Ola Electric has announced plans to expand its manufacturing capabilities for 2Ws, 4Ws, and cells by 2023 via the EV Hub that will be established in Tamil Nadu. Yesterday, in the presence of Chief Minister M.K. Stalin, OLA CEO Bhavish signed a Memorandum of Understanding (MoU) with Ola Electric containing a potential investment of Rs. 7,614 crores.
The project entails the construction of an electric vehicle cell plant and an electric four-wheeler plant on approximately 2,000 acres in the districts of Krishnagiri and Dharmapuri in Tamil Nadu. It is expected that 3,111 individuals will be employed.
The future EV hub has been dubbed the “largest EV hub in the world” because it will house advanced cell and electric vehicle manufacturing facilities, vendor and supplier parks, and the larger EV ecosystem in one location.
The MoU signed between GoTN & @OlaElectric to bring in massive amount of investments is yet another sign of Tamil Nadu's resurgence in industrial sector.
Let's march on to achieve our target of 1 Trillion USD economy by 2030 with equitable development.#InvestInTN #ThriveInTN https://t.co/051oNhGeak
— M.K.Stalin (@mkstalin) February 18, 2023
Ola Electric is continually expanding its production facilities and focusing on EV battery technology. Last year, Ola unveiled the NMC 2170, India’s first lithium-ion battery, and announced that it would be manufactured in Chennai in large quantities.
In addition, the company intends to release an electric vehicle with a range of over 500 kilometres in 2024. Over the next decade, Ola is said to be concentrating on establishing local supply chains for new materials and components. In this regard, we anticipate the upcoming Tamil Nadu hub to be crucial.
Regarding the recent MoU with TN, Bhavish Aggarwal, CEO, Ola said,
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.