal, “This reimagined Ola Futurefactory will be the world’s largest EV ecosystem at a single site.”

The EV division of ride-hailing company Ola, which was founded in 2011, is called Ola Electric. SoftBank Group has made investments in Ola and Ola Electric.

India is somewhat of an untapped market when it comes to electric cars, trailing behind China, the European Union, and the United States despite being on track to overtake China as the world’s most populous nation next year.

Less than 0.5% of cars sold in Brazil, India, and Indonesia are electric, according to the International Energy Agency’s Global EV Outlook.

With its entry into the Indian market for electric vehicles, Ola will face competition from companies like Mahindra Electric Mobility and Tata Motors. The Tata Nexon BEV SUV was India’s best-selling electric vehicle in 2021, according to the IEA.