Ola to invest over Rs 7,600 crore in electric cars & batteries

The planned EV hub will be one of the largest, bringing the entire EV ecosystem under one roof.

Ola Electric plans to invest Rs 7,614 crore in India to manufacture electric cars and EV batteries.

Ola Electric has signed a memorandum of understanding (MoU) with the Tamil Nadu government to produce electric cars and build a lithium-ion battery manufacturing unit with a capacity of 20 GW. The new facilities will be part of an EV hub housing vendor and supplier parks.

According to the company, the planned EV hub will be one of the largest, bringing the entire EV ecosystem under one roof. It will be spread over 2,000 acres and will help in the creation of 3,111 jobs.

Ola recently surpassed the production milestone of 1,00,000 units and aims to build 1,40,000 electric cars per year. The company’s Battery Innovation Centre in Bangalore has developed a lithium-ion cell, which is likely to be mass-produced at the new facility.

Source: HT