Ola to invest Rs 7,614 cr in TN to make electric cars, lithium-ion cells
In a further push to Ola Electric Mobility’s plan to launch four-wheeler Electric Vehicles (EVs) by 2024, the SoftBank-backed company has signed a memorandum of understanding with the government of Tamil Nadu to set up a four-wheeler EV manufacturing plant and a 20 giga watt battery manufacturing unit in Krishnagiri District.
This may see Ola investing around Rs 7,614 crore, creating 3,111 jobs and converting its facility into the world’s largest EV hub with two-wheeler, car and lithium cell giga factories. The fresh investment will be part of the expansion plans by the company at its unit in Pochampalli. The move may also uplift Hosur-Krishnagiri-Dharmapuri (HKD) region’s status as a hub for electric vehicles and ancillary units. Other than Ola, Ather and TVS Motor are also manufacturing their EVs from their units near Hosur.
“Ola will set up the world’s largest EV hub with integrated two-wheeler, car and lithium cell gigafactories in Tamil Nadu. The deal was signed between Tamil Nadu Chief Minister M K Stalin and Aggarwal. The company is planning to come out with a car with a range of around 500km on a single charge.
