Ola Electric is investing 920 million dollars in producing electric vehicles and batteries in the southern Indian state of Tamil Nadu. According to an agreement with the state government, the money will come from the company’s subsidiaries Ola Electric Technologies and Ola Cell Technologies.
A total of 140,000 four-wheeled EVs will eventually be produced in the region, while the battery plant is said to have an annual capacity of 20 GWh. The deal will create more than 3,000 new jobs.
Last week, the region announced measures to attract more investments in electric mobility, waiving road tax, registration charges and permit fees for EVs. Tamil Nadu accounts for nearly a third of India’s automotive exports.
Exactly one year ago, there were rumours that the EV manufacturer was planning its own battery cell factory in India with a capacity of up to 50 GWh. The first Gwh was to be completed by 2023.
It is unclear if the plans in Tamil Nadu have anything to do with last Year’s plans or if there is maybe a second plant in the pipeline. Because Ola is not just manufacturing EVs with four, but also two wheels. Some 100.000 units per year are produced in Tamil Nadu.
The investment is close to what was speculated in 2022. Insiders told media outlets that the company was planning to invest up to one billion US dollars; 920 million dollars comes pretty close.
Keyword: Ola Electric builds EV and battery plant in India