Ola Electric has announced its plans to expand its manufacturing capabilities in 2Ws, 4Ws, and cells by 2023 through its upcoming EV Hub 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 with an investment potential of Rs. 7,614 crore.
The project consists of an electric vehicle cell plant and an electric four-wheeler plant that will be built on approximately 2,000 acres in the Tamil Nadu districts of Krishnagiri and Dharmapuri. It is anticipated that 3,111 people will be employed.
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
The upcoming EV hub has been dubbed the “world’s largest EV hub,” as it will house advanced cell and electric vehicle manufacturing facilities, vendor and supplier parks, and the larger ancillary ecosystem for EVs all in one place.
Ola Electric is constantly focusing on EV battery technology and expanding its production facilities. Last year, Ola unveiled the NMC 2170, India’s first lithium-ion cell, and announced that it would be mass-produced in Chennai.
Furthermore, the company plans to launch an electric car with a range of more than 500 kilometers in 2024. Ola is said to be focusing on building local supply chains for new materials and components over the next decade. We expect the upcoming Tamil Nadu hub to be critical in this regard.
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.