Through its forthcoming EV Hub in Tamil Nadu, Ola Electric has declared its aspirations to increase its manufacturing capabilities in 2Ws, 4Ws, and cells by 2023. Ola CEO signed a Memorandum of Understanding (MoU) with Ola Electric with a possible investment of Rs. 7,614 crore yesterday in the presence of Chief Minister M.K. Stalin.
The project will be built on around 2,000 acres in the Tamil Nadu districts of Krishnagiri and Dharmapuri, and it consists of an electric car cell facility and an electric four-wheeler plant. 3,111 people are scheduled to be hired.
As it will feature advanced cell and electric vehicle production facilities, vendor and supplier parks, and a broader ancillary ecosystem for EVs all in one location, the future EV hub has been named the “world’s largest EV hub.”
Ola Electric is continually upgrading its manufacturing facilities and concentrating on EV battery technologies. The NMC 2170, India’s first lithium-ion cell, was launched by Ola last year with the announcement that it would be mass-produced in Chennai.
In 2024, the company also intends to introduce an electric vehicle with a 500+ kilometre range. During the next ten years, Ola is reportedly going to concentrate on developing local supply networks for new materials and components. The future Tamil Nadu centre is anticipated to be crucial in this regard.
Bhavish Aggarwal, CEO of Ola, commented on the most recent agreement with TN as follows:
Our Hon’ble Prime Minister has envisioned the next 25 years as Amrit Kaal in India. I firmly believe that this is our decade and we have a great opportunity to build our future. We are on the right track to become a global hub for EVs. At Ola, our aim is to localize all critical elements of the EV value chain. Ola’s EV Hub would bring the entire EV ecosystem under one roof making us a much stronger vertically integrated mobility company across 2Ws, 4Ws and cells.
