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 the Global South—regions including India, Africa, and Southeast Asia. His catchphrase? “Tesla is for the West, Ola is for the rest.”

Ola Electric has already made a name for itself by producing electric scooters and other EV components. Their recent stock market debut was a huge success, with shares skyrocketing nearly 82% in just two weeks. This success pushed the company's value to over $7 billion, making it one of India's most exciting new public companies.

Aggarwal, whose fortune is a...