Ola to invest Rs 7,614 crore to set up new EV hub

    The company is set to begin production of its new cell from the EV hub by 2023.

    Published On Feb 20, 2023 12:00:00 PM

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    Ola to invest Rs 7,614 crore to set up new EV hub
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    Ola Electric has signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest Rs 7,614 crore to expand its manufacturing capabilities across 2Ws, 4Ws and cells. The company is set to begin the mass production of its cell from its upcoming EV hub by 2023.

    1. New facility to house cell and EV manufacturing facilities
    2. Will be spread across 2,000 acres, making it world’s largest EV facility at a single location

    As part of the MoU, Ola will set up an EV hub which will house advanced cell and electric vehicle manufacturing facilities, vendor and supplier parks, and the larger ancillary ecosystem for EVs at a single location, the company said in a statement. Located in Krishnagiri and Dharmapuri districts of Tamil Nadu, the Ola EV hub will be the world’s largest EV facility at a single location, spread across approximately 2,000 acres, the company claims.

    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.”

    Last year, Ola unveiled its first Li-ion cell, NMC 2170, that was built in its Battery Innovation Center (BIC) in Bangalore, Karnataka that saw an investment of USD 500 million. BIC is one of the world’s largest and most advanced cell R&D facilities with more than 200 unique and cutting-edge lab equipment to cover all aspects of cell related research and development, claims the company. The innovation centre is equipped to develop complete packages of battery pack design, fabrication and testing under one roof.

    Over the next decade, Ola will focus on building local supply chains for new materials and components. This would include motors, rare-earth magnets, power electronics, semiconductors, lithium processing, and electrode production from minerals like graphite and nickel.

    Just recently, the Tamil Nadu government introduced a new policy with an aim to attract investments of Rs 50,000 crore in EV manufacturing, create 1.5 lakh new jobs and to develop a strong EV system in the state.

    Also See:

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