Ola to set up plant for electric car and EV batteries
On 18 Feb’2023 Ola signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu. According to MoU, Ola Electric will be investing US $920 million (INR 7614 crores) to setup manufacturing for electric cars and electric vehicle batteries. The manufacturing plant would be setup in an area spread over 2000acres. Ola would be hiring over 3000 workers in Tamil Nadu for this.
These investments would be made through its subsidiaries Ola Electric Technologies and Ola Cell Technologies.
Ola plans to manufacture 140,000 electric cars annually. EV Batteries production may commence by end of this year. It had unveiled its EV battery, developed at its innovation centre at Bengaluru last year. Ola is one of the three companies selected by government of India, to receive incentives under US $2.3 Billion programme to support advanced battery cell development.