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'World's largest EV hub': Ola pledges ₹7,614 crore investment in Tamil Nadu
Ola Electric signed a memorandum of understanding with the Tamil Nadu government, committing ₹7,614 crore in investments to produce electric cars and build lithium-ion cell manufacturing facilities with a capacity of 20 GW.
Ola Electric has announced an investment of ₹7,614 crore in Tamil Nadu to establish an EV Hub that will house advanced cell and EV manufacturing facilities, vendor and supplier parks, and other amenities.
Taking to Twitter, co-founder and CEO of Ola Electric Bhavish Aggarwal wrote, "Ola will setup the worlds largest EV hub with integrated 2W, Car and Lithium cell Gigafactories in Tamil Nadu. Signed MoU with Tamil Nadu today. Thanks to Hon. CM M K Stalin for the support and partnership of the TN govt! Accelerating India’s transition to full electric!" (ALSO READ: Are you Ola Electric customer? CEO Bhavish Aggarwal has this message for you)
1. Ola Electric signed a memorandum of understanding with the Tamil Nadu government, committing ₹7,614 crore in investments to produce electric cars and build lithium-ion cell manufacturing facilities with a capacity of 20 GW.
2. According to Ola, the planned electric vehicle hub would house one of the most largest ancillary ecosystems for electric vehicles in a single location. "Ola's EV Hub will bring the entire EV ecosystem under one roof, transforming us into a much stronger vertically integrated mobility company across 2-wheelers, 4-wheelers, and cells," said CEO Aggarwal. (ALSO READ: Ola lays off employees, calls it ‘restructuring’ exercise: Report)
3. The Ola EV Hub would be built on 2,000 acres of land at the company's manufacturing facility in Tamil Nadu. According to the TN government, the investment will result in the creation of 3,111 jobs in the state.
4. Ola's cumulative production numbers surpassed 100,000 in November, and the company plans to produce 140,000 cars per year. In the state, Ola already manufactures e-two wheelers. By 2023, it plans to begin mass production of its cell from its upcoming EV Hub. (ALSO READ: Ola Electric launches its most affordable scooter S1 Air)
5. Last year, Ola unveiled the first Lithium ion cell NMC-2170, which was built in its Battery Innovation Centre in Bengaluru with a USD 500 million investment. The Battery Innovation Centre is equipped to develop complete packages of battery pack design, fabrication and testing under one roof.
