Ola Electric Gears Up to Invest Rs 7,614 Crore Towards Setting up its New EV Hub in India

CalenderPublished at February 21, 2023 by BikeJunction
Ola Electric Gears Up to Invest Rs 7,614 Crore Towards Setting up its New EV Hub in India

Ola Electric announced that it had signed a Memorandum of Understanding (MoU) with Tamil Nadu government to invest Rs 7,614 crore towards its manufacturing expansion across 2Ws, 4Ws and cells. The brand is geared up to start its production on a mass scale of its cells from its upcoming EV Hub latest by this year. 

Through this MoU, the company will set up its EV Hub to house the advanced cell and EV production facilities, supplier parks and vendors, and the larger ancillary ecosystem for its vehicles at a single location. The EV Hub, located in the Krishnagiri and Dharmapuri districts of Tamil Nadu, will make Ola EV Hub the world’s biggest EV facility at a single location. The company claims that the hub will be spread across 2,000 acres. 

Bhavish Aggarwal, the CEO of Ola Electric, 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 localise 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.”

In 2022, the company launched its first lithium-ion cell, NMC 2170, which was manufactured in its Battery Innovation Center (BIC) in Bangalore, Karnataka. It sought an investment of a whopping USD 500 million. The company claims that the BIC is the world’s largest and most technologically advanced R&D facility. It has over 200 unique and future-forward lab equipment to cover everything related to research and development. BIC consists of multiple pieces of equipment to develop the entire battery pack design, fabrication and testing all under one roof.

And over the next few decades, the company is planning to focus on building local supply chains for the 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.

Only recently, the government of Tamil Nadu introduced a new policy to attract investments of Rs 50,000 crore in EV manufacturing. This will create 1.5 lakh new jobs and develop a stronger EV ecosystem within the state. 

Ola Electric has been working towards the EV Revolution like no other in India right now. You should read about the Ola Electric motorcycle that might compete with Ultraviolette F77, an electric sports bike.


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