Ola to invest ₹2,400 crore to set up EV manufacturing plant in Tamil Nadu

Ola, a Ride-hailing company to invest  Rs 2,400 crore to set up its first manufacturing plant for electric vehicles in Tamil Nadu. Ola to invest ₹2,400 crore which will be the most advanced manufacturing facilities in the world. 

Ola to invest ₹2,400 crore

It aims to sell eco-friendly vehicle technologies in India and worldwide. Ola has signed a memorandum of understanding with the Tamil Nadu government for this facility. This manufacturing unit will create almost 10,000 jobs. It will be the world’s biggest manufacturing facility with an annual capacity of producing 2 million units initially.

Bhavish Aggarwal, chairman and group CEO, Ola said “We are excited to announce our plans to set up the world’s largest scooter factory. This is a significant milestone for Ola and a proud moment for our country as we rapidly progress towards realising our vision of moving the world to sustainable mobility solutions across shared and owned mobility,”

“This will be one of the most advanced manufacturing facilities in the world. This factory will showcase India’s skill and talent to produce world-class products that will cater to global markets,” he said.

The company will roll out its scooters in India, Australia, Netherlands, New Zealand among other places by the first quarter of 2021.

Bengaluru based ride-hailing firm Ola aims to double its current number of people to around 2,000 for its electric vehicles business in next 6 months. SoftBank Group-backed Ola is scouting for a location to build a 2 million-unit-a-year electric scooter manufacturing plant in India. The company aims to sell at least a million scooters in the first year of operation.

“Ola Electric will hire around 2,000 people in India and globally in senior positions in manufacturing, product development, design and marketing for their EV business,”

“The company is looking for people with the right experience and global expertise who can help build this (EV),” said two people aware of the developments. At current Ola has a staff of about 4,000 and it had announced the appointment of General Motors veteran Jose Pinheiro to lead its EV arm.

It had also announced about the launch of its electric scooters in India and Europe, will price its maiden two-wheeler lineup at around INR 90,000-INR 95,000 per unit.

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