Bhavish Aggarwal, an Indian billionaire and the founder of Ola, a popular ride-hailing service, is making big waves in the electric vehicle (EV) world. His new goal? To challenge Elon Musk and Tesla by offering affordable electric cars for people in developing countries.

Aggarwal, who also heads Ola Electric, recently made headlines by announcing his ambitious plan. He believes that while Tesla caters mainly to wealthy customers in the West, Ola is focused on providing affordable EVs for...