Ola Plans to Invest $920 Million in Tamil Nadu

Ola Plans to invest $920 million in Tamil Nadu on Electric Cars, Batteries Plant, Ola Electric plans to make 140,000 cars annually and hire 3,111 workers.

Tech News
18. Feb 2023
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Ola Plans to Invest $920 Million in Tamil Nadu















Ola Plans to invest $920 million in Tamil Nadu on Electric Cars, Batteries Plant, Ola Electric plans to make 140,000 cars annually and hire 3,111 workers.

According to a state government announcement on Saturday, the SoftBank Group-backed Ola Electric would invest $920 million (or around Rs. 7,600 crore) in Tamil Nadu, a state in southern India, to produce electric cars and EV batteries.

In response to the rising demand for EVs in India, Ola will invest $920 million (approximately Rs. 7,600 crore) through its companies Ola Electric Technologies and Ola Cell Technologies.

The company's total yearly production reached 100,000 in November, and with the increased investment, it expects to produce 140,000 cars there each year and hire 3,111 more employees. Ola already produces electric two-wheelers in the region.

After entering India's neighbour Nepal first, Ola stated in September that it intended to grow into countries in South America, the ASEAN, and the European Union.

According to a strategy released this week, Tamil Nadu, which contributes roughly a third of the nation's automotive exports, is trying to increase EV manufacturing and is waiving road tax, registration costs, and permission fees for EVs.

Bhavish Aggarwal, the founder and CEO of Ola, announced on February 9 that the company would open 500 experience centres across India by March. According to a PTI report, the company presently operates 200 experience centres in India and has plans to introduce an electric bike.

The government of Tamil Nadu recently unveiled its electric vehicle (EV) policy for 2023, which intends to attract investments worth Rs. 50,000 crore and create 1.50 lakh jobs to support the EV industry. This makes Tamil Nadu the most recent state to do so.

The government anticipated that battery-powered vehicles would be essential to the electrification of last-mile connections when the initiative was introduced.

With newcomers like Ather Electric and Ola Electric establishing their production facilities in Tamil Nadu over the past five years, the state has evolved into a top EV manufacturing hub.

 



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